South Carolina General Assembly
117th Session, 2007-2008

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Bill 4340

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

AMENDED

April 22, 2008

H. 4340

Introduced by Reps. Cooper, Clyburn, Battle, Kirsh and Hosey

S. Printed 4/22/08--H.

Read the first time January 8, 2008.

            

A BILL

TO AMEND SECTION 8-23-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MEMBERSHIP, POWERS, AND DUTIES OF THE DEFERRED COMPENSATION COMMISSION, SO AS TO ADD THE CHIEF INVESTMENT OFFICER OF THE RETIREMENT SYSTEM INVESTMENT COMMISSION AS AN EX OFFICIO MEMBER OF THE DEFERRED COMPENSATION COMMISSION.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    The first undesignated paragraph of Section 8-23-20 of the 1976 Code, as last amended by Act 430 of 1990, is further amended to read:

"A Deferred Compensation Commission is established consisting of seven eight members which includes including the director of the South Carolina Retirement System, chief investment officer of the State Retirement System Investment Commission, and the executive director of the State Employees' Association, each of whom serve ex officio, and five other public employees to be appointed by the State Budget and Control Board, at least two of whom must be state employees and one must be a retired public employee. The appointed members shall serve for terms of three years and until their successors are appointed and qualify. The State Budget and Control Board shall designate the chairman."

SECTION    2.    Section 8-23-30 of the 1976 Code is amended to read:

"Section 8-23-30.    The State or any political subdivision thereof may of the State, by contract, may agree with any an employee to defer, not more than twenty-five percent a portion of his compensation in an amount as provided for in a plan approved by the commission and may subsequently with the consent of the employee may contract for purchase or otherwise procure fixed or variable annuities, savings, mutual funds, insurance, or such other investments as the commission may approve for the purpose of carrying out the objectives of the program with the advice and approval of the State Treasurer. The investments shall be underwritten and offered in compliance with applicable federal and state laws and regulations by persons who are authorized by the commission in accordance with the provisions of this chapter."

SECTION    3.    This act takes effect upon approval by the Governor.

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