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ESTABLISHING THE STATE RETIREMENT SYSTEMS DEFINED CONTRIBUTION PLAN STUDY COMMITTEE, PROVIDING FOR ITS MEMBERSHIP AND DUTIES, AND REQUIRING IT TO MAKE A FINAL REPORT AND RECOMMENDATIONS BEFORE SEPTEMBER 1, 2008.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. There is established the State Retirement Systems Defined Contribution Plan Study Committee consisting of four members of the House of Representatives, two appointed by the Speaker and two appointed by the chairman of the House Ways and Means Committee from the membership of that committee, four members of the Senate, two appointed by the President Pro Tempore and two appointed by the chairman of the Senate Finance Committee from the membership of that committee, two nonlegislative members appointed by the Governor, and the director of the South Carolina Retirement System, ex officio, but without voting privileges. The committee shall meet and organize and move to consider comprehensively all issues arising from a prospective transformation of the State's various defined benefit retirement systems to a defined contribution plan similar to the existing State Optional Retirement Program (State ORP). The State Budget and Control Board shall provide research services and such technical and expert advice as the committee requires.
Members shall serve without compensation, but are allowed the mileage, subsistence, and per diem allowed by law to be paid from approved accounts of their respective appointing authorities.
The committee shall produce a report of its findings which must detail the advantages and disadvantages that arise in moving to a defined contribution plan and outline methods of transitioning to such a defined contribution plan together with recommendations. The committee may issue interim reports and its final report with recommendations must be completed before September 1, 2008. All reports must be forwarded to members of the General Assembly and the Governor. After the publication of its final report, the committee is terminated.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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