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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 58-33-282 SO AS TO PROHIBIT A UTILITY THAT EMPLOYS THE BASE LOAD REVIEW ACT'S ABANDONMENT PROCEDURES FROM GIVING OR AWARDING TO AN OFFICER OR A "C-SUITE" OR "C-LEVEL" EXECUTIVE A SEVERANCE PACKAGE WITH A VALUE OR WORTH THAT EXCEEDS THE LARGEST SEVERANCE PACKAGE GIVEN OR AWARDED TO AN EMPLOYEE OR INDEPENDENT CONTRACTOR TERMINATED AS A RESULT OF THE UTILITY'S ABANDONMENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 4, Chapter 33, Title 58 of the 1976 Code is amended by adding:
"Section 58-33-282. Notwithstanding another provision of law, a utility that employs the abandonment procedures pursuant to this article may not give or award to an officer or a 'C-suite' or 'C-level' executive a severance package with a value or worth that exceeds the largest severance package given or awarded to an employee or independent contractor terminated as a result of the utility's abandonment."
SECTION 2. This act takes effect upon approval by the Governor.
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