View Amendment Current Amendment: 10689HTC12.docx to Bill 3967     Senators RYBERG, SETZLER, ALEXANDER, LEVENTIS, JACKSON, VERDIN proposed the following amendment (BBM\10689HTC12):
    Amend the Report of the Senate Finance Committee, as and if amended, by striking Section 9-1-1020(D), as contained in SECTION 2.B, Part I, page [4967-4] and inserting:

    / (D)(1)     After June 30, 2015, if the most recent annual actuarial valuation of the system shows a ratio of the actuarial value of system assets to the actuarial accrued liability of the system (the funded ratio) that is equal to or greater than ninety percent, then the board, effective on the following July first, may decrease the then current contribution rates upon making a finding that the decrease will not result in a funded ratio of less than ninety percent. Any decrease in contribution rates must maintain the 2.9 percent differential between employer and employee contribution rates provided pursuant to subsection (B) of this section.
        (2)     If contribution rates are decreased pursuant to item (1) of this subsection and the most recent annual actuarial valuation of the system shows a funded ratio of less than ninety percent, then effective on the following July first, and annually thereafter as necessary, the board shall increase the then current contribution rates as provided pursuant to subsection (B) of this section until a subsequent annual actuarial valuation of the system shows a funded ratio that is equal to or greater than ninety percent. /

Amend the report further, as and if amended, by striking Section 9-11-225(D), as contained in SECTION 20.B, Part III, page [4967-18] and inserting:

    / (D)(1)     After June 30, 2015, if the most recent annual actuarial valuation of the system shows a ratio of the actuarial value of system assets to the actuarial accrued liability of the system (the funded ratio) that is equal to or greater than ninety percent, then the board, effective on the following July first, may decrease the then current contribution rates upon making a finding that the decrease will not result in a funded ratio of less than ninety percent. Any decrease in contribution rates must maintain the 5.0 percent differential between employer and employee contribution rates provided pursuant to subsection (B) of this section.
        (2)     If contribution rates are decreased pursuant to item (1) of this subsection and the most recent annual actuarial valuation of the system shows a funded ratio of less than ninety percent, then effective on the following July first, and annually thereafter as necessary, the board shall increase the then current contribution rates as provided pursuant to subsection (B) of this section until a subsequent annual actuarial valuation of the system shows a funded ratio that is equal to or greater than ninety percent. /

Amend the report further, as and if amended, by striking Section 9-16-315(A), as contained in SECTION 67, Subpart 3, Part IV, page [4967-46] and inserting:

/ (A)     There is established the 'Retirement System Investment Commission' (RSIC) consisting of six seven members as follows:
        (1)     one member appointed by the Governor;
        (2)     the State Treasurer, ex officio;
        (3)     one member appointed by the Comptroller General;
        (4)     one member appointed by the Chairman of the Senate Finance Committee;
        (5)     one member appointed by the Chairman of the Ways and Means Committee of the House of Representatives;
        (6)     one member who is a retired member of the retirement system who shall serve without voting privileges. This representative member must be appointed by unanimous vote of the voting members of the commission, and
        (7)     the Executive Director of South Carolina Public Employee Benefit Authority, ex officio, without voting privileges. /

Amend the report further, as and if amended, by striking Section 9-20-30, as contained in Part IV, Subpart 2, SECTION 61, page [4967-43] and inserting:

    / Section 9-20-30.     The South Carolina Retirement System shall provide for the administration of the State Optional Retirement Program under this chapter. The Director acting on behalf of the South Carolina Retirement System acting on behalf of the Board of Directors of the South Carolina Public Employee Benefit Authority shall designate no fewer than four companies to provide annuity contracts, mutual fund accounts, or similar investment products offered through state or national banking institutions, or a combination of them, under the program. In making the designation, selection criteria must include:
        (1)     the nature and extent of the rights and benefits to be provided by the contracts or accounts, or both, of participants and their beneficiaries;
        (2)     the relation of the rights and benefits to the amount of contributions to be made;
        (3)     the suitability of these rights and benefits to the needs of the participants;
        (4)     the ability and experience of the designated companies in providing suitable rights and benefits under the contracts or accounts, or both;
        (5)     the ability and experience of the designated companies to provide suitable education and investment options.
    Companies participating in the optional retirement program for publicly supported four-year and postgraduate institutions of higher education as of July 1, 2002, or the optional retirement program for teachers and school administrators as of July 1, 2001, may continue to participate in this program and this participation is governed by their existing contracts. /

    Renumber sections to conform.
    Amend title to conform.