H*3064 Session 112 (1997-1998)
H*3064(Rat #0152, Act #0077 of 1997) General Bill, By Wilkins, Altman, Bailey,
J.M. Baxley, H. Brown, J. Brown, Carnell, Cato, Cotty, Gamble, Harrell,
Harrison, Harvin, Haskins, Kirsh, Littlejohn, Meacham, Quinn, Riser, Robinson,
Rodgers, Sandifer, Seithel, Sharpe, Simrill, D. Smith, Stille, Stuart, Townsend,
Vaughn, Walker, Witherspoon and Young-Brickell
A BILL RATIFYING AN AMENDMENT TO SECTION 16, ARTICLE X OF THE CONSTITUTION OF
SOUTH CAROLINA, 1895, RELATING TO THE PUBLIC-FUNDED RETIREMENT SYSTEMS, SO AS
TO AUTHORIZE THE INVESTMENT AND REINVESTMENT OF ASSETS OF THE VARIOUS
STATE-OPERATED RETIREMENT SYSTEMS IN EQUITY SECURITIES OF CORPORATIONS WITHIN
THE UNITED STATES REGISTERED ON A NATIONAL SECURITIES EXCHANGE OR QUOTED
THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATIONS
SYSTEM, TO PROVIDE FOR THE ESTABLISHMENT OF THE STATE RETIREMENT SYSTEMS
INVESTMENT PANEL AND PROVIDE FOR ITS MEMBERSHIP, AND TO PROVIDE THAT THE PANEL
SHALL NOT EXIST UNTIL THE GENERAL ASSEMBLY ENACTS IMPLEMENTING LEGISLATION
ESTABLISHING THE PANEL, PROVIDING THE TERMS, DUTIES, AND COMPENSATION OF ITS
MEMBERS, AUTHORIZING THE INVESTMENTS ALLOWED PURSUANT TO THIS AMENDMENT AND
WHICH ALSO MAY PROVIDE THOSE LIMITATIONS ON INVESTMENTS IN EQUITY SECURITIES
CONSIDERED PRUDENT BY THE GENERAL ASSEMBLY.
12/18/96 House Prefiled
12/18/96 House Referred to Committee on Ways and Means
01/14/97 House Introduced and read first time HJ-34
01/14/97 House Referred to Committee on Ways and Means HJ-35
02/12/97 House Recalled from Committee on Ways and Means HJ-27
02/13/97 House Read second time HJ-22
02/13/97 House Unanimous consent for third reading on next
legislative day HJ-23
02/14/97 House Read third time and sent to Senate HJ-2
02/18/97 Senate Introduced and read first time SJ-5
02/18/97 Senate Referred to Committee on Finance SJ-5
05/27/97 Senate Recalled from Committee on Finance SJ-2
05/27/97 Senate Read second time SJ-2
05/27/97 Senate Unanimous consent for third reading on next
legislative day SJ-2
05/28/97 Senate Read third time and enrolled SJ-21
06/04/97 Ratified R 152
06/04/97 No signature required
06/18/97 Copies available
06/18/97 Act No. 77
(A77, R152, H3064)
AN ACT RATIFYING AN AMENDMENT TO SECTION 16,
ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895,
RELATING TO PUBLIC-FUNDED RETIREMENT SYSTEMS, SO AS
TO AUTHORIZE THE INVESTMENT AND REINVESTMENT OF
ASSETS OF THE VARIOUS STATE-OPERATED RETIREMENT
SYSTEMS IN EQUITY SECURITIES OF CORPORATIONS WITHIN
THE UNITED STATES REGISTERED ON A NATIONAL
SECURITIES EXCHANGE OR QUOTED THROUGH THE
NATIONAL ASSOCIATION OF SECURITIES DEALERS
AUTOMATIC QUOTATIONS SYSTEM, TO PROVIDE FOR THE
ESTABLISHMENT OF THE STATE RETIREMENT SYSTEMS
INVESTMENT PANEL AND PROVIDE FOR ITS MEMBERSHIP,
AND TO PROVIDE THAT THE PANEL SHALL NOT EXIST UNTIL
THE GENERAL ASSEMBLY ENACTS IMPLEMENTING
LEGISLATION ESTABLISHING THE PANEL, PROVIDING THE
TERMS, DUTIES, AND COMPENSATION OF ITS MEMBERS,
AUTHORIZING THE INVESTMENTS ALLOWED PURSUANT TO
THIS AMENDMENT AND WHICH ALSO MAY PROVIDE THOSE
LIMITATIONS ON INVESTMENTS IN EQUITY SECURITIES
CONSIDERED PRUDENT BY THE GENERAL ASSEMBLY.
Be it enacted by the General Assembly of the State of South Carolina:
Amendment ratified
SECTION 1. The amendment to Section 16, Article X of the
Constitution of South Carolina, 1895, prepared under the terms of a joint
resolution of 1996, bearing ratification number 537, having been
submitted to the qualified electors at the general election of 1996 as
prescribed in Section 1, Article XVI of the Constitution of South
Carolina, 1895, and a favorable vote having been received on the
amendment, is ratified and declared to be a part of the Constitution so that
Section 16 of Article X is amended by adding a new paragraph at the end
to read:
"Notwithstanding the provisions of Section 11 of this article, the
funds of the various state-operated retirement systems may be invested
and reinvested in equity securities of any corporation within the United
States that is registered on a national securities exchange as provided in
the Securities Exchange Act of 1934 or any successor act or quoted
through the National Association of Securities Dealers Automatic
Quotations System or similar service. Upon the enactment of the
implementing legislation required by this paragraph, there is established
the State Retirement Systems Investment Panel. The panel shall consist
of five members, one each appointed by the Governor, the State
Treasurer, the Comptroller General, and the chairmen of the respective
committees of the Senate and House of Representatives having subject
matter jurisdiction over appropriations. The appointee of the Governor
shall serve as chairman. All persons appointed must possess substantial
financial investment experience and no person may be appointed or
continue to serve who is an elected or appointed officer or employee of
the State or any of its political subdivisions, including school districts.
The General Assembly shall implement this paragraph by enacting
legislation establishing the panel and providing for the terms, duties, and
compensation of its members, and which specifically authorizes the
investments allowed by this paragraph, and may provide limitations on
investments in equity securities as it considers prudent. The panel
established by this paragraph shall not exist until it is established in the
implementing legislation required pursuant to this paragraph."
Ratified the 4th day of June, 1997. |