S*0131(Rat #0396, Act #0367 of 2002)  Joint Resolution, By Leatherman and 
Drummond
 A JOINT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 16, ARTICLE X OF THE
 CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO BENEFITS AND FUNDING OF
 PUBLIC EMPLOYEE PENSION PLANS IN THIS STATE AND INVESTMENTS ALLOWED FOR FUNDS
 OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS, SO AS TO DELETE THE
 RESTRICTIONS LIMITING SUCH INVESTMENTS TO AMERICAN-BASED CORPORATIONS
 REGISTERED ON AN AMERICAN NATIONAL EXCHANGE AS PROVIDED IN THE SECURITIES
 EXCHANGE ACT OF 1934 OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES
 DEALERS AUTOMATIC QUOTATION SYSTEM; AND PROPOSING AN AMENDMENT TO SECTION 11,
 ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO
 RESTRICTIONS ON THE PLEDGING OF THE CREDIT OF THE STATE AND POLITICAL
 SUBDIVISIONS OF THE STATE, SO AS TO PROVIDE FOR INVESTMENT OF FUNDS IN A
 SEPARATE PENSION PLAN FOR FIREFIGHTERS OFFERED BY A MUNICIPALITY, COUNTY,
 SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE DISTRICT.-amended title

   01/11/01  Senate Introduced and read first time SJ-15
   01/11/01  Senate Referred to Committee on Finance SJ-15
   05/31/01  Senate Committee report: Favorable Finance SJ-11
   06/04/01  Senate Read second time SJ-23
   03/07/02  Senate Special order SJ-33
   03/12/02  Senate Debate interrupted SJ-26
   03/13/02  Senate Amended SJ-15
   03/13/02  Senate Read third time and sent to House SJ-15
   03/19/02  House  Introduced and read first time HJ-9
   03/19/02  House  Referred to Committee on Ways and Means HJ-10
   05/02/02  House  Committee report: Favorable Ways and Means HJ-3
   05/08/02  House  Amended HJ-21
   05/08/02  House  Requests for debate-Rep(s). Bales, Scott, Ott,
                     Rivers, Lloyd, Rutherford, JH Neal, Harrell,
                     Jennings, Riser, Cooper, Kelley, Altman, JR
                     Smith, Merrill, Hinson, Howard, Moody-Lawrence
                     and White HJ-23
   05/08/02  House  Read second time HJ-64
   05/08/02  House  Roll call Yeas-90  Nays-0 HJ-68
   05/09/02  House  Read third time and returned to Senate with
                     amendments HJ-37
   05/15/02  Senate Non-concurrence in House amendment SJ-21
   05/16/02  House  House insists upon amendment and conference
                     committee appointed Reps. Cooper, Kirsh and Rice HJ-2
   05/21/02  Senate Conference committee appointed Sens. Setzler,
                     Thomas, Ryberg SJ-9
   05/23/02  House  Conference report received and adopted HJ-59
   05/23/02  Senate Conference report received and adopted SJ-11
   05/23/02  Senate Ordered enrolled for ratification SJ-11
   05/30/02         Ratified R 396
   05/30/02         No signature required
   07/03/02         Copies available
   10/11/02         Act No. 367

A JOINT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 16, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO BENEFITS AND FUNDING OF PUBLIC EMPLOYEE PENSION PLANS IN THIS STATE AND INVESTMENTS ALLOWED FOR FUNDS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS, SO AS TO DELETE THE RESTRICTIONS LIMITING SUCH INVESTMENTS TO AMERICAN-BASED CORPORATIONS REGISTERED ON AN AMERICAN NATIONAL EXCHANGE AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATION SYSTEM; AND PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO RESTRICTIONS ON THE PLEDGING OF THE CREDIT OF THE STATE AND POLITICAL SUBDIVISIONS OF THE STATE, SO AS TO PROVIDE FOR INVESTMENT OF FUNDS IN A SEPARATE PENSION PLAN FOR FIREFIGHTERS OFFERED BY A MUNICIPALITY, COUNTY, SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE DISTRICT.

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

Additional equity investments allowed

SECTION 1. It is proposed that the fourth paragraph, Section 16, in Article X of the Constitution of this State shall be amended 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. 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."

Question

SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:

"Must Section 16, Article X of the Constitution of this State relating to benefits and funding of public employee pension plans in this State and the equity securities investments allowed for funds of the various state-operated retirement systems be amended to delete the restrictions limiting investments in equity securities to those of American-based corporations registered on an American national 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?

Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."

Equity investments allowed for local firefighter pension plans

SECTION 3. It is proposed that Section 11, Article X of the Constitution of this State be amended by adding at the end:

"Notwithstanding any other provision of this section, a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service may invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act, or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service."

Question

SECTION 4. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:

"Must Section 11, Article X of the Constitution of this State relating to restrictions on pledging the credit of the State or its political subdivisions for a private purpose and the restrictions on the State or its political subdivisions from becoming a joint owner or stockholder of a business be amended so as to allow a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service to invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service?

Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."

Ratified the 30th day of May, 2002.