S*0463(Rat #0300, Act #0362 of 2008)  Joint Resolution, By Leatherman, 
Alexander, Verdin, Short, Setzler, Vaughn and Elliott
 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 THE INVESTMENTS ALLOWED FOR
 FUNDS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS, SO AS TO PROVIDE THAT
 THE FUNDS OF ANY TRUST FUND ESTABLISHED BY LAW FOR THE FUNDING OF
 POST-EMPLOYMENT BENEFITS FOR STATE EMPLOYEES AND PUBLIC SCHOOL TEACHERS MAY BE
 INVESTED AND REINVESTED IN EQUITY SECURITIES SUBJECT TO THE SAME LIMITATIONS
 ON SUCH INVESTMENTS APPLICABLE FOR THE FUNDS OF THE VARIOUS STATE-OPERATED
 RETIREMENT SYSTEMS AND TO PROVIDE THAT FUNDS OF A POLITICAL SUBDIVISION OF
 THIS STATE SET ASIDE FOR THE FUNDING OF POST-EMPLOYMENT BENEFITS OF EMPLOYEES
 OF THE POLITICAL SUBDIVISION, INCLUDING FUNDS INVESTED IN AN INDEPENDENT TRUST
 ESTABLISHED FOR THAT PURPOSE, MAY BE SIMILARLY INVESTED. - ratified title

   02/20/07  Senate Introduced and read first time SJ-6
   02/20/07  Senate Referred to Committee on Judiciary SJ-6
   02/22/07  Senate Referred to Subcommittee: Martin (ch), Malloy,
                     Campsen, Williams
   05/02/07  Senate Committee report: Favorable with amendment
                     Judiciary SJ-13
   05/03/07  Senate  Committee Amendment Adopted SJ-17
   05/03/07  Senate Read second time SJ-17
   05/04/07         Scrivener's error corrected
   05/08/07  Senate Read third time and sent to House SJ-13
   05/09/07  House  Introduced and read first time HJ-13
   05/09/07  House  Referred to Committee on Ways and Means HJ-13
   04/02/08  House  Committee report: Favorable with amendment Ways
                     and Means HJ-9
   04/03/08  House  Amended HJ-42
   04/03/08  House  Read second time HJ-45
   04/03/08  House  Roll call Yeas-104  Nays-0 HJ-45
   04/03/08  House  Unanimous consent for third reading on next
                     legislative day HJ-45
   04/04/08  House  Read third time and returned to Senate with
                     amendments HJ-5
   05/28/08  Senate Concurred in House amendment and enrolled SJ-121
   05/29/08         Ratified R 300
   05/29/08         No signature required
   06/04/08         Copies available
   06/04/08         Effective date 05/29/08
   08/06/08         Act No. 362

(A362, R300, S463)

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 THE INVESTMENTS ALLOWED FOR FUNDS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS, SO AS TO PROVIDE THAT THE FUNDS OF ANY TRUST FUND ESTABLISHED BY LAW FOR THE FUNDING OF POST-EMPLOYMENT BENEFITS FOR STATE EMPLOYEES AND PUBLIC SCHOOL TEACHERS MAY BE INVESTED AND REINVESTED IN EQUITY SECURITIES SUBJECT TO THE SAME LIMITATIONS ON SUCH INVESTMENTS APPLICABLE FOR THE FUNDS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS AND TO PROVIDE THAT FUNDS OF A POLITICAL SUBDIVISION OF THIS STATE SET ASIDE FOR THE FUNDING OF POST-EMPLOYMENT BENEFITS OF EMPLOYEES OF THE POLITICAL SUBDIVISION, INCLUDING FUNDS INVESTED IN AN INDEPENDENT TRUST ESTABLISHED FOR THAT PURPOSE, MAY BE SIMILARLY INVESTED.

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

Proposed amendment allowing investments

SECTION    1.    It is proposed that Section 16, Article X of the Constitution of this State be amended by adding a new paragraph at the end to read:

"Notwithstanding the provisions of Section 11 of this article, the funds of any trust fund established by the General Assembly by law for the funding of post-employment benefits for state employees and public school teachers may be invested and reinvested in equity securities subject to the same limitations on such investments applicable for the funds of the various state-operated retirement systems."

Referendum 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 investments allowed for funds of the various state-operated retirement systems be amended so as to provide that the funds of any trust fund established by law for the funding of post-employment benefits for state employees and public school teachers may be invested and reinvested in equity securities subject to the same limitations on such investments applicable for the funds of the various state-operated retirement systems?

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'."

Proposed amendment allowing investments

SECTION    3.    It is proposed that Section 16, Article X of the Constitution of this State be amended by adding an additional paragraph at the end to read:

"Notwithstanding the provisions of Section 11 of this article, the funds of any political subdivision of this State that have been set aside for the funding of post-employment benefits for the political subdivision's employees, including those invested in independent trusts established for that purpose, may be invested or reinvested in equity securities of the type permitted for investment by the various state operated retirement systems, as provided for by the General Assembly."

Referendum 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 16, Article X of the Constitution of this State relating to benefits and funding of public employee pension plans in this State and the investments allowed for funds of the various state-operated retirement systems be amended so as to provide that the funds of any political subdivision of this State that have been set aside for the funding of post-employment benefits for the political subdivision's employees, including those invested in independent trusts established for that purpose, may be invested or reinvested in equity securities of the type permitted for investment by the various state-operated retirement systems, as provided for by the General Assembly?

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 29th day of May, 2008.