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

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.