S 0405 General Bill, By Leventis, Hayes, Lander and Wilson
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 25-1-3235 so as to establish the National Guard Pension Fund, which must be
 managed by the State Budget and Control Board as other State Retirement System
 funds are managed for the payment of National Guard pensions, to provide for
 the investment of the Fund by the State Treasurer, to require annual
 appropriations to this Fund in an amount sufficient to establish and maintain
 the Fund on an actuarial basis; and to amend Section 25-1-3240, relating to
 the administration of National Guard pensions, so as to provide for the
 administration of the National Guard Pension Fund.

   02/10/93  Senate Introduced and read first time SJ-2
   02/10/93  Senate Referred to Committee on Finance SJ-2

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 25-1-3235 SO AS TO ESTABLISH THE NATIONAL GUARD PENSION FUND, WHICH MUST BE MANAGED BY THE STATE BUDGET AND CONTROL BOARD AS OTHER STATE RETIREMENT SYSTEM FUNDS ARE MANAGED FOR THE PAYMENT OF NATIONAL GUARD PENSIONS, TO PROVIDE FOR THE INVESTMENT OF THE FUND BY THE STATE TREASURER, TO REQUIRE ANNUAL APPROPRIATIONS TO THIS FUND IN AN AMOUNT SUFFICIENT TO ESTABLISH AND MAINTAIN THE FUND ON AN ACTUARIAL BASIS; AND TO AMEND SECTION 25-1-3240, RELATING TO THE ADMINISTRATION OF NATIONAL GUARD PENSIONS, SO AS TO PROVIDE FOR THE ADMINISTRATION OF THE NATIONAL GUARD PENSION FUND.

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

SECTION 1. Article 23, Chapter 1, Title 25 of the 1976 Code is amended by adding:

"Section 25-1-3235. There is established the National Guard Pension Fund which must be managed by the State Budget and Control Board as other state retirement system funds are managed. The State Treasurer shall invest the fund as the funds of other state retirement systems are invested. This fund, together with monies that may be appropriated for the purpose, must be used to pay the pensions authorized by this article. The General Assembly annually shall appropriate sums sufficient to establish and maintain the fund on an actuarial basis as determined by the State Budget and Control Board."

SECTION 2. Section 25-1-3240 of the 1976 Code is amended to read:

"Section 25-1-3240. Except as provided in Section 25-1-3235, The the provisions of this article shall must be administered by the adjutant general of the State of South Carolina this State. The adjutant general shall may not employ additional personnel to administer this article."

SECTION 3. This act takes effect July 1, 1993.