S*0617(Rat #0225, Act #0401 of 2006)  Joint Resolution, By Alexander, Setzler, 
Short, Verdin, Ryberg, Knotts, Campsen and Ritchie

Similar(H 4070)
 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, INVESTMENTS ALLOWED FOR FUNDS OF
 THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS, AND THE STATE RETIREMENT
 SYSTEMS INVESTMENT PANEL, 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
 TO PROPOSE A FURTHER AMENDMENT TO SECTION 16, ARTICLE X, SO AS TO ELIMINATE
 THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL. - ratified title

   03/15/05  Senate Introduced and read first time SJ-7
   03/15/05  Senate Referred to Committee on Finance SJ-7
   03/16/05  Senate Committee report: Favorable Finance SJ-22
   03/17/05         Scrivener's error corrected
   01/24/06  Senate Read second time SJ-16
   01/24/06  Senate Unanimous consent for third reading on next
                     legislative day SJ-16
   01/25/06  Senate Read third time and sent to House SJ-13
   01/26/06  House  Introduced, read first time, placed on calendar
                     without reference HJ-5
   02/01/06  House  Read second time HJ-29
   02/01/06  House  Roll call Yeas-101  Nays-2 HJ-32
   02/02/06  House  Read third time and enrolled HJ-15
   02/15/06         Ratified R 225
   02/15/06         No signature required
   02/21/06         Copies available
   02/21/06         Effective date 02/15/06
   10/17/06         Act No. 401

(A401, R225, S617)

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, INVESTMENTS ALLOWED FOR FUNDS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS, AND THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL, 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 TO PROPOSE A FURTHER AMENDMENT TO SECTION 16, ARTICLE X, SO AS TO ELIMINATE THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL.

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

Restrictions deleted

SECTION    1.    It is proposed that the first sentence of the fourth paragraph, Section 16, Article X of the Constitution of this State 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."

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 the first sentence of the fourth paragraph of Section 16, Article X of the Constitution of this State relating to the equity securities investments allowed for funds of the various state-operated retirement systems be amended so as 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'."

State Retirement Systems Investment Panel deleted

SECTION    3.    It is proposed that Section 16, Article X of the Constitution of this State be amended by deleting the second through the seventh sentences of the fourth paragraph which read:

"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    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 the second through the seventh sentences of the fourth paragraph of Section 16, Article X of the Constitution of this State relating to the establishment and membership of the State Retirement Systems Investment Panel be amended by deleting these sentences thereby abolishing this constitutionally established panel?

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 15th day of February, 2006.