H*4518(Rat #0537, Act #0473 of 1996)  Joint Resolution, By Haskins, Allison, 
B.D. Cain, Carnell, J.G. Felder, H.G. Hutson, Koon, L.H. Limbaugh, Quinn, 
Stuart, Tripp, Vaughn, Witherspoon and W.J. Young

Similar(S 1179)
 A Joint Resolution proposing 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.-amended title

   01/31/96  House  Introduced and read first time HJ-7
   01/31/96  House  Referred to Committee on Ways and Means HJ-7
   03/21/96  House  Committee report: Favorable Ways and Means HJ-2
   03/27/96  House  Read second time HJ-131
   03/27/96  House  Roll call Yeas-107  Nays-2 HJ-132
   03/28/96  House  Debate adjourned until Tuesday, April 2, 1996 HJ-17
   04/02/96  House  Debate adjourned until Wednesday, April 3, 1996 HJ-11
   04/03/96  House  Read third time and sent to Senate HJ-11
   04/04/96  Senate Introduced and read first time SJ-19
   04/04/96  Senate Referred to Committee on Finance SJ-19
   05/22/96  Senate Committee report: Favorable with amendment
                     Finance SJ-14
   05/23/96  Senate Read second time SJ-109
   05/23/96  Senate Ordered to third reading with notice of
                     amendments SJ-109
   05/28/96  Senate Amended SJ-39
   05/28/96  Senate Read third time and returned to House with
                     amendments SJ-39
   05/30/96  House  Non-concurrence in Senate amendment HJ-70
   05/30/96  Senate Senate insists upon amendment and conference
                     committee appointed Sens. Drummond, Thomas,
                     Jackson SJ-45
   05/30/96  House  Conference committee appointed Kirsh, Quinn & H.
                     Brown HJ-178
   06/12/96  House  Conference report received and adopted HJ-81
   06/13/96  Senate Conference report received and adopted SJ-37
   06/13/96  House  Ordered enrolled for ratification HJ-37
   06/26/96         Ratified R 537
   06/26/96         No signature required
   06/26/96          No effective date
   08/22/96         Copies available
   08/29/96         Act No. 473

A JOINT RESOLUTION PROPOSING 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 proposed

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 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."

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 be amended so as to allow the investment and reinvestment of the funds of the various state-operated retirement systems in the 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 a similar service, to establish upon the enactment of implementing legislation the State Retirement Systems Investment Panel, to provide that the panel consists 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 with the Governor's appointee serving as chairman, to require all appointees to possess substantial financial investment experience, and to provide that no public officer or employee may serve on the panel, to require the General Assembly to implement this new paragraph by enacting legislation establishing the panel, providing for the terms, duties, and compensation of its members, and specifically authorizing the investments allowed by this paragraph and authorizing statutory limits on investments in equity securities as the General Assembly determines prudent, and to provide that this panel shall not exist until the required implementing legislation is enacted?

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, 1996.