Current Status Introducing Body:Senate Bill Number:251 Primary Sponsor:Leventis Committee Number:06 Type of Legislation:GB Subject:National Guard Pension Fund Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5201HC.93 Introduced Date:19930120 Last History Body:Senate Last History Date:19930120 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Leventis Lander Wilson Hayes Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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251 Senate 19930120 Introduced, read first time, 06
referred to Committee
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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 AND INVESTED BY THE STATE BUDGET AND CONTROL BOARD AS OTHER STATE RETIREMENT SYSTEM FUNDS ARE MANAGED AND INVESTED FOR THE PAYMENT OF NATIONAL GUARD PENSIONS, 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 and invested by the State Budget and Control Board as other state retirement system funds are managed and 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.