South Carolina General Assembly
111th Session, 1995-1996

Bill 4518

                    Current Status

Bill Number:                    4518
Ratification Number:            537
Act Number:                     473
Type of Legislation:            Joint Resolution JR
Introducing Body:               House
Introduced Date:                19960131
Primary Sponsor:                Haskins
All Sponsors:                   Haskins, Carnell, Felder, Koon,
                                J. Young, Witherspoon, Hutson, Limbaugh,
                                Cain, Stuart, Allison, Quinn, Tripp and
                                Vaughn 
Drafted Document Number:        dka\3460htc.96
Companion Bill Number:          1179
Governor's Action:              U  Signature of Governor not
required
Date Bill Passed both Bodies:   19960613
Date of Last Amendment:         19960613
Subject:                        Joint owners or stockholders, state
                                or county
History



Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19960829  Act No. A473
------  19960626  Signature of Governor not required
------  19960626  Ratified R537
House   19960613  Ordered enrolled for ratification
Senate  19960613  Conference Committee Report adopted      88 SCC
House   19960612  Conference Committee Report adopted      98 HCC
House   19960530  Conference powers granted,               98 HCC  Kirsh
                  appointed Reps. to Committee of                  H. Brown
                  Conference                                       Quinn
Senate  19960530  Conference powers granted,               88 SCC  Drummond
                  appointed Senators to Committee                  Thomas
                  of Conference                                    Jackson
Senate  19960530  Insists upon amendment
House   19960530  Non-concurrence in Senate amendment
Senate  19960528  Amended, read third time, 
                  returned to House with amendment
Senate  19960523  Read second time, notice of
                  general amendments
Senate  19960522  Committee report: Favorable with         06 SF
                  amendment
Senate  19960404  Introduced, read first time,             06 SF
                  referred to Committee
House   19960403  Read third time, sent to Senate
House   19960402  Debate adjourned until
                  Wednesday, 19960403
House   19960328  Debate adjourned until
                  Tuesday, 19960402
House   19960327  Read second time
House   19960321  Committee report: Favorable              30 HWM
House   19960131  Introduced, read first time,             30 HWM
                  referred to Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A473, R537, H4518)

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?

Yes []

No []

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.