Current Status Bill Number:
4518Ratification Number: 537Act Number: 473Type of Legislation: Joint Resolution JRIntroducing Body: HouseIntroduced Date: 19960131Primary Sponsor: HaskinsAll Sponsors: Haskins, Carnell, Felder, Koon, J. Young, Witherspoon, Hutson, Limbaugh, Cain, Stuart, Allison, Quinn, Tripp and VaughnDrafted Document Number: dka\3460htc.96Companion Bill Number: 1179Governor's Action: U Signature of Governor not requiredDate Bill Passed both Bodies: 19960613Date of Last Amendment: 19960613Subject: Joint owners or stockholders, state or county
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 CommitteeView additional legislative information at the LPITS web site.
(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:
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."
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.