Current Status Bill Number:
3064Ratification Number: 152Act Number: 77Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19970114Primary Sponsor: WilkinsAll Sponsors: Wilkins, Haskins, Sharpe, Townsend, Meacham, Carnell, Quinn, Harrison, Cato, J. Brown, Vaughn, D. Smith, H. Brown, Stille, Kirsh, Cotty, Young-Brickell, Sandifer, Witherspoon, Baxley, Simrill, Seithel, Bailey, Robinson, Walker, Stuart, Altman, Harrell, Riser, Rodgers, Gamble, Harvin and LittlejohnDrafted Document Number: jic\5087htc.97Date Bill Passed both Bodies: 19970528Governor's Action: U Signature of Governor not requiredDate of Governor's Action: 19970604Subject: Public-Funded Retirement Systems, investment, equity securities of corporations, Investment Panel
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19970630 Act No. A77 ------ 19970604 Signature of Governor not required ------ 19970604 Ratified R152 Senate 19970528 Read third time, enrolled for ratification Senate 19970527 Read second time, unanimous consent for third reading on Wednesday, 19970528 Senate 19970527 Recalled from Committee 06 SF Senate 19970218 Introduced, read first time, 06 SF referred to Committee House 19970214 Read third time, sent to Senate House 19970213 Read second time, unanimous consent for third reading on Friday, 19970214 House 19970212 Recalled from Committee 30 HWM House 19970114 Introduced, read first time, 30 HWM referred to Committee House 19961218 Prefiled, referred to Committee 30 HWMView additional legislative information at the LPITS web site.
(A77, R152, H3064)
AN ACT RATIFYING 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. The amendment to Section 16, Article X of the Constitution of South Carolina, 1895, prepared under the terms of a joint resolution of 1996, bearing ratification number 537, having been submitted to the qualified electors at the general election of 1996 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the Constitution so that Section 16 of Article X is 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."
Ratified the 4th day of June, 1997.