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Current Status Bill Number:View additional legislative information at the LPITS web site.131 Ratification Number:396 Act Number:367 Type of Legislation:Joint Resolution JR Introducing Body:Senate Introduced Date:20010111 Primary Sponsor:Leatherman All Sponsors:Leatherman and Drummond Drafted Document Number:l:\council\bills\bbm\9803htc01.doc Date Bill Passed both Bodies:20020528 Date of Last Amendment:20020523 Subject:Public pension plans, to provide for investment of funds in foreign corporations; to provide for separate pension plan for firefighters; Constitutional Amendment History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20021017 Act No. A367 ------ 20020530 Ratified R396 Senate 20020528 Ordered enrolled for ratification Senate 20020523 Conference Committee Report adopted 88 SCC House 20020523 Conference Committee Report adopted 98 HCC Senate 20020521 Conference Committee Appointed 88 SCC Setzler Thomas Ryberg House 20020516 Conference Committee Appointed 98 HCC Cooper Kirsh Rice Senate 20020515 Non-concurrence in House amendment House 20020509 Read third time, returned with amendment House 20020508 Read second time House 20020508 Request for debate by Representative Bales Scott Ott Rivers Lloyd Rutherford J. H. Neal Harrell Jennings Riser Cooper Kelley Altman J. R. Smith Merrill Hinson Howard White Moody- Lawrence House 20020508 Amended House 20020502 Committee report: Favorable 30 HWM House 20020319 Introduced, read first time, 30 HWM referred to Committee ------ 20020314 Scrivener's error corrected Senate 20020313 Amended, read third time, sent to House Senate 20020312 Debate interrupted by adjournment Senate 20020307 Made Special Order Senate 20010604 Read second time ------ 20010604 Scrivener's error corrected Senate 20010531 Committee report: Favorable 06 SF Senate 20010111 Introduced, read first time, 06 SF referred to Committee Versions of This Bill Revised on May 31, 2001 - Word format Revised on June 4, 2001 - Word format Revised on March 13, 2002 - Word format Revised on March 14, 2002 - Word format Revised on May 2, 2002 - Word format Revised on May 8, 2002 - Word format Revised on May 23, 2002 - Word format
(A367, R396, S131)
A JOINT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 16, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO BENEFITS AND FUNDING OF PUBLIC EMPLOYEE PENSION PLANS IN THIS STATE AND INVESTMENTS ALLOWED FOR FUNDS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS, SO AS TO DELETE THE RESTRICTIONS LIMITING SUCH INVESTMENTS TO AMERICAN-BASED CORPORATIONS REGISTERED ON AN AMERICAN NATIONAL EXCHANGE AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATION SYSTEM; AND PROPOSING AN AMENDMENT TO SECTION 11, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO RESTRICTIONS ON THE PLEDGING OF THE CREDIT OF THE STATE AND POLITICAL SUBDIVISIONS OF THE STATE, SO AS TO PROVIDE FOR INVESTMENT OF FUNDS IN A SEPARATE PENSION PLAN FOR FIREFIGHTERS OFFERED BY A MUNICIPALITY, COUNTY, SPECIAL PURPOSE DISTRICT, OR PUBLIC SERVICE DISTRICT.
Be it enacted by the General Assembly of the State of South Carolina:
Additional equity investments allowed
SECTION 1. It is proposed that the fourth paragraph, Section 16, in Article X of the Constitution of this State shall be amended 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. 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 relating to benefits and funding of public employee pension plans in this State and the equity securities investments allowed for funds of the various state-operated retirement systems be amended to delete the restrictions limiting investments in equity securities to those of American-based corporations registered on an American national 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?
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'."
Equity investments allowed for local firefighter pension plans
SECTION 3. It is proposed that Section 11, Article X of the Constitution of this State be amended by adding at the end:
"Notwithstanding any other provision of this section, a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service may invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act, or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service."
Question
SECTION 4. 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 11, Article X of the Constitution of this State relating to restrictions on pledging the credit of the State or its political subdivisions for a private purpose and the restrictions on the State or its political subdivisions from becoming a joint owner or stockholder of a business be amended so as to allow a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service to invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service?
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, 2002.
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