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Bill 5007

                    Current Status

Bill Number:                      5007
Ratification Number:              364
Act Number:                       287
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020403
Primary Sponsor:                  Klauber
All Sponsors:                     Klauber and Carnell
Drafted Document Number:          l:\council\bills\bbm\10960htc02.doc
Date Bill Passed both Bodies:     20020521
Date of Last Amendment:           20020514
Governor's Action:                S
Date of Governor's Action:        20020528
Subject:                          State retirement systems may provide 
                                  investment education to participants in; 
                                  deferred compensation plans, to repeal 
                                  provisions for consultative services for plan 
                                  participants


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20020613  Act No. A287
------  20020528  Signed by Governor
------  20020522  Ratified R364
House   20020521  Concurred in Senate amendment, 
                  enrolled for ratification
------  20020515  Scrivener's error corrected
Senate  20020515  Read third time, returned to House
                  with amendment
Senate  20020514  Amended, read second time, 
                  notice of general amendments
Senate  20020509  Committee report: Favorable with       06 SF
                  amendment
Senate  20020418  Introduced, read first time,           06 SF
                  referred to Committee
House   20020418  Read third time, sent to Senate
House   20020417  Read second time
House   20020411  Committee report: Favorable            30 HWM
House   20020403  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill
Revised on April 11, 2002 - Word format
Revised on May 9, 2002 - Word format
Revised on May 14, 2002 - Word format
Revised on May 15, 2002 - Word format

(A287, R364, H5007)

AN ACT TO AMEND CHAPTER 16, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FUNDS OF THE SOUTH CAROLINA RETIREMENT SYSTEMS, BY ADDING ARTICLE 5 SO AS TO ALLOW THE SOUTH CAROLINA RETIREMENT SYSTEMS TO PROVIDE UNBIASED INVESTMENT EDUCATION TO ANY PARTICIPANT IN THE VARIOUS STATE RETIREMENT SYSTEMS AND TO REPEAL SECTION 8-23-115 RELATING TO THE REQUIREMENT OF PROVIDING CONSULTATIVE SERVICES FOR PARTICIPANTS IN THE DEFERRED COMPENSATION PLANS OFFERED BY THE DEFERRED COMPENSATION COMMISSION.

Be it enacted by the General Assembly of the State of South Carolina:

Investment education

SECTION 1. Chapter 16, Title 9 of the 1976 Code is amended by adding:

Section 9-16-710. Notwithstanding an employee's right to obtain educational and administrative services from independent companies or vendors, or both, that offer products in the state's retirement plans, the South Carolina Retirement Systems may provide unbiased investment education services including, but not limited to, instructional videos identifying plan types, plan provisions, and plan differences to any participant in any of the state's retirement plans."

Repeal

SECTION 2. Section 8-23-115 of the 1976 Code is repealed.

Time effective

SECTION 3. This act takes effect July 1, 2002.

Ratified the 22nd day of May, 2002.

Approved the 28th day of May, 2002.

This web page was last updated on Tuesday, December 8, 2009 at 11:38 A.M.