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5007Ratification Number: 364Act Number: 287Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20020403Primary Sponsor: KlauberAll Sponsors: Klauber and CarnellDrafted Document Number: l:\council\bills\bbm\10960htc02.docDate Bill Passed both Bodies: 20020521Date of Last Amendment: 20020514Governor's Action: SDate of Governor's Action: 20020528Subject: State retirement systems may provide investment education to participants in; deferred compensation plans, to repeal provisions for consultative services for plan participantsHistory 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:
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."
SECTION 2. Section 8-23-115 of the 1976 Code is repealed.
SECTION 3. This act takes effect July 1, 2002.
Ratified the 22nd day of May, 2002.
Approved the 28th day of May, 2002.
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