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S. 352

STATUS INFORMATION

General Bill
Sponsors: Senators Leatherman and Drummond
Document Path: l:\council\bills\ggs\22840htc03.doc

Introduced in the Senate on February 12, 2003
Currently residing in the Senate Committee on Finance

Summary: Municipal firemen's pension fund, provisions for investing in equities

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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   2/12/2003  Senate  Introduced and read first time SJ-5
   2/12/2003  Senate  Referred to Committee on Finance SJ-5

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/12/2003

TO AMEND SECTION 9-13-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INVESTMENTS ALLOWED FOR A MUNICIPAL FIREMEN'S PENSION FUND, SO AS TO ALLOW SUCH PENSION FUNDS TO INVEST IN EQUITY SECURITIES TRADED ON A NATIONAL SECURITIES EXCHANGE OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATIONS SYSTEM OR A SIMILAR SERVICE AND TO PROVIDE THAT THE EFFECTIVE DATE FOR THIS AMENDMENT IS THE RATIFICATION DATE OF THE CONSTITUTIONAL AMENDMENT PREPARED PURSUANT TO JOINT RESOLUTION 367 OF 2002.

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

SECTION    1.    Section 9-13-50 of the 1976 Code is amended to read:

"Section 9-13-50.    (A)    The board of trustees may invest the pension fund in the name of 'Board of Trustees of the Firemen's Fund of the City of __________' in any of the following:

(1)    Obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States;

(2)    Obligations of the Federal intermediate credit banks, Federal home loan banks, Federal National Mortgage Association, banks for cooperatives and Federal land banks and any notes, bonds, debentures, or other similar obligations, consolidated or otherwise, issued by farm credit institutions pursuant to authorities contained in the Farm Credit Act of 1971 (Public Law 92-181);

-        (3)    Obligations of this State;

(4)    In the shares of Federal savings and loan associations and state-chartered building or savings and loan associations in which deposits are guaranteed by the Federal Savings and Loan Insurance Corporation, not to exceed the amount covered by insurance.

All such these securities shall must be deposited by the treasurer with other securities of the city and shall be are subject to the order of the board of trustees.

(B)    In addition to the investments authorized pursuant to subsection (A) of this section, the board may invest the funds of the system in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act, or quoted through the National Association of Securities Dealers Automatic Quotations System or similar service."

SECTION    2.    This act takes effect upon ratification of the amendment to Section 11, Article X of the Constitution of this State proposed in Section 3 of Joint Resolution 367 of 2002.

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