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TO AMEND SECTION 9-16-310, CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO PROVIDE TWO ADDITIONAL MEMBERS APPOINTED BY THE STATE EMPLOYEES ASSOCIATION TO SERVICE ON THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-16-310 of the 1976 Code is amended to read:
"Section 9-16-310. There is created the State Retirement Systems Investment Panel, consisting of five seven members., one One each shall be appointed by the Governor, State Treasurer, Comptroller General, the chairman of the Ways and Means Committee of the House of Representatives, and the chairman of the Senate Finance Committee. The member appointed by the Governor shall serve as chairman. All These appointees members appointed to the panel must possess substantial financial investment experience. No person and may not be appointed or continue to serve who is as an elected or appointed officer or employee of the State or any of its political subdivisions, including school districts. The member appointed by the Governor shall serve as chairman. The State Employees Association shall appoint two members to represent the interests of state retirement system members. One is to be a full-time state employee and one is to be a retired state employee. These appointees are to be members of the state retirement system. Members All members shall serve for terms of two years and until their successors are appointed and qualify. Vacancies must be filled for the unexpired term in the manner of the original appointment. Members shall serve without compensation, but may receive the mileage, subsistence, and per diem authorized by law for members of state boards, commissions, and committees."
SECTION 2. This act takes effect upon approval by the Governor.
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