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Indicates Matter Stricken
Indicates New Matter
S. 242
STATUS INFORMATION
General Bill
Sponsors: Senator Knotts
Document Path: l:\council\bills\gjk\20011sd07.doc
Introduced in the Senate on January 9, 2007
Currently residing in the Senate Committee on Finance
Summary: Retirement System Investment Commission
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/9/2007 Senate Introduced and read first time SJ-137
1/9/2007 Senate Referred to Committee on Finance SJ-137
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 9-16-50, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REQUIREMENTS IMPOSED ON THE RETIREMENT SYSTEM INVESTMENT COMMISSION IN REGARD TO INVESTING AND MANAGING ASSETS OF THE STATE RETIREMENT SYSTEMS, SO AS TO PROHIBIT THE COMMISSION FROM INVESTING IN ANY SECURITY OR OTHER OBLIGATION ISSUED BY AN ENTITY WHICH IS A KNOWN SPONSOR OF TERRORISM OR BY AN ENTITY DOMICILED IN A COUNTRY WHICH SUPPORTS TERRORISM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-16-50 of the 1976 Code, as last amended by Act 153 of 2005, is further amended by adding a new subsection to read:
"(C) The commission may not invest in any security or obligation issued by an entity that is a known sponsor of terrorist organizations or of an entity which is domiciled in a country that is a recognized sponsor of terrorism and terrorist organizations as based on reports from the Office of Terrorism and Financial Intelligence of the Department of Treasury or the Country Reports on Terrorism by the Office of Coordinator for Counterterrorism of the United States Department of State."
SECTION 2. This act takes effect upon approval by the Governor.
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