South Carolina Senate Bill 675 (Prior Session Legislation)

---

Spectrum: Committee Bill
Status: Engrossed on April 30 2015 - 50% progression, died in committee
Action: 2015-05-05 - Referred to Committee on Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Amended) [HTML]

Relating To Trustees Of The Retirement System, To Provide That The Retirement System Investment Commission Is A Cotrustee Instead Of The State Budget And Control Board, And To Require The Public Employee Benefit Authority To Hold The Assets Of The Retirement System In A Group Trust; To Amend Section 9-1-1320, Relating To The Custodian Of Retirement Funds, To Provide That The Board Of Directors Of The Public Employee Benefit Authority Shall Be The Custodian, And To Authorize The Retirement System Investment Commission To Select The Custodial Bank; To Repeal Sections 9-8-170(1), 9-9-160(1), 9-10-80(a), And 9-11-250(1), All Relating To The Custodian Of Retirement Funds; To Amend Section 9-4-10, Relating To The Establishment Of The Public Employee Benefit Authority, To Change The Composition Of The Board Of Directors, To Provide That Directors Serve For A Term Of Five Years And May Not Serve More Than Two Consecutive Terms, And To Provide For An Executive Director; To Amend Section 9-4-40, Relating To The Audit Of The Public Employee Benefit Authority, To Require The Audit Be Performed Every Four Years; To Repeal Section 9-1-310 Relating To The Administrative Costs Of The Retirement Systems; To Repeal Section 9-4-45 Relating To The Public Employee Benefit Authority's Policy Determinations; To Amend Section 9-16-10, Relating To Definitions Pertaining To Retirement System Funds, To Define "fiduciary" And "trustee"; By Adding Section 9-16-25 To Provide For Signatories Authorized To Sign Vouchers To Effect The Payment From The Retirement System's Funds Or Transfers Between Retirement System Accounts Necessary For The Retirement System Investment Commission To Carry Out Its Exclusive Authority To Invest; To Amend Section 9-16-315, Relating To The Retirement System Investment Commission, To Change The Composition Of The Retirement System Investment Commission, To Provide That Commission Members Serve For A Term Of Five Years And May Not Serve More Than Two Consecutive Terms, To Provide For Qualifications Of Members, To Provide For An Executive Director, And To Provide For Hiring Legal Counsel; To Amend Section 9-16-320(a), Relating To The Annual Investment Plan Of The Retirement System Investment Commission, To Provide That The Chief Investment Officer Shall Develop The Plan Subject To The Oversight Of The Executive Director; To Amend Section 9-16-330(a), Relating To Investment Objectives, To Incorporate The Executive Director; To Amend Section 9-16-335, Relating To The Assumed Rate Of Return, To Provide That The Assumed Rate Of Return Expires Every Four Years Subject To Action By The General Assembly; To Amend Section 9-16-340, Relating To The Investment Of Retirement Funds, To Incorporate The Executive Director; And To Amend Section 9-16-380, Relating To The Audit Of The Retirement System Investment Commission, To Require The Audit Be Performed Every Four Years.

Retirement system trustees

Senate Finance Committee

2015-04-29 - Senate - Senate: 2nd Reading (Y: 44 N: 0 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2015-05-05	House	Referred to Committee on Ways and Means
2015-05-05	House	Introduced and read first time
2015-04-30		Scrivener's error corrected
2015-04-30	Senate	Read third time and sent to House
2015-04-29	Senate	Roll call Ayes-44 Nays-0
2015-04-29	Senate	Read second time
2015-04-29	Senate	Amended
2015-04-17		Scrivener's error corrected
2015-04-16	Senate	Introduced, read first time, placed on calendar without reference

S0527 (Similar To) 2015-03-10 - Referred to Committee on Finance
H5007 (Similar To) 2016-04-28 - Referred to Committee on Finance

Chapter	Article	Section	Citation Type	Statute Text
9	1	1310	(n/a)	See Bill Text
9	1	1320	(n/a)	See Bill Text
9	1	310	(n/a)	See Bill Text
9	10	80	(n/a)	See Bill Text
9	11	250	(n/a)	See Bill Text
9	16	10	(n/a)	See Bill Text
9	16	25	(n/a)	See Bill Text
9	16	315	(n/a)	See Bill Text
9	16	320	(n/a)	See Bill Text
9	16	330	(n/a)	See Bill Text
9	16	335	(n/a)	See Bill Text
9	16	340	(n/a)	See Bill Text
9	16	380	(n/a)	See Bill Text
9	4	10	(n/a)	See Bill Text
9	4	40	(n/a)	See Bill Text
9	4	45	(n/a)	See Bill Text
9	8	170	(n/a)	See Bill Text
9	9	160	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=0675&session=121&summary=B
Text	https://www.scstatehouse.gov/sess121_2015-2016/prever/675_20150416.htm
Text	https://www.scstatehouse.gov/sess121_2015-2016/prever/675_20150416A.htm
Text	https://www.scstatehouse.gov/sess121_2015-2016/prever/675_20150417.htm
Text	https://www.scstatehouse.gov/sess121_2015-2016/prever/675_20150429.htm
Text	https://www.scstatehouse.gov/sess121_2015-2016/prever/675_20150430.htm
Roll Call	https://www.scstatehouse.gov/votehistory.php?KEY=9702