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S 0527 - Makes changes to the state retirement system

Tracking Level: Of Interest
Sponsor: Joel Lourie
Last Action: 3/10/2015 - Senate - Referred to Committee on Finance
Senate Committee:
Assigned To:
Employment/PersonnelNext Bill
RetirementNext Bill

Staff Analysis of the Legislation

04.14.2015 The Senate Finance Committee gave this bill a favorable report.
03.19.2015 A Senate Finance Special State Retirement Funds Investment Review subcommittee gave this bill a favorable report with an amendment. As soon as the amendment is written by Senate staff, it will be posted here.
Summary of the bill as introduced: Makes technical changes to Public Employee Benefit Authority and the South Carolina Retirement System Investment Commission as recommended by an audit report.

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Session 121 - (2015-2016)Printer Friendly
(pdf format)
S 0527 General Bill, By Lourie and Bryant
Similar (S 0675, H 5007)
Summary: SC Retirement System
    A BILL TO AMEND SECTION 9-1-1310, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TRUSTEES OF THE RETIREMENT SYSTEM, SO AS TO PROVIDE THAT THE RETIREMENT SYSTEM INVESTMENT COMMISSION (RSIC) IS A COTRUSTEE INSTEAD OF THE STATE BUDGET AND CONTROL BOARD, AND TO REQUIRE THE PUBLIC EMPLOYEE BENEFIT AUTHORITY (PEBA) 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, SO AS TO PROVIDE THAT THE BOARD OF DIRECTORS OF PEBA SHALL BE THE CUSTODIAN, AND TO AUTHORIZE RSIC 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, SO AS MAKE A CONFORMING CHANGE; TO AMEND SECTION 9-4-10, RELATING TO THE ESTABLISHMENT OF PEBA, SO AS 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; BY ADDING SECTION 9-4-35 SO AS TO AUTHORIZE PEBA TO EXPEND CERTAIN FUNDS TO SUPPORT THE PERSONAL SERVICE, EMPLOYEE BENEFITS, AND OPERATIONAL EXPENSES OF THE AUTHORITY; TO AMEND SECTION 9-4-40, RELATING TO THE AUDIT OF PEBA, SO AS 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 PEBA POLICY DETERMINATIONS; TO AMEND SECTION 9-16-10, AS AMENDED, RELATING TO DEFINITIONS PERTAINING TO RETIREMENT SYSTEM FUNDS, SO AS TO DEFINE 'FIDUCIARY' AND 'TRUSTEE'; BY ADDING SECTION 9-16-25 SO AS TO AUTHORIZE RSIC TO EXPEND AN AMOUNT OF THE TRUST FUNDS TO SUPPORT THE PERSONAL SERVICE, EMPLOYEE BENEFITS, AND OPERATIONAL EXPENSES OF THE COMMISSION; TO AMEND SECTION 9-16-315, AS AMENDED, RELATING TO THE RSIC, SO AS TO AMEND THE COMPOSITION OF RSIC, 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 A PROCUREMENT PLAN; TO AMEND SECTION 9-16-320, AS AMENDED, RELATING TO THE ANNUAL INVESTMENT PLAN OF RSIC, SO AS 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, AS AMENDED, RELATING TO INVESTMENT OBJECTIVES, SO AS TO INCORPORATE THE EXECUTIVE DIRECTOR; TO AMEND SECTION 9-16-335, RELATING TO THE ASSUMED RATE OF RETURN, SO AS TO PROVIDE THAT THE ASSUMED RATE OF RETURN EXPIRES EVERY FOUR YEARS; TO AMEND SECTION 9-16-340, AS AMENDED, RELATING TO THE INVESTMENT OF RETIREMENT FUNDS, SO AS TO INCORPORATE THE EXECUTIVE DIRECTOR; TO AMEND SECTION 9-16-380, RELATING TO THE AUDIT OF RSIC, SO AS TO REQUIRE THE AUDIT BE PERFORMED EVERY FOUR YEARS; AND TO AMEND SECTION 11-35-710, RELATING TO EXEMPTIONS FROM THE PROCUREMENT CODE, SO AS TO EXEMPT RSIC AND PEBA.
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03/10/15Senate Introduced and read first time (Senate Journal-page 5)
03/10/15Senate Referred to Committee on Finance (Senate Journal-page 5)



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