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Bill Number: 1254 Ratification Number: 501 Act Number 430 Introducing Body: Senate Subject: Deferred Compensation Commission
(A430, R501, S1254)
AN ACT TO AMEND SECTION 8-23-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFERRED COMPENSATION COMMISSION, SO AS TO REQUIRE THAT ONE MEMBER MUST BE A RETIRED PUBLIC EMPLOYEE AND DELETE ARCHAIC PROVISIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The first paragraph of Section 8-23-20 of the 1976 Code is amended to read:
"A Deferred Compensation Commission is established consisting of seven members which includes the Director of the South Carolina Retirement System, the Executive Director of the State Employees' Association, and five other public employees to be appointed by the State Budget and Control Board, at least two of whom must be state employees and one must be a retired public employee. The appointed members shall serve for terms of three years and until their successors are appointed and qualify. The Budget and Control Board shall designate the chairman."
SECTION 2. The requirement that one member be a retired public employee does not apply until the first vacancy in the commission occurs after the effective date of this act which is not now designated for a state employee.
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 25th day of April, 1990.