South Carolina General Assembly
114th Session, 2001-2002

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Bill 5007

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)


COMMITTEE REPORT

April 11, 2002

    H. 5007

Introduced by Reps. Klauber and Carnell

S. Printed 4/11/02--H.

Read the first time April 3, 2002.

            

THE COMMITTEE ON WAYS AND MEANS

    To whom was referred a Bill (H. 5007) to amend Chapter 16, Title 9, Code of Laws of South Carolina, 1976, relating to the funds of the South Carolina Retirement Systems, by adding Article 5, etc., respectfully

REPORT:

    That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. HARRELL, JR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES IS:

Minimal (Some additional costs expected but can be absorbed)

EXPLANATION OF IMPACT:

    A review of this bill by the South Carolina Retirement Division indicates there will be a minimal cost in Retirement Trust Funds to implement this bill.

    Approved By:

    Don Addy

    Office of State Budget

A BILL

TO AMEND CHAPTER 16, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FUNDS OF THE SOUTH CAROLINA RETIREMENT SYSTEMS, BY ADDING ARTICLE 5 SO AS TO ALLOW THE SOUTH CAROLINA RETIREMENT SYSTEMS TO PROVIDE INVESTMENT EDUCATION TO ANY PARTICIPANT IN THE VARIOUS STATE RETIREMENT SYSTEMS AND TO REPEAL SECTION 8-23-115, RELATING TO THE PROVIDING OF CONSULTATIVE SERVICES FOR PARTICIPANTS IN THE DEFERRED COMPENSATION PLANS OFFERED BY THE DEFERRED COMPENSATION COMMISSION.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Chapter 16, Title 9 of the 1976 Code is amended by adding:

"Article 5

Investment Education

    Section 9-16-710.    The South Carolina Retirement Systems may provide investment education services to any participant in any of the state's retirement plans."

SECTION    2.    Section 8-23-115 of the 1976 Code is repealed.

SECTION    3.    This act takes effect July 1, 2002.

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