South Carolina General Assembly
114th Session, 2001-2002

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Bill 5007

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Indicates New Matter

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


COMMITTEE AMENDMENT ADOPTED

May 14, 2002

    H. 5007

Introduced by Reps. Klauber and Carnell

S. Printed 5/14/02--S.    [SEC 5/15/02 8:31 PM]

Read the first time April 18, 2002.

            

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.

    Amend Title To Conform

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.    Notwithstanding an employee's right to obtain educational and administrative services from independent companies or vendors, or both, that offer products in the state's retirement plans, the South Carolina Retirement Systems may provide unbiased investment education services including, but not limited to, instructional videos identifying plan types, plan provisions, and plan differences 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    Section 8-23-115 of the 1976 Code is repealed.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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