summary
Introduced
03/19/2019
03/19/2019
In Committee
03/19/2019
03/19/2019
Crossed Over
Passed
Dead
09/24/2020
09/24/2020
Introduced Session
123rd General Assembly
Bill Summary
Amend The Code Of Laws Of South Carolina, 1976, By Adding Article 4 To Chapter 5, Title 11 So As To Establish The "south Carolina Work And Save Retirement Savings Plan", To Provide Definitions, To Establish The "south Carolina Retirement Savings Plan Trust", To Provide That The State Shall Adopt And Implement The Palmetto Work And Save Plan, To Provide Duties Of The State Treasurer, To Provide For Certain Exemptions From Liability, To Provide That Certain Guarantees May Not Be Made, To Provide For Confidentiality Of Certain Information, To Provide For An Intergovernmental Agreement Or A Memorandum Of Understanding With Certain Agencies, To Provide That The State Treasurer May Use Program Managers, To Establish The "south Carolina Work And Save Administrative Fund", To Provide That The State Treasurer Shall Maintain An Accurate Account Of Certain Activity, And To Provide For Severability.
AI Summary
This bill establishes the "South Carolina Work and Save Retirement Savings Plan", a voluntary multiple employer 401(k) retirement savings plan for eligible employees and self-employed individuals in South Carolina. The State Treasurer is responsible for adopting and implementing the plan, which must automatically enroll eligible employees who do not opt out, allow voluntary employee and employer contributions, and be professionally managed with low fees. The bill also creates the "South Carolina Retirement Savings Plan Trust" to hold the plan's assets, and the "South Carolina Work and Save Administrative Fund" to cover the plan's expenses. The bill outlines the Treasurer's duties, liability protections, and reporting requirements for the plan.
Committee Categories
Budget and Finance
Sponsors (27)
Nathan Ballentine (R)*,
Terry Alexander (D),
Merita Allison (R),
Beth Bernstein (D),
Wendy Brawley (D),
Mike Burns (R),
Paula Calhoon (R),
Gary Clary (R),
Alan Clemmons (R),
Bill Clyburn (D),
Bobby Cox (R),
Joseph Daning (R),
Chandra Dillard (D),
Jason Elliott (R),
Jerry Govan (D),
Pat Henegan (D),
Bill Herbkersman (R),
Lee Hewitt (R),
Lonnie Hosey (D),
Chip Huggins (R),
Annie McDaniel (D),
Weston Newton (R),
Leola Robinson (D),
Seth Rose (D),
J. Gary Simrill (R),
Shedron Williams (D),
Chris Wooten (R),
Last Action
Member(s) request name added as sponsor: Clary, Clyburn, Hosey, Allison, Burns, Simrill, Bernstein (on 02/18/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=4258&session=123&summary=B |
| BillText | https://www.scstatehouse.gov/sess123_2019-2020/prever/4258_20190319.htm |
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