summary
Introduced
02/06/2020
02/06/2020
In Committee
02/06/2020
02/06/2020
Crossed Over
Passed
Dead
09/24/2020
09/24/2020
Introduced Session
123rd General Assembly
Bill Summary
Amend Chapter 5, Title 11 Of The 1976 Code, Relating To The State Treasurer, By Adding Article 5, To Establish The "south Carolina Work And Save Retirement Savings Plan", To Establish The "south Carolina Retirement Savings Plan Trust", To Provide That The State Shall Adopt And Implement The South Carolina Work And Save Retirement Savings Plan, To Provide Duties For The State Treasurer, To Provide Certain Exemptions From Liability, To Provide That Certain Guarantees May Not Be Made, To Provide For The 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, To Provide For Severability, And To Define Necessary Terms.
AI Summary
This bill establishes the "South Carolina Work and Save Retirement Savings Plan," a voluntary multiple-employer retirement savings plan managed by the State Treasurer's Office. The plan allows eligible employees and self-employed individuals to contribute to retirement accounts through payroll deductions, with automatic enrollment unless the employee opts out. The bill outlines the plan's structure, investment options, and administrative details, including the creation of the "South Carolina Work and Save Administrative Fund" to cover the plan's expenses. The bill also provides liability protections for employers and the state, and requires regular audits and reporting on the plan's operations.
Committee Categories
Budget and Finance
Sponsors (6)
Tom Davis (R)*,
Chip Campsen (R),
Mike Fanning (D),
Sandy Senn (R),
Katrina Shealy (R),
Tom Young (R),
Last Action
Referred to Committee on Finance (on 02/06/2020)
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=1088&session=123&summary=B |
| BillText | https://www.scstatehouse.gov/sess123_2019-2020/prever/1088_20200206.htm |
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