summary
Introduced
01/10/2023
01/10/2023
In Committee
01/10/2023
01/10/2023
Crossed Over
Passed
Dead
05/09/2024
05/09/2024
Introduced Session
125th General Assembly
Bill Summary
A bill to amend the South Carolina Code of Laws BY enactING the "State Pension Fiduciary Duty Act"; and by adding Section 9-16-110 so as to provide that state retirement funds must be invested solely to achieve a return for pension plan beneficiaries and not to achieve certain political and social objectives.
AI Summary
This bill, the State Pension Fiduciary Duty Act, amends the South Carolina Code of Laws to require that state retirement funds be invested solely to achieve a return for pension plan beneficiaries and not to achieve certain political and social objectives. The bill defines key terms like "fiduciary commitment" and "financial," and sets forth requirements for how the state retirement commission and its fiduciaries must discharge their duties, including voting shares and selecting proxy advisors solely based on financial factors. The bill also grants the Attorney General enforcement authority and investigative powers related to violations of the act.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Member(s) request name added as sponsor: Leber (on 03/28/2023)
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=3565&session=125&summary=B |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/3565_20221215.htm |
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