Bill > S0420

This bill amends South Carolina law to expand investment options for qualified retiree post-employment benefit trusts, specifically allowing these trusts to invest in certain corporate debt instruments issued by United States corporations. The new provision permits investment in notes, bonds, debentures, or other debt instruments, but requires that these instruments be rated by at least two nationally recognized credit rating organizations. A qualified retiree post-employment benefits trust is defined as a trust established to cover employer costs for retiree benefits for retired employees of political subdivisions in the state. This change provides more flexibility for political subdivisions in managing their retirement benefit funds by allowing them to potentially diversify investments and seek better returns. The bill includes a standard severability clause ensuring that if any part of the act is found unconstitutional, the rest of the act remains valid, and it will take effect upon the Governor's approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=0420&session=126&summary=B