2017 South Carolina Code of Laws
Title 9 - Retirement Systems
CHAPTER 16 - RETIREMENT SYSTEM FUNDS
Editor's Note
2005 Act No. 153, Pt IV Section 7.A, provides as follows:
"Notwithstanding the general effective date provided for this act, the transfer of the investor functions provided by this part occurs October 1, 2005."
2005 Act No. 153, Pt V Section 1, provides as follows:
"(A) Beginning October 1, 2005, all assets and liabilities, appropriations, FTE's, employees, contracts, real and personal property, records, and archives of the State Budget and Control Board with respect to its investment duties for the various state retirement systems are transferred to and devolved upon the Retirement System Investment Commission.
"(B) It is the intention of the General Assembly that the transfer required by this act occurs seamlessly, and to this end, the Executive Director of the State Budget and Control Board and the State Treasurer shall ensure an orderly transfer that allows no hiatus in the investment of the funds of the retirement systems."
2008 Act No. 311, Section 55, provides as follows:
"Upon the effective date of this act, Regulations 19-900 through 19-997 of the South Carolina Code of Regulations shall have no application whatsoever to the operation of Title 9 of the 1976 Code."
- Section 9-16-10. Definitions.
- Section 9-16-20. Investment and management authority of commission; holding assets in group trust under Section 401(a)(24) of the Internal Revenue Code.
- Section 9-16-30. Delegation of functions by commission; standard of care; agent's duty and submission to jurisdiction.
- Section 9-16-40. Standards for discharge of duty.
- Section 9-16-50. Investment and management considerations by trustee; diversification; verification of facts; statement of investment objectives and policies.
- Section 9-16-55. Investments in companies that in their operations are complicit with the government of Sudan in the Darfur genocide.
- Section 9-16-60. Evaluation of fiduciary's compliance with law not to be hindsight; decision-making evaluated in context of whole portfolio.
- Section 9-16-70. Liability for breach of duty; insurance by retirement system or fiduciary; disclosure of terms and conditions.
- Section 9-16-80. Investment meetings of board or commission as executive sessions exempt from disclosure; records of such meetings.
- Section 9-16-90. Quarterly and annual investment reports; contents.
- Section 9-16-100. Restrictions on lobbyists.
Editor's Note
2005 Act No. 153, Pt IV Section 7.A, provides as follows:
"Notwithstanding the general effective date provided for this act, the transfer of the investor functions provided by this part occurs October 1, 2005."
2005 Act No. 153, Pt V Section 1, provides as follows:
"(A) Beginning October 1, 2005, all assets and liabilities, appropriations, FTE's, employees, contracts, real and personal property, records, and archives of the State Budget and Control Board with respect to its investment duties for the various state retirement systems are transferred to and devolved upon the Retirement System Investment Commission.
"(B) It is the intention of the General Assembly that the transfer required by this act occurs seamlessly, and to this end, the Executive Director of the State Budget and Control Board and the State Treasurer shall ensure an orderly transfer that allows no hiatus in the investment of the funds of the retirement systems."
2008 Act No. 311, Section 55, provides as follows:
"Upon the effective date of this act, Regulations 19-900 through 19-997 of the South Carolina Code of Regulations shall have no application whatsoever to the operation of Title 9 of the 1976 Code."
- Section 9-16-310. Repealed by 2012 Act No. 278, Pt IV, Subpt 3, Section 63, eff July 1, 2012.
- Section 9-16-315. Retirement System Investment Commission; membership; terms; qualifications; chief executive officer; chief investment officer and administrative staff; attorneys; costs and salary.
- Section 9-16-320. Adoption of annual investment plan; quarterly review; deliberations in executive session; independent advisors.
- Section 9-16-330. Statement of actuarial assumptions and investment objectives; delegation of final authority to invest; components of plan; diversification; verification of investment facts; analysis and recommendations.
- Section 9-16-335. Assumed annual rate of return.
- Section 9-16-340. Investment of retirement systems assets; annual investment plan; adoption and review.
- Section 9-16-345. Minority and minority-owned business representation.
- Section 9-16-350. Use of information for self-interest; blind trusts; violations; punishment; provisions cumulative with other laws.
- Section 9-16-360. Standards of conduct for fiduciary or employee of fiduciary.
- Section 9-16-370. Defense and indemnification of Retirement System Investment Commission members, officers and management employees.
- Section 9-16-380. Audit of Retirement System Investment Commission.
Editor's Note
2008 Act No. 311, Section 55, provides as follows:
"Upon the effective date of this act, Regulations 19-900 through 19-997 of the South Carolina Code of Regulations shall have no application whatsoever to the operation of Title 9 of the 1976 Code."
