South Carolina Senate Bill 167 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on January 8 2019 - 25% progression, died in committee
Action: 2019-01-08 - Referred to Committee on Finance
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [HTML]

Amend The Code Of Laws Of South Carolina, 1976, By Adding Section 9-1-5 To Close The South Carolina Retirement System; By Adding Chapter 22 To Title 9 To Establish The "south Carolina Shared-risk Defined Benefit Plan" To Provide Employees With A Defined Benefit Retirement Plan And To Provide Details Of The Plan; By Adding Chapter 24 To Title 9 To Establish The "south Carolina Wealthbuilder-primary Retirement Savings Plan" To Provide Employees With A Defined Contribution Retirement Plan And To Provide Details Of The Plan; To Amend Section 9-1-310, Relating To Administrative Costs, To Add A Reference To The South Carolina Shared-risk Defined Benefit Plan; To Amend Section 9-1-1340, Relating To Certain Conflicts Of Interest, To Add A Reference To The South Carolina Shared-risk Defined Benefit Plan; To Amend Section 9-11-40, Relating To Definitions, To Add The "south Carolina Shared-risk Defined Benefit Plan" To The Definition Of "correlated System"; To Amend Section 9-16-10, Relating To Definitions, To Add The "south Carolina Shared-risk Defined Benefit Plan" To The Definition Of "retirement System"; To Amend Section 9-16-335, Relating To The Assumed Annual Rate Of Return On The Investments Of The System, To Provide That The Assumed Annual Rate Of Return On Investments Of The South Carolina Shared-risk Defined Benefit Plan May Not Exceed The Lesser Of Six Percent Or Three Hundred Basis Points Above The Three Year Average Of Twenty-year Treasury Yields; To Repeal Chapter 20, Title 9 Relating To The State Optional Retirement Program; And To Direct The Code Commissioner To Make Certain Changes.

SC Shared Risk Defined Benefit Plan and SC Wealthbuilder-Primary Retirement Savings Plan

Sen. Sean Bennett [R]

Sen. Ross Turner [R]

Sen. Greg Hembree [R]

Sen. Chauncey Gregory [R]

Date	Chamber	Action
2019-01-08	Senate	Referred to Committee on Finance
2019-01-08	Senate	Introduced and read first time
2018-12-12	Senate	Referred to Committee on Finance
2018-12-12	Senate	Prefiled

Chapter	Article	Section	Citation Type	Statute Text
9	1	1340	(n/a)	See Bill Text
9	1	310	(n/a)	See Bill Text
9	1	5	(n/a)	See Bill Text
9	11	40	(n/a)	See Bill Text
9	16	10	(n/a)	See Bill Text
9	16	335	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=0167&session=123&summary=B
Text	https://www.scstatehouse.gov/sess123_2019-2020/prever/167_20181212.htm