SC S0167 | 2019-2020 | 123rd General Assembly
Status
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]
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]
Summary
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.
Title
SC Shared Risk Defined Benefit Plan and SC Wealthbuilder-Primary Retirement Savings Plan
Sponsors
History
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 |
Code Citations
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 |
South Carolina State Sources
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 |