South Carolina § 9-16-320 Adoption of annual investment plan; quarterly review; deliberations in executive session; independent advisors.

South Carolina Statutes

§ 9-16-320 — Adoption of annual investment plan; quarterly review; deliberations in executive session; independent advisors.

South Carolina § 9-16-320

Title 9RETIREMENT SYSTEMS

Ch. 16RETIREMENT SYSTEM FUNDS

This text of South Carolina § 9-16-320 (Adoption of annual investment plan; quarterly review; deliberations in executive session; independent advisors.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 9-16-320 (2026).

Text

(A)The commission shall meet no later than May first of each year to adopt the proposed annual investment plan for the retirement systems for the next fiscal year. The annual investment plan must be developed by the chief investment officer. No later than April first of each year, the chief investment officer shall submit the proposed plan to the commission. Amendments may be made to the plan by the commission during the fiscal year.

(B)The commission shall meet at least once during each fiscal-year quarter for the purposes of reviewing the performance of investments, assessing compliance with the annual investment plan, and determining whether to amend the plan. The commission shall meet at such other times as are set by the commission or the chairman or requested by the board.

(C)The

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(A) The commission shall meet no later than May first of each year to adopt the proposed annual investment plan for the retirement systems for the next fiscal year. The annual investment plan must be developed by the chief investment officer. No later than April first of each year, the chief investment officer shall submit the proposed plan to the commission. Amendments may be made to the plan by the commission during the fiscal year. (B) The commission shall meet at least once during each fiscal-year quarter for the purposes of reviewing the performance of investments, assessing compliance with the annual investment plan, and determining whether to amend the plan. The commission shall meet at such other times as are set by the commission or the chairman or requested by the board. (C) The commission may discuss, deliberate on, and make decisions on a portion of the annual investment plan or other related financial or investment matters in executive session if disclosure thereof would jeopardize the ability to implement that portion of the plan or achieve investment objectives. (D) A record of the commission that discloses discussions, deliberations, or decisions on portions of the annual investment plan or other related financial or investment matters is not a public record under Section 30-4-20 to the extent and so long as its disclosure would jeopardize the ability to implement that portion of the plan or achieve investment objectives. (E) [Reserved] (F) [Reserved] (G) The commission may retain independent advisors to assist it and periodically shall provide for an outside evaluation of the investment strategy. (H) The commission shall meet no less than annually to review compliance with Section 9-16-30(G) regarding the exercise of shareholder proxy rights. The commission must review a report that summarizes the votes cast by or on the commission's behalf or at the commission's direction. The report must include a vote caption, the commission's vote, the recommendation of company management, and the recommendation of any proxy advisor retained by the commission. The report required by this subsection must be posted in a conspicuous location on the commission's website.

Legislative History

HISTORY: 1998 Act No. 371, SECTION 2, eff May 26, 1998; 2005 Act No. 153, Pt IV, SECTION 3, eff July 1, 2005; 2024 Act No. 103 (H.3690), SECTION 5, eff February 5, 2024. Editor's Note 2024 Act No. 103, SECTION 1, provides as follows: "SECTION 1. This act may be cited as the 'ESG Pension Protection Act'." Effect of Amendment 2024 Act No. 103, SECTION 5, added (H).