§ 9-16-10 — Definitions.

South Carolina § 9-16-10

• Jurisdiction: South Carolina
• Title 9: RETIREMENT SYSTEMS
• Ch. 16: RETIREMENT SYSTEM FUNDS

Text

As used in this chapter, unless a different meaning is plainly required by the context: (1) "Assets" means all funds, investments, and similar property of the retirement system. (2) "Beneficiary" means a person, other than the participant, who is designated by a participant or by a retirement program to receive a benefit under the program. (3) "Board" means the Board of Directors of the South Carolina Public Employee Benefit Authority acting as trustee of the retirement system. (3.5) "Commission" means the Retirement System Investment Commission. (4) "Fiduciary" means a person who: (a) exercises any authority to invest or manage assets of a system; (b) provides investment advice for a fee or other direct or indirect compensation with respect to assets of a system or has any authority or responsibility to do so; (c) is a member of the commission; (d) is the commission's chief investment officer; or (e) is the commission's chief executive officer. (5) "Participant" means an individual who is or has been an employee enrolled in a retirement program and who is or may become eligible to receive or is currently receiving a benefit under the program. The term does not include an individual who is no longer an employee of an employer as defined by laws governing the retirement system and who has withdrawn his contributions from the retirement system. (6) [Reserved] (7) "Retirement program" means a program of rights and obligations which a retirement system establishes or maintains and which, by its express terms or as a result of surrounding circumstances: (a) provides retirement benefits to qualifying employees and beneficiaries; or (b) results in a deferral of income by employees for periods extending to the termination of covered employment or beyond. (8) "Retirement system" means the South Carolina Retirement System, Retirement System for Judges and Solicitors, Retirement System for Members of the General Assembly, National Guard Retirement System, and Police Officers Retirement System established pursuant to Chapters 1, 8, 9, 10 and 11 of this title. (9) "Trustee" means the Board of Directors of the South Carolina Public Employee Benefit Authority. (10) "Pecuniary factor" means a factor that a prudent person in a like capacity would reasonably believe has a material effect or impact on the financial risk or return on an investment, including factors material to assessing an investment manager's operational capability, based on an appropriate investment horizon consistent with a retirement system's investment objectives and funding policy. The term excludes "nonpecuniary factors" which is any factor or consideration that is collateral to or not reasonably likely to effect or impact the financial risk and return of the investment and include, but are not limited to, the promotion, furtherance, or achievement of environmental, social, or political goals, objectives, or outcomes.

Legislative History

HISTORY: 1998 Act No. 371, SECTION 2, eff May 26, 1998; 2005 Act No. 153, Pt IV, SECTION 2, eff July 1, 2005; 2005 Act No. 155, SECTION 4, eff January 1, 2006; 2012 Act No. 278, Pt IV, Subpt 2, SECTION 56, eff July 1, 2012; 2017 Act No. 13 (H.3726), Pt. III, SECTION 7, eff July 1, 2017; 2024 Act No. 103 (H.3690), SECTION 2, 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 2, added (10), relating to the definition of "Pecuniary factor".