2015-2016 Bill 5006 Text of Previous Version (Apr. 27, 2016) - South Carolina Legislature Online

1 Indicates Matter Stricken 2 Indicates New Matter 3 4 AMENDED 5 April 26, 2016 6 7 H. 5006 8 9 Introduced by Reps. Lucas, Pope, Merrill, Bradley, Finlay, 10 Stringer, Norman, Ballentine, Felder, Mitchell, King and 11 W.J. McLeod 12 13 S. Printed 4/26/16--H. [SEC 4/27/16 5:02 PM] 14 Read the first time February 25, 2016. 15 16

[5006-1] 1 2 3 4 5 6 7 8 9 A BILL 10 11 TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 12 1976, BY ADDING SECTION 916100 SO AS TO PROHIBIT 13 LOBBYISTS AND PLACEMENT AGENTS FROM 14 CONTACTING CERTAIN INDIVIDUALS CONNECTED 15 WITH THE RETIREMENT SYSTEM INVESTMENT 16 COMMISSION; TO AMEND SECTION 9410, RELATING TO 17 THE PUBLIC EMPLOYEE BENEFIT AUTHORITY, SO AS TO 18 CLARIFY THE BOARD OF THE AUTHORITY IS THE SOLE 19 GOVERNING BODY OF THE AUTHORITY, TO PROVIDE 20 FOR A FIVEYEAR TERM AND STAGGERED TERMS OF 21 BOARD MEMBERS, TO PRESCRIBE MEETING 22 REQUIREMENTS, TO PROVIDE FOR AN EXECUTIVE 23 DIRECTOR, AND TO PROVIDE CERTAIN FIDUCIARY 24 DUTIES; TO AMEND SECTION 91610, AS AMENDED, 25 RELATING TO DEFINITIONS, SO AS TO REVISE CERTAIN 26 DEFINITIONS; TO AMEND SECTION 916315, AS 27 AMENDED, RELATING TO THE RETIREMENT SYSTEM 28 INVESTMENT COMMISSION, SO AS TO ADD A 29 GUBERNATORIAL APPOINTMENT TO THE COMMISSION, 30 TO LIMIT A MEMBER TO TWO TERMS, TO PROVIDE 31 FURTHER QUALIFICATIONS FOR MEMBERS, TO PROVIDE 32 FOR AN EXECUTIVE DIRECTOR, AND TO ALLOW THE 33 COMMISSION TO ENGAGE ATTORNEYS ON A FEE BASIS; 34 TO AMEND SECTION 916380, RELATING TO THE AUDIT 35 OF THE RETIREMENT SYSTEM INVESTMENT 36 COMMISSION, SO AS TO REQUIRE THE AUDIT FIRM BE 37 SELECTED USING THE PROCUREMENT CODE; TO AMEND 38 SECTION 916340, AS AMENDED, RELATING TO THE 39 INVESTMENT OF RETIREMENT SYSTEM FUNDS, SO AS 40 TO REQUIRE A REDUCTION IN THE TOTAL AMOUNT OF 41 FEES PAID; BY ADDING ARTICLE 4 TO CHAPTER 16, 42 TITLE 9 SO AS TO ESTABLISH THE REVIEW AND

[5006] 2 1 OVERSIGHT COMMISSION ON THE RETIREMENT 2 SYSTEM INVESTMENT COMMISSION, TO PROVIDE FOR 3 ITS MEMBERSHIP, AND TO PROVIDE FOR ITS SCREENING 4 DUTIES; TO AMEND SECTION 911310, AS AMENDED, 5 RELATING TO THE ASSETS OF THE RETIREMENT 6 SYSTEM AND INVESTMENT OF RETIREMENT SYSTEM 7 FUNDS, SO AS TO REQUIRE THE PUBLIC EMPLOYEE 8 BENEFIT AUTHORITY TO HOLD THE ASSETS OF THE 9 RETIREMENT SYSTEM IN A GROUP TRUST, AND TO 10 PROHIBIT INVESTMENTS IN CERTAIN MONEY 11 MORTGAGES AND REAL ESTATE INVESTMENT TRUSTS; 12 AND TO AMEND SECTION 13240, AS AMENDED, 13 RELATING TO THE REMOVAL OF OFFICERS BY THE 14 GOVERNOR, SO AS TO ADD THE MEMBERS OF THE 15 RETIREMENT SYSTEM INVESTMENT COMMISSION TO 16 THE LIST OF OFFICERS OR ENTITIES THE GOVERNING 17 BOARD OF WHICH MAY BE REMOVED BY THE 18 GOVERNOR ONLY FOR CERTAIN REASONS 19 CONSTITUTING CAUSE. 20 Amend Title To Conform 21 22 Be it enacted by the General Assembly of the State of South 23 Carolina: 24 25 SECTION 1. Article 1, Chapter 16, Title 9 of the 1976 Code is 26 amended by adding: 27 28 “Section 916100. (A) A lobbyist, as defined in Section 29 21710(13), may not contact any member of the commission, the 30 executive director, chief investment officer, or staff member of the 31 commission to solicit the investment of funds with a particular 32 entity regardless of whether the lobbyist represents that entity. 33 (B) The commission may not make an investment with or 34 invest in a fund managed by an external investment manager if a 35 placement agent receives compensation as a result of the 36 commission’s investment. For purposes of this subsection, 37 ‘placement agent’ means an individual directly or indirectly hired, 38 engaged, or retained by, or serving for the benefit of or on behalf 39 of, an external manager or an investment fund managed by an 40 external manager, and who acts or has acted for compensation as a 41 finder, solicitor, marketer, consultant, broker or other intermediary 42 in connection with making an investment with or investing in a 43 fund managed by the external investment manager.

[5006] 3 1 (C) The commission may not invest in any asset or with any 2 entity in which a commissioner has any interest. This subsection 3 does not apply to investments that are not managed or selected by 4 the commissioner including, but not limited to, index or mutual 5 funds managed by a professional fund manager.” 6 7 SECTION 2. A. Section 9410(A), (D), and (G) of the 1976 8 Code, as added by Act 278 of 2012, is amended to read: 9 10 “(A) Effective July 1, 2012, there is created the South Carolina 11 Public Employee Benefit Authority. The sole governing body of 12 the authority is a board of directors consisting of eleven members. 13 The functions of the authority must be performed, exercised, and 14 discharged under the supervision and direction of the board of 15 directors. 16 17 (D) Members of the board shall serve for terms of two five 18 years and until their successors are appointed and qualify, except 19 that the terms of the board members appointed by the Governor on 20 July 1, 2014, expire on June 30, 2016, the terms of the 21 nonrepresentative board members appointed by members of the 22 General Assembly on July 1, 2014, expire on June 30, 2017, and 23 the terms of the representative board members appointed by 24 members of the General Assembly on July 1, 2014, expire on June 25 30, 2018. Vacancies must be filled within sixty days in the manner 26 of original appointment for the unexpired portion of the term. 27 Terms commence on July first of even numbered years are deemed 28 to expire after June thirtieth of the year in which the term is due to 29 expire. Upon a member’s appointment, the appointing official shall 30 certify to the Secretary of State that the appointee meets or exceeds 31 the qualifications set forth in subsections (B) and (C). No A person 32 appointed may not qualify unless he first certifies that he meets or 33 exceeds the qualifications applicable for their appointment. A 34 member serves at the pleasure of the member’s appointing 35 authority may be removed before the term expires only by the 36 Governor for the reasons provided in Section 13240(C). A member 37 may not be appointed to serve more than two consecutive full 38 fiveyear terms. 39 40 (G) Minimally, the board shall meet monthly quarterly and at 41 other times set by the board. If the chairman considers it more 42 effective, the board may meet by teleconferencing or video 43 conferencing. However, if the agenda of the meeting consists of

[5006] 4 1 items that are not exempt from disclosure or the meeting may not 2 be closed to the public pursuant to Chapter 4, Title 30, the 3 provisions of Chapter 4, Title 30 apply, and the meeting must be 4 open to the public.” 5 6 B. Section 9410 of the 1976 Code, as added by Act 278 of 2012, 7 is amended by adding appropriately lettered subsections to read: 8 9 “( ) The board shall employ an executive director who shall 10 serve at the pleasure of the board. The executive director is the 11 chief administrative officer of the authority as an agency and is 12 charged with the affirmative duty to carry out the mission, policies, 13 and direction of the board as established by the board. The 14 executive director is delegated all the authority of the board 15 necessary, reasonable, and prudent to carry out the operation and 16 management of the authority as an agency and to implement the 17 board’s decisions and directives. The executive director shall 18 employ the other professional, administrative, and clerical 19 personnel he determines necessary to support the administration 20 and operation of the authority and fix their compensation pursuant 21 to an organizational plan approved by the authority. 22 ( ) Members of the board and the executive director, and other 23 employees or agents designated as such by the board are 24 fiduciaries of the authority and in discharging their duties as 25 fiduciaries must act: 26 (1) solely in the interest of the participants and beneficiaries 27 of the employee benefit plans administered by the authority; 28 (2) for the exclusive purpose of providing retirement and 29 insurance benefits to participants and beneficiaries of the employee 30 benefit plans administered by the authority and paying reasonable 31 expenses of administering those employee benefit plans; 32 (3) with the care, skill, and caution under the circumstances 33 then prevailing which a prudent person acting in a like capacity 34 and familiar with those matters would use in the conduct of an 35 activity of like character and purpose; 36 (4) impartially, taking into account any differing interests of 37 participants and beneficiaries; 38 (5) incurring only costs that are appropriate and reasonable; 39 and 40 (6) in accordance with a good faith interpretation of this 41 chapter and other applicable provisions of law.” 42

[5006] 5 1 SECTION 3. A. Section 91610(3.5) of the 1976 Code, as added 2 by Act 155 of 2005, is amended to read: 3 4 “(3.5) ‘Commission’ means the Retirement System Investment 5 Commission, except as specified in Article 4.” 6 7 B. Section 91610(9) of the 1976 Code, as last amended by Act 8 278 of 2012, is further amended to read: 9 10 “(9) ‘Trustee’ means the Board of Directors of the South 11 Carolina Public Employee Benefit Authority and the State Fiscal 12 Accountability Authority.” 13 14 SECTION 4. Section 916315 of the 1976 Code, as last amended 15 by Act 278 of 2012, is further amended to read: 16 17 “Section 916315. (A) There is established the ‘Retirement 18 System Investment Commission’ (RSIC) consisting of seven 19 members as follows: 20 (1) one member appointed by the Governor; 21 (2) the State Treasurer, ex officio; 22 (3) one member appointed by the Comptroller General; 23 (4) one member appointed by the Chairman of the Senate 24 Finance Committee; 25 (5) one member appointed by the Chairman of the Ways and 26 Means Committee of the House of Representatives; 27 (6) one member who is a retired member of the retirement 28 system. This representative member must be appointed by 29 unanimous vote of the voting members of the commission 30 appointed by the Governor, who is an active or retired member of 31 the South Carolina Retirement System, Police Officers Retirement 32 System, the Judges and Solicitors Retirement System, or the 33 National Guard Retirement System; and 34 (7) the Executive Director of South Carolina Public 35 Employee Benefit Authority, ex officio, without voting privileges. 36 (B) The State Treasurer may appoint a member to serve in his 37 stead. A member appointed by the State Treasurer shall serve for a 38 term coterminous with the State Treasurer and must possess at 39 least one of the qualifications provided in subsection (E). Once 40 appointed, this member may not be removed except as provided in 41 subsection (C). Except for the State Treasurer and the Executive 42 Director of the South Carolina Employee Benefit Authority, all

[5006] 6 1 members appointed to the commission are subject to the 2 requirement of Article 4 of this chapter. 3 (C) Except as provided in subsection (B), Members shall serve 4 for terms of five years and until their successors are appointed and 5 qualify, except that of those first appointed, the appointees of the 6 Comptroller General and the Chairman of the Senate Finance 7 Committee shall serve for terms of three years and the appointee of 8 the Chairman of the Committee on Ways and Means and the 9 representative appointee shall serve for terms of one year. Terms 10 are deemed to expire after June thirtieth of the year in which the 11 term is due to expire. Members are appointed for a term and may 12 be removed before the term expires only by the Governor for the 13 reasons provided in Section 13240(C). A member may not be 14 appointed to serve more than two full fiveyear terms. Any member 15 serving a full fiveyear term on June 30, 2015, only may be 16 reappointed to one additional full fiveyear term. 17 (D) The commission shall select one of the voting members to 18 serve as chairman and shall select those other officers it determines 19 necessary, but the State Treasurer may not serve as chairman. 20 (E) A person may not be appointed to the commission unless 21 the person possesses at least one of the following qualifications: 22 (1) the Chartered Financial Analyst credential of the CFA 23 Institute with a minimum of ten years of experience; 24 (2) the Certified Financial Planner credential of the Certified 25 Financial Planner Board of Standards and at least ten years of 26 corresponding professional experience; 27 (3) reserved the Chartered Alternative Investment Analyst 28 certification of the Chartered Alternative Investment Analyst 29 Association with a minimum of ten years of experience; 30 (4) at least twenty years professional actuarial experience, 31 including at least ten as an Enrolled Actuary licensed by a Joint 32 Board of the Department of the Treasury and the Department of 33 Labor, to perform a variety of actuarial tasks required of pension 34 plans in the United States by the Employee Retirement Income 35 Security Act of 1974; 36 (5) at least twenty years professional teaching experience in 37 economics or finance, ten of which must have occurred at a 38 doctorategranting university, master’s granting college or 39 university, or a baccalaureate college as classified by the Carnegie 40 Foundation; 41 (6) an earned Ph.D. in economics or finance from a 42 doctorategranting institution as classified by the Carnegie 43 Foundation; or

[5006] 7 1 (7) the Certified Internal Auditor credential of The Institute 2 of Internal Auditors; 3 (8) at least twelve years of professional experience in the 4 financial management of pensions or insurance plans; or 5 (9) at least twelve years of professional experience as a 6 certified public accountant with financial management, pension, or 7 insurance audit expertise. 8 (F) Not including the State Treasurer, no a person may not be 9 appointed or continue to serve who is an elected or appointed 10 officer or employee of the State or any of its political subdivisions, 11 including school districts. 12 (G) The Retirement System Investment Commission is 13 established to invest the funds of the retirement system. All of the 14 powers and duties of the State Budget and Control Board, or its 15 successor agencies, as investor in equity securities and the State 16 Treasurer’s function of investing in fixed income instruments are 17 transferred to and devolved upon the Retirement System 18 Investment Commission. 19 (H) The commission shall employ an executive director who 20 shall serve at the pleasure of the commission. The executive 21 director is the chief administrative officer of the commission as an 22 agency and is charged with the affirmative duty to carry out the 23 mission, policies, and direction of the commission as established 24 by the commission. 25 (I)(1) To assist the commission in its investment function, it 26 The executive director shall employ a chief investment officer, 27 who under the direction and supervision of the commission, and as 28 its agent,. The chief investment officer shall develop and maintain 29 annual investment plans and invest and oversee the investment of 30 retirement system funds subject to the oversight of the executive 31 director. The chief investment officer serves at the pleasure of the 32 commission and must receive the compensation the commission 33 determines appropriate. 34 (2) The commission may executive director must employ the 35 other professional, administrative, and clerical personnel it he 36 determines necessary to support the administration and operation 37 of the commission and fix their compensation pursuant to an 38 organizational plan approved by the commission. All employees 39 of the commission are employees at will and serve at the pleasure 40 of the executive director. The compensation of the executive 41 director, chief investment officer, and other employees of the 42 commission is are not subject to the state compensation plan.

[5006] 8 1 (J) Notwithstanding Section 17170, the commission may 2 engage, on a fee basis, attorneys necessary to exercise its exclusive 3 authority to invest and manage the retirement system’s assets. The 4 commission shall establish policies and procedures for the 5 retention of attorneys pursuant to this subsection and provide 6 quarterly reports to the Attorney General on attorneys retained, 7 hourly rates, and estimated maximum fees. 8 (H)(1) (K)(1) The administrative costs of the Retirement 9 System Investment Commission must be paid from the earnings of 10 the state retirement system in the manner provided in Section 11 911310. 12 (2) Effective beginning July 1, 2012, Each commission 13 member, not including except for the Executive Director of the 14 South Carolina Public Employee Benefit Authority, must receive 15 an annual salary of twenty thousand dollars plus mileage and 16 subsistence as provided by law for members of state boards, 17 committees, and commissions paid as provided pursuant to item 18 (1) of this subsection. Notwithstanding any other provision of law, 19 membership on the commission does not make a member eligible 20 to participate in a retirement system administered pursuant to this 21 title and does not make a member eligible to participate in the 22 employee insurance program administered pursuant to Article 5, 23 Chapter 11, Title 1, if the member is not otherwise eligible. 24 Compensation paid on account of the member’s service on the 25 commission is not considered earnable compensation for purposes 26 of any retirement system administered pursuant to this title.” 27 28 SECTION 5. Section 916380 of the 1976 Code, as added by Act 29 278 of 2012, is amended to read: 30 31 “Each year in the general appropriations act, the General 32 Assembly shall appropriate sufficient funds to the Office of the 33 State Inspector General to employ a private audit firm to perform a 34 fiduciary audit on the Retirement System Investment Commission. 35 The audit firm must be selected by the State Inspector General, 36 pursuant to the South Carolina Procurement Code. The request for 37 proposal and the terms of the fiduciary audit must be determined 38 by the Inspector General and the custodian. The report from the 39 previous fiscal year must be completed by January fifteenth. Upon 40 completion, the report must be submitted to the Governor, the 41 President Pro Tempore of the Senate, the Speaker of the House of 42 Representatives, the Chairman of the Senate Finance Committee, 43 and the Chairman of the House Ways and Means Committee.”

[5006] 9 1 2 SECTION 6. Section 916340 of the 1976 Code, as last amended 3 by Act 153 of 2005, is further amended by adding two subsections 4 to read: 5 6 “(C) Beginning July 1, 2016, the annual investment plan must 7 reduce the total amount of fees paid by the commission by onehalf 8 of one percent of the total amount of assets held by the 9 commission and continue that annual reduction until the total 10 amount of fees paid by the commission is no more than onehalf of 11 one percent of the total amount of assets held by the system. 12 (D) Once the fee limitation of onehalf of one percent of the 13 total amount of assets is established pursuant to subsection (C), the 14 commission is not authorized to expend more than onehalf of one 15 percent of the total value of the system’s assets on fees on its 16 investments.” 17 18 SECTION 7. Section 911310 of the 1976 Code, as last amended 19 by Act 278 of 2012, is further amended to read: 20 21 “Section 911310. (A) The South Carolina Public Employee 22 Benefit Authority and the State Fiscal Accountability Authority, or 23 its successor, are cotrustees of the assets of the retirement system 24 as ‘assets’ and ‘retirement system’ is are defined in Section 25 91610(1) and (8) in performing the functions imposed on them by 26 law in the governance of the Retirement System. Notwithstanding 27 any other provision of law, any reference in law to the trustee of 28 the assets of the retirement system must be construed to conform 29 to the cotrusteeship as provided in this subsection. The South 30 Carolina Public Employee Benefit Authority shall hold the assets 31 of the retirement system in a group trust provided in Section 32 91620. The Retirement System Investment Commission shall 33 invest and reinvest the funds assets of the retirement system as 34 ‘retirement system’ is defined in Section 91610(8), subject to all 35 the terms, conditions, limitations, and restrictions imposed by 36 Section 16, Article X of the South Carolina Constitution, 37 subsection (B) of this section, and Chapter 16 of this title. 38 (B) Except where not allowed pursuant to Sections 11 and 16, 39 Article X of the Constitution of this State and Chapter 16 of this 40 title, the funds of the system may be invested in, including, but not 41 limited to, the following: 42 (1) bonds of this State, other states of the United States, the 43 United States, or any political subdivisions or agencies thereof;

[5006] 10 1 (2) banks and savings and loan institutions; 2 (3) toprated commercial paper; 3 (4) funds of funds; 4 (5) foreign certificates of deposit; 5 (6) shortterm debt; 6 (7) investment trust securities; 7 (8) real estate securities; 8 (9) foreign fixedincome obligations; 9 (10) futures and options regulated by the United States 10 Securities and Exchange Commission; 11 (11) private equity; 12 (12) domestic and foreign group trusts; 13 (13) investment vehicles of Federal Deposit Insurance 14 Corporation approved institutions; 15 (14) bonds of foreign countries designated industrialized by 16 the International Monetary Fund; 17 (15) collateralized mortgage obligations; 18 (16) World Bank bonds; 19 (17) debt of the United States or Canadian corporations; 20 (18) equipment trust debt; 21 (19)(a) purchase money mortgages received for real estate; 22 (b) real property; 23 (c) exchange traded funds; 24 (d) American Depository Receipts Reserved; 25 (20) real estate investment trusts Reserved; and 26 (21) investments allowed pursuant to Section 119660 and 27 equity investments as allowed pursuant to Section 16, Article X of 28 the Constitution of this State. 29 (C) The funds and assets of the various state retirement systems 30 are not funds of the State, but are instead held in trust as provided 31 in Section 91620. 32 (D) The fees authorized to be paid for the purchase of or 33 participation in any of the instruments enumerated in this section 34 may not exceed the limitations set forth in Section 916340(C) and 35 (D).” 36 37 SECTION 8. Section 13240(C)(1) of the 1976 Code, as last 38 amended by Act 224 of 2014, is further amended by adding an 39 appropriately lettered subitem to read: 40 41 “( ) South Carolina Retirement Investment Commission 42 members appointed by the Governor or members of the General 43 Assembly.”

[5006] 11 1 2 SECTION 9. Chapter 16, Title 9 of the 1976 Code is amended by 3 adding: 4 5 “Article 4 6 7 The Review and Oversight Commission on the Retirement 8 System Investment Commission 9 10 Section 916400. (A)(1) There is established the Review and 11 Oversight Commission on the Retirement System Investment 12 Commission which must exercise the powers and fulfill the duties 13 described in this article. 14 (2) For purposes of this article, ‘commission’ means the 15 Review and Oversight Commission on the Retirement System 16 Investment Commission. 17 (B) The commission is composed of the following nine 18 members: 19 (1) from the Senate: 20 (a) the Chairman of the Finance Committee or his 21 designee; 22 (b) two members of the Senate appointed by the President 23 Pro Tempore; 24 (2) from the House of Representatives: 25 (a) the Chairman of the Ways and Means Committee or 26 his designee; 27 (b) two members of the House of Representatives 28 appointed by the Speaker of the House of Representatives; 29 (3) three members appointed by the Governor from the state 30 at large. One member must be an active member of the South 31 Carolina Retirement System and one member must be an active 32 member of the South Carolina Police Officers Retirement System. 33 (C) In making appointments to the commission, race, gender, 34 and other demographic factors, such as residence in rural or urban 35 areas, must be considered to assure nondiscrimination, inclusion, 36 and representation to the greatest extent possible of all segments of 37 the population of the State. 38 (D) The commission must meet as soon as practicable after 39 appointment and organize itself by electing one of its members as 40 chairman and electing any other officers the commission considers 41 necessary. After the organizational meeting, the commission must 42 meet as necessary to screen candidates for appointment and at the

[5006] 12 1 call of the chairman or by a majority of the members. A quorum 2 consists of six members. 3 4 Section 916410. The commission has the following powers and 5 duties: 6 (1)(a) to screen each person appointed to serve on the 7 Retirement System Investment Commission; 8 (b) in screening candidates and making its findings, the 9 commission must give due consideration to: 10 (i) ability, area of expertise, dedication, compassion, 11 common sense, and integrity of each candidate; and 12 (ii) the impact that each candidate would have on the 13 racial and gender composition of the commission, and each 14 candidate’s impact on other demographic factors represented on 15 the commission, such as residence in rural or urban areas, to assure 16 nondiscrimination to the greatest extent possible of all segments of 17 the population of the State; 18 (c) to determine if each candidate is qualified and meets the 19 requirements provided by law to serve as a member of the 20 Retirement System Investment Commission, make findings 21 concerning whether each candidate is qualified, and deliver its 22 findings to the President Pro tempore of the Senate and the 23 Speaker of the House of Representatives; 24 (2) to receive, annually, in public session, the results of all 25 audits, experience studies or other required analysis conducted by 26 the Retirement System Investment Commission; 27 (3) to conduct an oversight review of the Retirement System 28 Investment Commission and its operations at least once every two 29 years; and 30 (4) undertake any additional reviews, studies, or evaluations as 31 it considers necessary. 32 33 Section 916420. Each state agency must fully cooperate with 34 requests from the commission for assistance in carrying out its 35 responsibilities and duties as established in this article. 36 37 Section 916430. The oversight report required by this article 38 must at least contain: 39 (1) a performance review of each member of the board for 40 the previous two years; 41 (2) a performance review of the Executive Director of the 42 Retirement System Investment Commission; and

[5006] 13 1 (3) an evaluation of the actions of the Retirement System 2 Investment Commission, sufficient to allow the members of the 3 General Assembly to better judge whether these actions serve the 4 best interests of the citizens of South Carolina, both individual and 5 corporate. 6 7 Section 916440. Commission members are entitled to such 8 mileage, subsistence, and per diem as authorized by law for 9 members of boards, committees, and commissions while in the 10 performance of the duties for which appointed. These expenses 11 shall be paid by the Retirement System Investment Commission. 12 13 Section 916450. The commission must use clerical and 14 professional employees of the General Assembly and the Office of 15 the Governor for its staff, who must be made available to the 16 commission. The commission may employ or retain other 17 professional staff, upon the determination of the necessity for other 18 staff by the commission and as may be funded in the legislative 19 appropriation of the annual general appropriations act.” 20 21 SECTION 10. This act takes effect upon approval by the 22 Governor. 23 XX 24

[5006] 14