(A) The South Carolina Public Employee Benefit Authority and the Retirement System Investment Commission are cotrustees of the assets of the retirement system as "assets" and "retirement system" are defined in Section 9-16-10(1) and (8). Notwithstanding any other provision of law, any reference in law to the trustee of the assets of the Retirement System must be construed to conform to the cotrusteeship as provided in this subsection. The Public Employee Benefit Authority shall hold the assets of the Retirement System in a group trust as provided in Section 9-16-20. The Retirement System Investment Commission shall invest and reinvest the assets of the Retirement System, subject to all the terms, conditions, limitations, and restrictions imposed by Section 16, Article X of the South Carolina Constitution, 1895, subsection (B) of this section, and Chapter 16 of this title.
(B) Except where not allowed pursuant to Sections 11 and 16, Article X of the Constitution of this State and Chapter 16 of this title, the funds of the system may be invested in, including, but not limited to, the following:
(1) bonds of this State, other states of the United States, the United States, or any political subdivisions or agencies thereof;
(2) banks and savings and loan institutions;
(3) top-rated commercial paper;
(4) funds of funds;
(5) foreign certificates of deposit;
(6) short-term debt;
(7) investment trust securities;
(8) real estate securities;
(9) foreign fixed-income obligations;
(10) futures and options regulated by the United States Securities and Exchange Commission;
(11) private equity;
(12) domestic and foreign group trusts;
(13) investment vehicles of Federal Deposit Insurance Corporation approved institutions;
(14) bonds of foreign countries designated industrialized by the International Monetary Fund;
(15) collateralized mortgage obligations;
(16) World Bank bonds;
(17) debt of the United States or Canadian corporations;
(18) equipment trust debt;
(19)(a) purchase money mortgages received for real estate;
(b) real property;
(c) exchange traded funds;
(d) American Depository Receipts;
(20) real estate investment trusts; and
(21) investments allowed pursuant to Section 11-9-660 and equity investments as allowed pursuant to Section 16, Article X of the Constitution of this State.
(C) The funds and assets of the various state retirement systems are not funds of the State, but are instead held in trust as provided in Section 9-16-20.
HISTORY: 1962 Code Section 61-91; 1952 Code Section 61-91; 1945 (44) 212; 1949 (46) 424; 1959 (51) 128; 1998 Act No. 371, Section 3, eff May 26, 1998; 2005 Act No. 153, Pt IV, Section 1.A, eff July 1, 2005; 2006 Act No. 264, Section 2, eff May 2, 2006; 2012 Act No. 278, Pt IV, Subpt 2, Section 42.B, eff July 1, 2012; 2017 Act No. 13 (H.3726), Pt. IV, Section 14, eff July 1, 2017.
Structure South Carolina Code of Laws
Chapter 1 - South Carolina Retirement System
Section 9-1-30. Property of system exempt from taxation.
Section 9-1-40. Penalties for making false statement or record.
Section 9-1-60. Implementation of "cafeteria" plan.
Section 9-1-100. Payments to beneficiaries may include payments to persons, trustees, and estates.
Section 9-1-210. Board shall administer system.
Section 9-1-230. Authority to engage actuarial and other services.
Section 9-1-240. Actuary for board.
Section 9-1-250. Investigation and valuation by actuary every five years.
Section 9-1-260. Annual valuation by actuary.
Section 9-1-270. Board shall keep actuarial data in convenient form.
Section 9-1-280. Board shall determine interest rate; base rate established.
Section 9-1-290. Rules and regulations.
Section 9-1-300. Records and reports.
Section 9-1-320. Confidentiality of member records.
Section 9-1-410. Membership generally.
Section 9-1-425. Contributing member of system.
Section 9-1-450. Members of other agency or departmental retirement plans.
Section 9-1-460. Discontinuance of certain local plans or funds.
Section 9-1-470. Political subdivisions may apply for admission to system as employers.
Section 9-1-480. Employees of political subdivisions as members.
Section 9-1-490. Firemen and peace officers.
Section 9-1-550. Option of certain public school employees.
Section 9-1-560. Option of day laborers.
Section 9-1-580. Option of certain hospital employees.
Section 9-1-610. Determination of who is teacher or employee.
Section 9-1-630. Certain persons may withdraw from system.
Section 9-1-640. Employers and members divided into two classes; change from Class One to Class Two.
Section 9-1-650. Continuation of membership in correlated systems.
Section 9-1-660. Firemen eligible for Police Officers Retirement System; benefits.
Section 9-1-670. Members eligible for membership in South Carolina State Employees Credit Union.
Section 9-1-810. Claims for prior service.
Section 9-1-830. Prior service certificates.
Section 9-1-840. What constitutes one year of service.
Section 9-1-1050. Employer annuity accumulation fund; contributions paid by employers.
Section 9-1-1060. Normal contribution rate.
Section 9-1-1070. Accrued liability contribution rate.
Section 9-1-1080. Minimum contributions to employer annuity accumulation fund.
Section 9-1-1085. Employer and employee contribution rates.
Section 9-1-1090. Discontinuance of accrued liability contribution.
Section 9-1-1110. Obligations of employer annuity accumulation fund.
Section 9-1-1120. Transfer between funds on return of retired employee to active service.
Section 9-1-1130. Earnings to be credited to employer annuity accumulation fund.
Section 9-1-1135. Interest on member accounts.
Section 9-1-1170. Collection of employers' contributions.
Section 9-1-1175. Employer contributions.
Section 9-1-1190. Board may change accounting methods and procedures of system.
Section 9-1-1210. Employer contributions shall reflect cost of Preretirement Death Benefit Program.
Section 9-1-1310. Trustee of retirement system; investment of funds.
Section 9-1-1320. Custodian of assets of the Retirement System.
Section 9-1-1330. Cash kept available with State Treasurer.
Section 9-1-1340. Conflicts of interest and use of funds by commission members or employees.
Section 9-1-1350. Transfers from general fund authorized.
Section 9-1-1510. Retirement of members at age 60 or after 28 years' service.
Section 9-1-1515. Early retirement.
Section 9-1-1540. Disability retirement.
Section 9-1-1550. Service retirement allowances.
Section 9-1-1560. Allowances upon retirement for disability.
Section 9-1-1590. Effect of restoring beneficiaries to active service.
Section 9-1-1610. Members of General Assembly may draw retirement benefits under certain conditions.
Section 9-1-1620. Optional forms of allowances.
Section 9-1-1625. Compliance with Internal Revenue Code.
Section 9-1-1630. Special benefits to teachers for service prior to July 1, 1945.
Section 9-1-1640. Manner of paying annuities.
Section 9-1-1665. Compliance with Internal Revenue Code Section 401(a)(9).
Section 9-1-1670. Change or error in records.
Section 9-1-1680. Exemption from taxation and legal process; exceptions; assignment.
Section 9-1-1760. Increase in benefits for persons who retired prior to July 1, 1972.
Section 9-1-1765. Additional increase in benefits for persons who retired prior to July 1, 1972.
Section 9-1-1770. Preretirement Death Benefit Program; post-retirement benefit payment.
Section 9-1-1775. Death Benefit Plan.
Section 9-1-1790. Amount which may be earned upon return to covered employment.
Section 9-1-1800. Recalculation of benefits for certain persons who retired prior to July 1, 1964.
Section 9-1-1812. Revision of sections upon certain conditions.
Section 9-1-1814. Revision of sections upon certain conditions.
Section 9-1-1815. Retirement allowance adjustments.
Section 9-1-1830. Payment and transfer of funds to the employer annuity accumulation fund.
Section 9-1-1920. Minimum allowance for certain persons who retired prior to July 1, 1945.
Section 9-1-1950. Minimum allowance for certain members of General Assembly.
Section 9-1-1970. Compensation used for determining benefits to be subject to federal limitations.
Section 9-1-1975. Compliance with USERRA.
Section 9-1-1980. Compliance with Internal Revenue Code Section 415.