Bill > H3565

This bill, known as the "State Pension Fiduciary Duty Act", is an amendment to the South Carolina Code of Laws. It outlines that state retirement funds must be invested with the sole purpose of generating return for the pension plan beneficiaries. The bill discourages the allocation of these funds for the advancement of particular social, political, or ideological interests. The term ‘Fiduciary commitment’ within the bill indicates the trustee's intent in managing assets, which includes advertising, communication, participation, and more. The term 'Financial' refers to actions taken by a trustee that have a significant effect on the investment's financial risk or return. This act can be enforced by the Attorney General, who is authorised to investigate potential violations, examine witnesses, and seize necessary documents. The act will go into effect upon the Governor's approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3565&session=125&summary=B