South Carolina Amendment Question 1 (2002)
South Carolina Amendment Question 1, also known as the Investment of state retirement system funds Act, was on the November 7, 2002 election ballot in South Carolina. It was defeated, with 43.4% of voters in favor.
Text of measure
The language that appeared on the ballot:
Must Section 16, Article X of the Constitution of this State relating to benefits and funding of public employee pension plans in this State and the equity securities investments allowed for funds of the various state-operated retirement systems be amended so as to delete the restrictions limiting investments in equity securities to those of American-based corporations registered on an American national exchange as provided in the Securities Exchange Act of 1934 or any successor act, or quoted through the National Association of Securities Dealers Automatic Quotations System or similar service?
Explanation of above:
Currently, the state constitution provides that state retirement system funds invested in the stock market must be invested only in American companies traded on the American stock exchanges.