South Carolina Amendment Question 2 (2002)
South Carolina Amendment Question 2, also known as Permit firefighters' retirement systems to invest in the stock market, was on the November 7, 2002 election ballot in South Carolina. It passed, with 57.7% of voters in favor.
Text of measure
The language that appeared on the ballot:
Must Section 11, Article X of the Constitution of this State relating to restrictions on pledging the credit of the State or its political subdivisions for a private purpose and the restrictions on the State or its political subdivisions from becoming a joint owner or stockholder of a business be amended so as to allow a municipality, county, special purpose district, or public service district of this State which provides firefighting service and which administers a separate pension plan for its employees performing this service to invest and reinvest the funds in this pension plan in equity securities traded on a national securities exchange as provided in the Securities Exchange Act of 1934 or a successor act or in equity securities quoted through the National Association of Securities Dealers Automatic Quotations System or similar service?
Explanation of above:
Currently, the state constitution prohibits a separate retirement system for firefighters operated by a local government from investing in the stock market.