South Carolina Amendment 3a, Retirement Systems Act (2006)
With the approval of Amendment 3a, South Carolina's Retirement Systems was allow to "prudently invest" in all stocks "as a means of seeking higher profits" rather than just in publicly traded stocks and stocks of companies located in the United States.
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The question asked on the ballot was:
- "Must the first sentence of the fourth paragraph of Section 16, Article X of the Constitution of this State relating to 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?"
As provided for in South Carolina law, election officials include a neutral explanation on the ballot of each ballot question. The explanation provided alongside the question for proposed Amendment 3a in 2006 said:
- "Currently, South Carolina's Retirement Systems may invest only in publicly traded stocks and stocks of companies located in the United States. This amendment would allow prudent investing in all stocks as a means of seeking higher profits."
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