South Carolina Referendum 5
was on the November 5, 1996 ballot
in South Carolina
as a legislatively-referred constitutional amendment
, where it was approved.
Referendum 5 amended Section 16 of Article X of the South Carolina Constitution to allow the creation of a 5-member State Retirement Systems Investment Panel. Referendum 5 also allows "a portion of the funds of state-operated retirement systems to be invested and reinvested" in stocks that are "registered on a national securities exchange."
| Referendum 5|
| Yes|| 669,089|| 72.64%|
"Must Section 16, Article X of the Constitution of this State be amended so as to allow the investment and reinvestment of the funds of the various state-operated retirement systems in the equity securities of any corporation within the United States that is registered on national securities exchange as provided in the Securities Exchange Act of 1934 or any successor act of quoted through the National Association of Securities Dealers Automatic Quotations System or a similar service, to establish upon the enactment of implementing legislation the State Retirement Systems Investment Panel, to provide that the panel consists of five members, one each appointed by the Governor, the State Treasurer, the Comptroller General, and the chairmen of the respective committees of the Senate and House of Representatives having subject matter jurisdiction over appropriations with the governor's appointee serving as chairman, to require all appointees to possess substantial financial investment experience, and to provide that no public officer or employee may serve on the panel, to require the General Assembly to implement this new paragraph by enacting legislation establishing the panel, providing the terms, duties and compensation of its members, and specifically authorizing the investments allowed by this paragraph and authorizing statutory limits on investments in equity securities as the General Assembly determines prudent, and to provide that this panel shall not exist until he required implementing legislation is enacted?"
"This amendment would allow a five (5) member State Retirement Systems Investment Panel to be established through legislation and would allow a portion of the funds of state-operated retirement systems to be invested and reinvested in equity securities (stocks) of United States corporations that are registered on a national securities exchange. Members of the Panel must have substantial financial investment experience. The legislation establishing the Panel and providing for its duties will authorize the investments allowed and place limitations on those investments."