South Carolina Local Public Employee Pensions in Equity Securities Amendment (2016)
| Local Public Employee Pensions in Equity Securities Amendment | |
|---|---|
 | |
| Election date November 8, 2016 | |
| Topic Pension | |
| Status Not on the ballot | |
| Type Constitutional amendment | Origin State legislature |
The South Carolina Local Public Employee Pensions in Equity Securities Amendment was not put on the November 8, 2016, ballot in South Carolina as a legislatively referred constitutional amendment. The measure, upon voter approval, would have allowed the public subdivisions of the state to invest and reinvest public employee pension plans in equity securities.[1]
The equity securities would have to be "of a corporation within the United States that is registered on a national securities exchange, as provided in the Securities Exchange Act of 1934 or a successor act, or quoted through the National Association of Securities Dealers Automatic Quotations System or similar service."
Text of measure
Ballot title
The proposed ballot title was:[1]
| “ | 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 investments allowed for funds of the various state-operated retirement systems be amended so as to provide that the funds of any political subdivision of this State that have been set aside for the funding of post-employment benefits for the political subdivision's employees, including those invested in independent trusts established for that purpose, may be invested or reinvested in equity securities of the type permitted for investment by the various state-operated retirement systems, as provided for by the General Assembly?[2] | ” |
Constitutional changes
- See also: Article X, South Carolina Constitution
The proposed amendment would have added a paragraph to the end of Section 16 of Article X of the South Carolina Constitution. The following text would have been added by the proposed measure's approval:[1]
Path to the ballot
- See also: Amending the South Carolina Constitution
The proposed amendment had to be approved by a two-thirds vote in both chambers of the South Carolina Legislature to be placed on the ballot. If approved by voters, the amendment would have gone back to the legislature for a second approval before becoming law.
Senate Joint Resolution 35 passed the senate with 41 "yea" votes and zero "nay" votes on January 28, 2015.[3]
Related measures
See also
Footnotes
- ↑ 1.0 1.1 1.2 South Carolina Legislature, "S. 35," accessed March 19, 2015
- ↑ 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source. Cite error: Invalid
<ref>tag; name "quotedisclaimer" defined multiple times with different content - ↑ Open States, "S 35," accessed January 18, 2016
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