s. 527 Retirement System Investment Commission reforms

skinS. 527 is a package of reforms as suggested by last year’s Funston Advisory Services. Click here to read the Funston report.
Below is a summary of the bill:
Section 1 – (Page 2, Line 38)
-Defines who holds assets. Names PEBA and RSIC as co-trustees and eliminates the Budget and Control Board as a trustee. PEBA holds the fund in a group trust and RSIC invests those funds.

Section 2A – (Page 3, Line 16)
-Defines Custodian as PEBA and assigns choice of Custodial Bank to RSIC. RSIC has exclusive authority to select custodial bank and PEBA is a third party beneficiary with full rights to information.

Section 2B – (Page 3, Line 31)
-Deletes separate references to Treasurer as Custodial Banker for JSRS, PORS & GARS.
9-8-170 (1) is Judges and Solicitors Retirement System, §9-9-160(1) is General Assembly Retirement System, §9-10-80(A) is National Guard Retirement System, §9-11-250(1) is Police Officers Retirement System.

Section 3A – (Page 3, Line 34)
-PEBA Board membership changes and definition of Executive Director of PEBA.
-Decreases the number of appointments by the Governor from 3 to 2 to accommodate the addition of the –Executive Director of RSIC as a voting member (membership stays at nine voting members).
-Expands the term of appointment from two years to five years.
-Staggers the terms with Gubernatorial appointee terms expiring 6/30/16, non-representative members appointed by General Assembly expiring 6/30/17 and representative members appointed by the General Assembly expiring 6/30/18.
-States that members may be removed only for cause by the Governor.
-Members are limited to serving two terms.
-Exempts the Executive Director of RSIC from receiving $12K.
-Requires PEBA to meet quarterly versus monthly.
-PEBA Board employs an Executive Director who serves at the pleasure of the Board.
-PEBA Board and Executive Director are named as fiduciaries.
-PEBA must develop a model procurement code in the same way as local governments.

Section 4 – (Page 7, Line 41) PEBA budget.
-PEBA budget authorization uses FY15-16 as a base and allows up to a 10% increase in each successive year. Funds are transferred from the respective trust accounts to an expenditure account in the Treasurer’s Office. The transfers are pro rata from the various systems.

Section 5 – (Page 9, Line 7) Rotation of fiduciary audit of PEBA.
-Sets a rotation for the PEBA fiduciary audit for every four years with the next audit scheduled for FY19-20.

Section 6 – (Page 9, Line 23)
-Deletes reference to allowed administrative costs for PEBA and deletes reference to policy decisions of the PEBA Board being subject to approval by the Budget and Control Board.

Section 7 – (Page 9, Line 26) Adds the executive directors of PEBA and RSIC as fiduciaries.

Section 8 – (Page 10, Line 1) Defines signature process and authority for disbursements by RSIC and defines RSIC budget.
-RSIC budget authorization uses FY15-16 as a base and allows up to a 10% increase in each successive year. Funds are transferred from the respective trust accounts to an expenditure account in the Treasurer’s Office. The transfers are pro rata from the various systems.

Section 9 – (Page 11, Line 1) RSIC Board membership and executive director.
-Requires the Treasurer to appoint a member rather than serve himself.
-Reforms existing retiree representative by directing the Governor appoint a member who is retired or active from PORS, JSRS or NGRS.
-Add a new member who is an SCRS retiree appointed by the Senate President Pro Tempore.
-Add a new member who is an SCRS active appointed by the House Speaker.
-Members are limited to two five year terms and members serving on 6/30/15 may serve one more full term.
-Requires Certified Financial Planners to also have twelve years professional experience.
-Adds as a qualifying characteristic a certified Chartered Alternative Investment Analyst.
-Adds as a qualifying characteristic twelve years experience in financial management of pensions or insurance plans.
-Adds as a qualifying characteristic twelve years experience as a certified public accountant with financial management, pension or insurance audit experience.
-Defines the role of the RSIC Executive Director and sets his duties. Changes the model so that the Executive Director employs the Chief Investment Officer.
-Requires the Executive Director to submit a budget to the RSIC before May 1st of each year with same information provided to the Chairmen of the Senate Finance Committee and the House Ways and Means Committee.
-All employees serve at the pleasure of the Executive Director.
-The Commission may engage attorneys on a fee basis for investment and management of assets.

Section 10 – (Page 15, Line 13) Role of executive director at RSIC.
-Adds the term “Subject to the oversight of the Executive Director” in the CFO’s development of the annual investment plan.

Section 11 – (Page 15, Line 25) Role of executive director at RSIC.
-Further defines the role of the Executive Director in the development of the annual investment plan.

Section 12 – (Page 15, Line 41) Assumed rate of return.
-The assumed rate of return expires 7/1/16 and every four years thereafter. By 1/1/16 PEBA must submit a proposed annual rate of return which is developed in consultation with its actuary and Commission as well as submitted to the Chairmen of the Senate Finance Committee and House Ways and Means Committee. If the General Assembly fails to enact a joint resolution to enact a rate of return, the submitted rate stands.

Section 13 – (Page 16, Line 22) Role of executive director at RSIC.
-Further defines the role of the Executive Director.

Section 14 – (Page 17, Line 1) Rotation of fiduciary audit at RSIC.
-Sets a rotation for the RSIC fiduciary audit for every four years with the next audit scheduled for FY18-19.

Section 15 – (Page 17, Line 17) Exempts RSIC and PEBA from the Procurement Code.

Section 16 – (Page 17, Line 23) Provides that the act takes effect upon approval by the Governor (Section 3B, 3C, and 3D which address PEBA and RSIC membership composition to take effect on July 1, 2016).

Veterans’ Educational & Entrepreneurship, Monday, March 16, 2015, 9:30 am – 1:30 pm

Tri-County Technical College, Anderson Campus, 511 Michelin Blvd., Anderson, SC

This event is free to all veterans and their families. Attendees are encouraged to bring copies of their current resume or a list of work experiences. A variety of vendors, including area human resource professionals will be on hand. Morning refreshments will be served.

Veterans will have opportunities to learn about:

  • What employers are wanting in today’s workforce
  • Transitioning from the military to the civilian workforce
  • Best practices in interviewing for jobs
  • Resources related to job search
  • Resumes
  • Resources available for starting a business
  • How to apply to college
  • Resources available to help pay for college
  • Transitioning from the military to college

Veterans will also have an opportunity to:

  • Have their resumes critiqued by Tri-County’s Career Services Office
  • Take assessments to help with career choices

For more information call: Stephanie Winkler at 864-646-1564
SPONSORED BY TRI-COUNTY TECHNICAL COLLEGE AND U.S. SENATOR TIM SCOTT

nerve: more debt bomb coming :(

by Rick Brundrett – The S.C. House meets today to begin debating a nearly $24.5 billion proposed state budget for next fiscal year – plus an attached $497 million bond proposal that House budget writers quickly approved without giving the public any chance to comment on the total debt package.

The bonds are essentially loans that S.C. taxpayers will have to pay back with interest – interest that likely will collectively total tens of millions of dollars over the repayment period. But the budget-writing Ways and Means Committee didn’t reveal those costs when it publicly discussed for the first time and passed the bond package on Feb. 19.

As a comparison, taxpayers will have repaid more than $116 million in interest on top of $355 million in principal by June 30, 2025, when the last payment is scheduled to be made on bonds state officials approved – beginning with a rare, special legislative session in October 2009 and without prior public discussion – for aerospace giant Boeing, according to a payment schedule provided to The Nerve by the S.C. Treasurer’s Office.

Asked by The Nerve if anyone from Ways and Means has contacted the Treasurer’s Office, which conducts the sale of state bonds, about doing a cost analysis of the $497 million bond proposal, Scott Lindenberg, spokesman for Treasurer Curtis Loftis, reiterated Friday in a written response, “We have not received a request to provide a formal fiscal impact analysis on the bond bill.”

Ways and Means Chairman Brian White, R-Anderson, did not respond last week to written and phone messages from The Nerve seeking comment on specifics of the bond proposal and why the public was not allowed to review it before his committee approved it.

The bond package, which is labeled as “Part III” of the proposed state budget for the fiscal year that starts July 1, would finance 44 projects ranging from $1 million for a pedestrian bridge at the University of South Carolina’s Aiken campus to $60 million to the S.C. Department of Commerce for unspecified “Regionalized Economic Development Infrastructure.”

Other big-ticket items in the bond package include $50 million to the S.C. Technical College System for “Pathways to Workplace Infrastructure Development” and $50 million for the Medical University of South Carolina Children’s Hospital. No funds for any of the proposed projects could be released until after next Jan. 1.

(The Nerve last month reported the bond proposal includes $35 million for a new aeronautical training center at Trident Technical College in North Charleston for workers at Boeing and its suppliers, and others. The Ways and Means Committee also approved spending another $5 million from one of the state’s “rainy-day” funds – the capital reserve fund – for the proposed center.) read on

Gov. Haley: no more debt


Friend,  We need your help.  

Call your legislator. Tell them to say NO to more debt.

Here’s what I mean:

A week and a half ago, at the 13th hour, with little or no debate, the House Finance Committee dropped a plan to force a half-billion dollars of debt on the people of South Carolina.  

That’s right, $500 million in new debt. 

The South Carolina I know has taken pride in fighting to be low-tax and low-debt.  We have endured billion-dollar budget cuts, tightened our belt, focused on fixing the economy, and as a result have added over 60,000 jobs since the start of this administration.

Together, we’ve been smart – and it’s getting real results. 

We’re about to pay off the billion dollars we borrowed from the federal government during the recession five full months early, saving our taxpayers millions of dollars.  And we’ve increased our rainy day fund so much that in the budget I released in January South Carolina will have twice the General Reserve funds we did when I took office. 

But for some reason the House budget writers are straying from the path of fiscal responsibility that has served us so well. 

And worse, we have heard members of the Senate openly talking about how this is just the beginning, how they plan to increase the new debt you will be saddled with to as much as $1 billion.

The good news is they haven’t done it yet.  We still have a chance to stop this closed-door, last-minute process to pass a budget that massively hikes our state’s spending and our people’s debt. 

But like I said, we need your help. 

So here’s the call to action.  Call your legislator.  Tell them to say NO to more debt.

Make your voice heard.  It will make all the difference in the world.  

My Very Best,  

Nikki

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Governor Nikki Haley, grassroots@nikkihaley.com, Nikki Haley for Governor | PO Box 1773 | Columbia , SC 29202

SC Security Action Summit

NSAC - Banner

NSAC - Discussion Topic

Join policy makers, legislators, law enforcement leaders, and concerned citizen activists for a day of penetrating analysis of national security matters that will help shape the future of SC and our nation as a whole.

NSAC - Event Details

Featured Speakers Include:

To follow are the list of confirmed panelists and speakers:

(There are still numerous panelists and speakers who haven’t R.S.V.P.’d yet.  We will update this page as new speakers and panelists are added.)

Dr. George H. Baker

Dr. George H. Baker – Dr. Baker is CEO of Baylor, LLC – a consulting company primarily devoted to preparedness for and protection against major electromagnetic threats to critical infrastructure including nuclear EMP, solar storms, and RF weapons.  While serving as a Director of the Foundation for Resilient Societies, Dr. Baker is a Professor Emeritus at James Madison University, where he directed the JMU Institute for Infrastructure and Information Assurance.  Previously Dr. Baker led the Defense Nuclear Agency’s EMP program, directed the Defense Threat Reduction Agency’s assessment arm, and served as a member of the Congressional EMP Commission Staff.  He continues to advise the Defense Department on hardening systems to survive EMP effects.  He holds an M.S. in Physics from University of Virginia, and a Ph.D in Engineering Physics from the U.S. Air Force Institute of Technology.

Ambassador John R. Bolton

Ambassador John R. Bolton – John R. Bolton is Chairman of the Gatestone Institute. Before serving as the United States Permanent Representative to the United Nations (2005-2006), Ambassador Bolton was Undersecretary of State for Arms Control and International Security (2001-2005). Bolton also served in the administrations of President Ronald Reagan and President George H. W. Bush. His many accomplishments include the rescission of the UN’s 1975 “Zionism is racism” resolution, U.S. renunciation of the International Criminal Court and the establishment of the Proliferation Security Initiative. Ambassador Bolton is a Senior Fellow with the American Enterprise Institute and a Fox News contributor.
more info

Anderson gop precinct reorganization 03.16.2015 @6:30pm

 

The Anderson County Republican Party (ACRP) will hold Precinct Reorganization March 16, 6:30 pm at seven regional locations. Precinct Reorganization is performed by political parties once every two years, as specified in state law. This is an opportunity to become involved in theACRP and gain a voting voice on the county party level.Precinct officers will be elected for each precinct, including an Executive Committeeman that has the precinct’s vote on issues at ACRP monthly meetings.  Additionally this is the process to become a delegate to the ACRP county convention and be placed on the convention ballot to seek election as delegate to the SC Republican Party state convention.

The fee to attend the Anderson County Convention on April 16 is $5. Each precinct is allowed a specific number of delegates to the county convention, voted on during the reorganization meeting.

Also, if you wish to place your name on the county convention ballot for election as delegate to the May 2, 2015 SCGOP convention, the fee is 5 dollars.  THESE FEES MUST BE TURNED IN AT THE REORGANIZATION MEETING.  Receipts will be provided by the Regional Captains.

More information:  
Dan Harvell, ACRP chairman, 221-1221, rileson@msn.com

Precinct Reorganization Location List:

ANDERSON REGION – TL HANNA HIGH SCHOOL
W1/P1, W1/P2, W2/P1, W2/P2, W3/P1, W3/P2, W3/P3, W4/P1, W4/P2, 5/A,
5/B , W6/P1, W6/P2, Appleton-Equinox, Bowling Green, Broadway, Centerville A, Centerville B, Cox Creek, Edgewood A, Edgewood B, Glenview, Green Pond, Hammond, Hammond Annex, Hopewell, Lakeside, North Pointe, Town Creek

BELTON HONEA PATH REGION – BHP HIGH SCHOOL
Barkers Creek, Belton, Belton Annex, Broadway, Chiquola, Craytonville,
Friendship, High Point, Honea Path, Neals Creek, Rock Springs, Shirley Store
Toney Creek,Wright School

PENDLETON REGION – SANDY SPRING WATER COMPANY
Bishops Branch, Denver-Sandy Springs, Five Forks, LaFrance,Melton, Mt. Tabor, Pendleton

POWDERSVILLE REGION – WREN HIGH SCHOOL
Brushy Creek, Concrete, Hunt Meadows, Piedmont, Piercetown, Powdersville
Mt. Airy, Simpsonville, Three & Twenty, White Plains

STARR-IVA REGION – STARR FIRE DEPARTMENT
Center Rock, Flat Rock, Gluck, Grove, Hall, Homeland Park, Iva, Jackson Mill
Mountain Creek, Rock Mill, Starr, Varennes, West Savannah

TOWNVILLE REGION – TOWNVILLE FIRE DEPT
Fork 1, Fork 2, Townville

WILLIAMSTON REGION – CALVARY BAPTIST CHURCH, WILLIAMSTON
Cedar Grove, Pelzer, West Pelzer, Williamston

sc house: more debt

February 25, 2015; For immediate release; Contact: Brian Symmes, 803-673-9437

Gov. Nikki Haley: “They just ran up the credit card debt and reversed everything we’ve been doing”

COLUMBIA, S.C. – Governor Nikki Haley today discussed a budget proposal that would burden South Carolina taxpayers with a half a billion dollars of new debt. She asked budget writers to instead consider a low-tax and low-debt budget that respects the taxpayers of the state.

“Look at what we’ve done with our credit card debt every single year. It was very important to drop the credit card debt for the hard working taxpayers of South Carolina so that they realized that not only were we trying to bring jobs and put money in their pocket, we were trying to reduce our credit card debt. So if you look, you see we’ve made some really great progress. I was proud of what we had done, and I was proud of what we were going to do going forward,” said Gov. Nikki Haley. “In our budget this year we wanted to reduce our credit card debt $40 million more. That’s not what happened in Ways & Means when it came out. Not only did they not reduce the $40 million that we wanted, they raised it $40 million more. They just ran up the credit card debt and reversed everything we’ve been doing.”

http://goo.gl/d3MbYj-###-

s.33 exempts military retirement benefits from taxes

calvinquarles_soldierTo: President Pro Tempore Hugh K. Leatherman and Members of the South Carolina Senate; Speaker Jay K. Lucas and Members of the South Carolina House of Representatives

Subject: “Projected Economic and Fiscal Impact of Exempting Military Pension Income from South Carolina Income Tax” dated February 12, 2015

On behalf of the South Carolina Military Base Task Force, we respectfully submit for your consideration the findings of a just-completed study which is relevant to a subject that is the focus of four bills currently pending in Senate or House committees.

This study was prepared by Dr. Robert T. Carey, Director, Regional Economic Analysis Laboratory, Strom Thurmond Institute, Clemson University, in conjunction with Dr. G. Michael Mikota, Executive Director of the Santee Lynches Regional Council of Governments. Dr. Carey and Dr. Mikota used a state of the art dynamic scoring model referred to as the REMI PI+ model to account for the impact from the economic changes predicted to result from the proposed change in tax policy feeding back through tax revenue. We are extremely grateful to these respected economists and their staffs for their expertise in addressing this important subject.

The Executive Summary of the study is attached for your ease of reference. The full report is available on the Task Force website at www.scmilitarybases.com. We will be happy to provide copies to you upon request.

We believe it is fair to say that a relatively small short term investment in the elimination of state tax on military pension income will produce a return on investment to the State in at least three ways: (a) it is military friendly; (b) it will be workforce enhancing, and (c) in the long term it will be economically beneficial. We respectfully submit that this study supports those beliefs. Moreover, based on our interaction with numerous military members serving in South Carolina, we believe that the elimination of such tax will be a positive inducement to attract well qualified military retirees and their families to make South Carolina their permanent home and workplace.

Dr. Mikota and Dr. Carey have also expressed their willingness to make a PowerPoint presentation of the report’s findings and conclusions. We would welcome the opportunity to make that presentation available to whatever group or committee you deem appropriate.

Thank you for allowing us to share this information for your consideration.

Respectfully submitted, William L. Bethea, Jr. Chairman

Slope on gas taxes

shane.martinThe tax-increase flavor of the month, is the gas tax. Some legislators, including some Republicans, for years have called for a gas tax increase as a means of funding road and bridge repair. These same Republicans, and their Democrat allies, of course always have voted against proposals, like the half a dozen that I have authored or cosponsored in the last few years, to use the money that we actually have on hand to fund our roads. Now they, including Governor Haley, have a new scheme; raise the gas tax now and in return the promise of future decreases in the income tax. Many of you remember Wimpy in the old Popeye cartoons who would “gladly pay you on Tuesday for a hamburger today.” Well, Wimpy never paid up, and you likely never will get your income tax reduction. read on

Citizens for a Free Market: don’t dump on SC campaign

for more info, click here