South Carolina Code 9-1-1310. Trustee of retirement system; investment of funds
(B) Except where not allowed pursuant to Sections 11 and 16, Article X of the Constitution of this State and Chapter 16 of this title, the funds of the system may be invested in, including, but not limited to, the following:
Terms Used In South Carolina Code 9-1-1310
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Employee: means :
(a) to the extent compensated by this State, an employee, agent, or officer of the State or any of its departments, bureaus, and institutions, other than the public schools, whether the employee is elected, appointed, or employed;
(b) the president, dean, professor, or teacher or any other person employed in any college, university, or educational institution of higher learning supported by and under the control of the State;
(c) an employee, agent, or officer of a county, municipality, or school district, or an agency or department of any of these, which has been admitted to the system under the provisions of § 9-1-470, to the extent the employee, agent, or officer is compensated for services from public funds;
(d) an employee of the extension service and any other employee a part of whose salary or wage is paid by the federal government if the federal funds from which the salary or wage is paid before disbursement become state funds;
(e) an employee of a service organization, the membership of which is composed solely of persons eligible to be teachers or employees as defined by this section, if the compensation received by the employees of the service organization is provided from monies paid by the members as dues or otherwise, or from funds derived from public sources and if the employee contributions prescribed by this title are paid from the funds of the service organization;
(f) an employee of an alcohol and drug abuse planning agency authorized to receive funds pursuant to § 61-12-20;
(g) an employee of a local council on aging or other governmental agency providing aging services funded by the Department on Aging. See South Carolina Code 9-1-10 - Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Retirement: means the withdrawal from active service with a retirement allowance granted under the system. See South Carolina Code 9-1-10
- system: means the South Carolina Retirement System established under § 9-1-20. See South Carolina Code 9-1-10
- this State: means the State of South Carolina. See South Carolina Code 9-1-10
- Trustee: A person or institution holding and administering property in trust.
(1) bonds of this State, other states of the United States, the United States, or any political subdivisions or agencies thereof;
(2) banks and savings and loan institutions;
(3) top-rated commercial paper;
(4) funds of funds;
(5) foreign certificates of deposit;
(6) short-term debt;
(7) investment trust securities;
(8) real estate securities;
(9) foreign fixed-income obligations;
(10) futures and options regulated by the United States Securities and Exchange Commission;
(11) private equity;
(12) domestic and foreign group trusts;
(13) investment vehicles of Federal Deposit Insurance Corporation approved institutions;
(14) bonds of foreign countries designated industrialized by the International Monetary Fund;
(15) collateralized mortgage obligations;
(16) World Bank bonds;
(17) debt of the United States or Canadian corporations;
(18) equipment trust debt;
(19)(a) purchase money mortgages received for real estate;
(b) real property;
(c) exchange traded funds;
(d) American Depository Receipts;
(20) real estate investment trusts; and
(21) investments allowed pursuant to § 11-9-660 and equity investments as allowed pursuant to Section 16, Article X of the Constitution of this State.
(C) The funds and assets of the various state retirement systems are not funds of the State, but are instead held in trust as provided in § 9-16-20.