South Carolina H 3421: Public Employee Retirement Fund Investments

Bill Text

2025-2026 Bill 3421 Text of Previous Version (Dec. 06, 2024) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3421

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 
9-16-57 SO AS TO PROVIDE THAT THE RETIREMENT INVESTMENT COMMISSION MAY NOT 
INVEST PUBLIC EMPLOYEE RETIREMENT FUNDS IN CERTAIN COMPANIES OWNED, IN WHOLE OR 
IN PART, BY THE PEOPLE'S REPUBLIC OF CHINA OR THE CHINESE COMMUNIST PARTY.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Article 1, Chapter 16, Title 9 of the S.C. Code is 
amended by adding:

 Section 
9-16-57. (A) The commission may not 
invest public employee retirement funds, in any manner, in the obligations of 
any company or development:

 (1) 
owned or controlled by a company that is owned, in whole or in part, by, or is 
a subsidiary of, a company that is owned by the People's Republic of China or 
the Chinese Communist Party; or

 (2) 
whose principal place of business is located within the People's Republic of 
China.

 (B) For 
purposes of this section:

 (1) 
"Chinese Communist Party" includes all agencies, institutions, and 
instrumentalities of the Chinese Communist Party.

 (2) 
"Company" or "development" means a sole proprietorship, organization, 
association, corporation, partnership, trust, venture, group, subgroup, or any 
other entity or organization, its subsidiary or affiliate that exists for 
profit making purposes or to otherwise secure economic advantage.

 (3) 
"Peoples' Republic of China" includes all agencies, institutions, 
instrumentalities, and political subdivisions of the People's Republic of 
China.

SECTION 2. This act takes effect upon approval 
by the Governor.

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This web page was last updated on December 06, 2024 at 11:51 AM