(H)(J)(1) The administrative costs of the Retirement System Investment Commission must be paid from the earnings of the state retirement system in the manner provided in Section 911310. (2) Effective beginning July 1, 2012, Each commission member, not including except for the Executive Director of the South Carolina Public Employee Benefit Authority, must shall receive an annual salary of twenty thousand dollars plus mileage and subsistence as provided by law for members of state boards, committees, and commissions paid as provided pursuant to item (1) of this subsection. Notwithstanding any other provision of law, membership on the commission does not make a member eligible to participate in a retirement system administered pursuant to this title and does not make a member eligible to participate in the employee insurance program administered pursuant to Article 5, Chapter 11, Title 1, if the member is not otherwise eligible. Compensation paid on account of the service on the commission is not member’s considered earnable compensation for purposes of any retirement system administered pursuant to this title.” SECTION 11. Section 916330 of the 1976 Code, as last amended by Act 153 of 2005, is further amended to read: 916330. (A) The commission shall provide the chief “Section executive officer and the chief investment officer with a statement of general investment objectives. The commission shall also shall provide the chief executive officer and the chief investment officer with a statement of actuarial assumptions developed by the system’s actuary and approved by the board. The commission shall review the statement of general investment objectives annually for the purpose of affirming or changing it and advise the chief executive officer and the chief investment officer of its actions. The retirement system shall provide the commission, and its chief executive officer and chief investment officer that data or other information needed to prepare the annual investment plan. (B)(1) Notwithstanding Section 91630(A), the commission’s statement of general investment objectives may include a delegation to the chief investment officer of the final authority to invest an amount not to exceed: (a) two percent of the total value of portfolio assets for each investment, if the investment is in assets that are publicly tradeable and the investment provides for liquidity in ninety days or less; or (b) one percent of the total value of portfolio assets for each investment, if the investment is in assets that are not publicly
(H)(J)(1) The administrative costs of the Retirement System Investment Commission must be paid from the earnings of the state retirement system in the manner provided in Section 911310. (2) Effective beginning July 1, 2012, Each commission member, not including except for the Executive Director of the South Carolina Public Employee Benefit Authority, must shall receive an annual salary of twenty thousand dollars plus mileage and subsistence as provided by law for members of state boards, committees, and commissions paid as provided pursuant to item (1) of this subsection. Notwithstanding any other provision of law, membership on the commission does not make a member eligible to participate in a retirement system administered pursuant to this title and does not make a member eligible to participate in the employee insurance program administered pursuant to Article 5, Chapter 11, Title 1, if the member is not otherwise eligible. Compensation paid on account of the member’s service on the commission is not considered earnable compensation for purposes of any retirement system administered pursuant to this title.” SECTION 11. Section 916330 of the 1976 Code, as last amended by Act 153 of 2005, is further amended to read: “Section 916330. (A) The commission shall provide the chief executive officer and the chief investment officer with a statement of general investment objectives. The commission shall also shall provide the chief executive officer and the chief investment officer with a statement of actuarial assumptions developed by the system’s actuary and approved by the board. The commission shall review the statement of general investment objectives annually for the purpose of affirming or changing it and advise the chief executive officer and the chief investment officer of its actions. The retirement system shall provide the commission, and its chief executive officer and chief investment officer that data or other information needed to prepare the annual investment plan. (B)(1) Notwithstanding Section 91630(A), the commission’s statement of general investment objectives may include a delegation to the chief investment officer of the final authority to invest an amount not to exceed: (a) two percent of the total value of portfolio assets for each investment, if the investment is in assets that are publicly tradeable and the investment provides for liquidity in ninety days or less; or (b) one percent of the total value of portfolio assets for each investment, if the investment is in assets that are not publicly
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