South Carolina Code 9-16-50. Investment and management considerations by trustee; diversification; verification of facts; statement of investment objectives and policies
(1) shall consider among other circumstances:
Terms Used In South Carolina Code 9-16-50
- Assets: means all funds, investments, and similar property of the retirement system. See South Carolina Code 9-16-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commission: means the Retirement System Investment Commission. See South Carolina Code 9-16-10
- Retirement system: means the South Carolina Retirement System, Retirement System for Judges and Solicitors, Retirement System for Members of the General Assembly, National Guard Retirement System, and Police Officers Retirement System established pursuant to Chapters 1, 8, 9, 10 and 11 of this title. See South Carolina Code 9-16-10
(a) general economic conditions;
(b) the possible effect of inflation or deflation;
(c) the role that each investment or course of action plays within the overall portfolio of the retirement system;
(d) needs for liquidity, regularity of income, and preservation or appreciation of capital; and
(e) the adequacy of funding for the plan based on reasonable actuarial factors;
(2) shall diversify the investments of the retirement system unless the commission reasonably determines that, because of special circumstances, it is clearly prudent not to do so;
(3) shall make a reasonable effort to verify facts relevant to the investment and management of assets of a retirement system;
(4) may invest in any kind of property or type of investment consistent with this chapter and § 9-1-1310;
(5) may consider benefits created by an investment in addition to investment return only if the commission determines that the investment providing these collateral benefits would be prudent even without the collateral benefits.
(B) The commission shall adopt a statement of investment objectives and policies for the retirement system. The statement must include the desired rate of return on assets overall, the desired rates of return and acceptable levels of risk for each asset class, asset-allocation goals, guidelines for the delegation of authority, and information on the types of reports to be used to evaluate investment performance. At least annually, the commission shall review the statement and change or reaffirm it. The relevant portion of this statement may constitute parts of the annual investment plan required pursuant to § 9-16-330.