The bill S. 420 aims to amend Section 6-5-10 of the South Carolina Code of Laws, which pertains to authorized investments by political subdivisions. The amendment allows a qualified retiree post-employment benefit trust, maintained for the benefit of retirees from political subdivisions, to invest in certain corporate debt instruments issued by U.S. corporations. Specifically, these investments can include notes, bonds, debentures, or other debt instruments, provided they are rated by at least two nationally recognized credit rating organizations.

Additionally, the bill includes a provision that ensures if any part of the act is found to be unconstitutional or invalid, the remaining sections will still remain effective. The act will take effect upon approval by the Governor.

Statutes affected:
03/05/2025: 6-5-10
Latest Version: 6-5-10