S.C. Code Ann. § 9-16-315 – Retirement System Investment Commission; membership; terms; qualifications; chief investment officer and administrative staff

(A) There is established the Retirement System Investment Commission (RSIC) consisting of six members as follows:
1. (1) one member appointed by the Governor;
2. (2) the State Treasurer, ex officio;
3. (3) one member appointed by the Comptroller General;
4. (4) one member appointed by the Chairman of the Senate Finance Committee;
5. (5) one member appointed by the Chairman of the Ways and Means Committee of the House of Representatives;
6. (6) one member who is a retired member of the retirement system who shall serve without voting privileges. This representative member must be appointed by unanimous vote of the voting members of the commission.
(B) The State Treasurer may appoint a member to serve in his stead. A member appointed by the State Treasurer shall serve for a term coterminous with the State Treasurer and must possess at least one of the qualifications provided in subsection (E). Once appointed, this member may not be removed except as provided in subsection (C).
(C) Except as provided in subsection (B), members shall serve for terms of five years and until their successors are appointed and qualify, except that of those first appointed, the appointees of the Comptroller General and the Chairman of the Senate Finance Committee shall serve for terms of three years and the appointee of the Chairman of the Committee on Ways and Means and the representative appointee shall serve for terms of one year. Terms are deemed to expire after June thirtieth of the year in which the term is due to expire. Members are appointed for a term and may be removed before the term expires only by the Governor for the reasons provided in Section 1-3-240(C).
(D) The commission shall select one of the voting members to serve as chairman and shall select those other officers it determines necessary, but the State Treasurer may not serve as chairman.
(E) A person may not be appointed to the commission unless the person possesses at least one of the following qualifications:
1. (1) the Chartered Financial Analyst credential of the CFA Institute;
2. (2) the Certified Financial Planner credential of the Certified Financial Planner Board of Standards;
3. (3) at least ten years professional securities broker experience;
4. (4) at least ten years professional actuarial experience;
5. (5) at least ten years professional teaching experience in economics or finance; or
6. (6) an earned Ph.D. in economics or finance.
(F) Not including the State Treasurer, no person may be appointed or continue to serve who is an elected or appointed officer or employee of the State or any of its political subdivisions, including school districts.
(G) The Retirement System Investment Commission is established to invest the funds of the retirement system. All of the powers and duties of the State Budget and Control Board as investor in equity securities and the State Treasurer's function of investing in fixed income instruments are transferred to and devolved upon the Retirement System Investment Commission. To assist the commission in its investment function, it shall employ a chief investment officer, who under the direction and supervision of the commission, and as its agent, shall develop and maintain annual investment plans and invest and oversee the investment of retirement system funds. The chief investment officer serves at the pleasure of the commission and must receive the compensation the commission determines appropriate. The commission may employ the other professional, administrative, and clerical personnel it determines necessary and fix their compensation. All employees of the commission are employees at will. The compensation of the chief investment officer and other employees of the commission is not subject to the state compensation plan.
(H) 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 9-1-1310.