S.C. Code Ann. § 9-16-320 – Adoption of annual investment plan; quarterly review; deliberations in executive sessions; exceptions to making records public; administrative costs; duty of care; independent advisors

(A) The panel shall meet no later than May first of each year to adopt the proposed annual investment plan for the retirement systems for the next fiscal year. The annual investment plan must be developed by the panel. No later than June first of each year, the panel shall submit the proposed plan to the board. Amendments may be made to the plan by the panel during the fiscal year with the approval of the board.
(B) The panel shall meet at least once during each fiscal year quarter for the purposes of reviewing the performance of investments, assessing compliance with the annual investment plan, and determining whether to recommend amendments to the plan to the board. The panel shall meet at such other times as are set by the panel or the chairman or requested by the board.
(C) The panel may discuss, deliberate on, and make decisions on a portion of the annual investment plan or other related financial or investment matters in executive session if disclosure thereof would jeopardize the ability to implement that portion of the plan or achieve investment objectives.
(D) A record of the panel or of the Retirement System that discloses discussions, deliberations, or decisions on portions of the annual investment plan or other related financial or investment matters is not a public record under Section 30-4-20 to the extent and so long as its disclosure would jeopardize the ability to implement that portion of the plan or achieve investment objectives.
(E) The costs of administering the duties of the panel must be paid from the investment earnings of these systems. Administrative and clerical assistance to the panel must be provided. The board must approve all reasonable expenses of the panel in performing its duties under this section.
(F) The panel does not act as a fiduciary with respect to the funds of the retirement system, but must exercise reasonable care and skill in carrying out its duties.
(G) The panel may retain independent advisors to assist it and periodically shall provide for an outside evaluation of the investment strategy of the board.