South Carolina · S. 420
Lets retiree health trusts buy certain corporate debt
Allows trusts that pay future health care costs for retired employees of South Carolina local governments to invest in bonds and other debt issued by U.S. companies. The debt must be rated investment grade by at least two of three major rating agencies. If a rating later drops below investment grade, the local government must act within a reasonable time, consistent with its duties to the trust.
Where it stands
- Proposed
- Passed House or Senate
- Passed both
- Became law
Latest: The Governor signed it. It's now law.
Details
- Bill number
- S. 420
- Official name
- Investment of Funds by Political Subdivisions
- Proposed by
- Sen. Young