Investment of Funds by Political Subdivisions
This means potential improvements in the management of funds that support retiree benefits.
Do you support it?
Want to know if it passes?
We'll email you when S 420 moves — a committee vote, a floor vote, or a signature. Nothing else.
Free forever · unsubscribe in one click.
Your answer was recorded either way.
Which district are you in?
Your ZIP is all we need to match you to your own representatives — so we can tell you how they voted on S 420.
You're tracking S 420
We'll email you the moment it moves.
S 420 — Investment of Funds by Political Subdivisions
Last action — Effective date 05/19/26
No card. One bill, free forever — alerts when it moves.
-
✓Introduced
-
✓In Committee
-
✓Passed Senate
-
✓Passed House
-
✓To Executive
-
6Enacted
This bill has been enacted into law. Introduced March 05, 2025. Enacted.
Signed by Governor Henry McMaster (Republican) on May 19, 2026.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
-
Enacted
Current position in the legislative process.
-
1 sponsor
1 primary, 0 co-sponsors signed on.
-
Cleared a recorded vote
Passed 2 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
In plain language
The bill allows certain trusts to invest in investment-grade corporate debt.
This bill updates South Carolina law to permit qualified retiree post-employment benefits trusts to invest in investment-grade corporate debt. It also establishes specific requirements and limitations for these investments.
What this means for you
- Workers: This means potential improvements in the management of funds that support retiree benefits.
Summary
AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 6-5-10, RELATING TO AUTHORIZED INVESTMENTS OF FUNDS BY POLITICAL SUBDIVISIONS, SO AS TO AUTHORIZE CERTAIN INVESTMENT-GRADE CORPORATE DEBT INVESTMENTS BY QUALIFIED RETIREE POST-EMPLOYMENT BENEFITS TRUSTS AND TO PROVIDE REQUIREMENTS AND LIMITATIONS FOR SUCH INVESTMENTS. - RATIFIED TITLE
Bill Text
What changed in the latest version
2 added · 35 removedPlain-language change summary
The recent amendment to Bill S 420 made a specific change to the rules regarding how a qualified retiree post-employment benefits trust can invest. It removed a previous section of the law and added a new clause that allows investments in debt instruments issued by U.S. corporations, as long as those instruments are properly rated. This change is significant because it expands the investment options available for retiree trusts, potentially increasing their financial returns and providing better benefits for retirees.
2025-2026 Bill 420 Text of Previous Version (Feb.(Mar.
18,05, 2026)2025) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 420Indicates Matter StrickenIndicates New Matter(Text matches printed bills.
Document has been reformatted to meet World Wide Web specifications.) Indicates Matter Stricken Indicates New Matter Committee ReportA Februarybill 18, 2026TO AMEND S.THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 6-5-10, RELATING TO AUTHORIZED INVESTMENTS BY POLITICAL SUBDIVISIONS SO AS TO ALLOW A QUALIFIED RETIREE-POST EMPLOYMENT BENEFIT TRUST MAINTAINED FOR THE BENEFIT OF POLITICAL SUBDIVISION RETIREES TO INVEST IN CERTAIN CORPORATE DEBT ISSUED BY UNITED STATES CORPORATIONS.
420 Introduced by Senator Young S.
Printed 2/18/26--S.
Read the first time March 5, 2025 ________ The committee on Senate Finance To whom was referred a Bill (S.
420) to amend the South Carolina Code of Laws by amending Section 6-5-10, relating to authorized investments by political subdivisions so as to allow a qualified retiree-post, etc., respectfully Report:
That they have duly and carefully considered the same, and recommend that the same do pass with amendment:
Amend the bill, as and if amended, SECTION 1, by striking Section 6-5-10(9) and inserting:
(9) A qualified retiree post-employment benefits trust may invest in notes, bonds, debentures, or other debt instruments issued by a United States corporation, provided that the instruments are rated in general rating categoriesinvestment grade by no fewer than two nationally recognized credit rating organizations.
For purposes of this subsection, a qualified retiree post-employment benefits trust means a trust to provide for the employer costs of retiree post-employment benefits for retired employees of political subdivisions of the State.
Renumber sections to conform.
Amend title to conform.
HARVEY PEELER for Committee.
_______ A bill TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 6-5-10, RELATING TO AUTHORIZED INVESTMENTS BY POLITICAL SUBDIVISIONS SO AS TO ALLOW A QUALIFIED RETIREE-POST EMPLOYMENT BENEFIT TRUST MAINTAINED FOR THE BENEFIT OF POLITICAL SUBDIVISION RETIREES TO INVEST IN CERTAIN CORPORATE DEBT ISSUED BY UNITED STATES CORPORATIONS.
----XX---- This web page was last updated on FebruaryMarch 18,05, 20262025 at 08:2502:51 PM
Action History
-
Effective date 05/19/26
-
Act No. 223
-
Signed By Governor
-
Ratified R 226
-
Concurred in House amendment and enrolled
-
Read third time and returned to Senate with amendments
-
Roll call Yeas-104 Nays-3
-
Read second time
-
Amended
-
Debate adjourned
-
Committee report: Favorable with amendment Ways and Means
-
Referred to Committee on Ways and Means
-
Introduced and read first time
-
Read third time and sent to House
-
Roll call Ayes-44 Nays-0
-
Read second time
-
Committee Amendment Adopted
-
Scrivener's error corrected
-
Committee report: Favorable with amendment Finance
-
Referred to Committee on Finance
-
Introduced and read first time
Sponsors
- Jr. Senator Tom Young · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 169 not signed on · 3 voted No
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (169)
169 members have not signed on to this bill.
Show all 169 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 100 | 3 | 0 | 16 |
| Republican | 2 | 0 | 0 | 0 |
| Democrat | 1 | 0 | 0 | 1 |
| Total | 103 | 3 | 0 | 17 |
| % of votes cast | 84% | 2% | 0% | 14% |
How each member voted (123)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 44 | 0 | 0 | 1 |
| Total | 44 | 0 | 0 | 1 |
| % of votes cast | 98% | 0% | 0% | 2% |
How each member voted (45)
Subjects
Frequently asked questions
- What does S 420 do?
- AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 6-5-10, RELATING TO AUTHORIZED INVESTMENTS OF FUNDS BY POLITICAL SUBDIVISIONS, SO AS TO AUTHORIZE CERTAIN INVESTMENT-GRADE CORPORATE DEBT INVESTMENTS BY QUALIFIED RETIREE POST-EMPLOYMENT BENEFITS TRUSTS AND TO PROVIDE REQUIREMENTS AND LIMITATIONS FOR SUCH INVESTMENTS. - RATIFIED TITLE
- Who sponsors S 420?
- S 420 is sponsored by Senator Tom Young, Jr..
- What is the current status of S 420?
- This bill has been enacted into law. Introduced March 05, 2025. Enacted.
- Where can I track S 420?
- Track S 420 free on One Click Politics — get push/email alerts when it moves.
Make your voice heard on S 420
Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.
Stay ahead of S 420
Last checked for changes 2 months ago · updated continuously
One Click Politics tracks every bill in Congress and all 50 states.
Track this bill →