McMaster signs bill to focus pension plan on profit-making

COLUMBIA, S.C. (WRDW/WAGT) - A new law in South Carolina is intended to ensure investments by the state pension plan – are focused only on making the most money – and not on politics.

Gov. Henry McMaster held bill-g ceremony Wednesday morning for the ESG Pension Protection Act.

It requires investments for the state retirement plan are based on what will benefit the plan financially – and not based on factors like the environmental, social and corporate governance, or ESG, movement.

The state can still invest in companies with these goals, but only if they’re doing well financially.

Sponsors say it doesn’t change what’s already being done in South Carolina – but instead codifies it into state law for the future to protect retirees receiving a state pension.

“We want them to have a happy and fulfilling retirement with money in their pocket, not to be subverted by those worshipping the liberal gods of ESG,” said Rep. Bill Taylor, R-Aiken, the bill’s sponsor.

The bill ed with bipartisan in the General Assembly.

South Carolina is one of 16 states with this type of mandate now in place.

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