Trust fund ruled unconstitutional - Myrtle Beach (SC) DigiCity Myrtle Beach (SC) DigiCity
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The state Supreme Court ruled Monday that a trust fund set up to help S.C. cities and towns cover future retiree benefits is unconstitutional because it would invest in publicly traded stock.
The court ordered the Municipal Association of South Carolina to dissolve its Other Retirement Benefits Investment Trust and give the money back to the local governments that had invested in the fund.
"Because the obvious purpose of ORBIT is to invest in equity securities and attempt to circumvent the constitutional prohibition on investing in equity securities, it had an illegal purpose," the opinion said.http://www.myrtlebeachonline.com/news/local/story/559998.html Send on 08-19-2008
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