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2025-2026 Bill 5637: Perpetual Care Cemetery Care and Maintenance Trust Funds - South Carolina Legislature Online
South Carolina General Assembly
126th Session, 2025-2026
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H. 5637
STATUS INFORMATION
General Bill
Sponsors: Rep. Jordan
Document Path: LC-0733WAB26.docx
Introduced in the House on April 30, 2026
Currently residing in the House Committee on
Labor, Commerce and Industry
Summary: Perpetual Care Cemetery Care and Maintenance Trust Funds
HISTORY OF LEGISLATIVE ACTIONS
Date
Body
Action Description with journal page number
4/30/2026
House
Introduced and read first time (
House Journal-page 152
)
4/30/2026
House
Referred to Committee on
Labor, Commerce and Industry
(
House Journal-page 152
)
View the latest
legislative information
at the website
VERSIONS OF THIS BILL
04/30/2026
A bill
TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING
SECTION
40-8-110
, RELATING TO CARE AND MAINTENANCE TRUST FUNDS FOR PERPETUAL
CARE CEMETERIES, SO AS TO AUTHORIZE A TOTAL RETURN UNITRUST METHOD OF
DISTRIBUTION AND TO ESTABLISH GRADUATED MINIMUM DISTRIBUTION PERCENTAGES BASED
ON THE FAIR MARKET VALUE OF THE TRUST FUND.
B
e it enacted by the
General Assembly of the State of South Carolina:
S
ECTION 1.
S
ection
40-8-110
of the S.C. Code is amended by adding:
(
M)
(
1) Notwithstanding another provision
of law, a care and maintenance trust fund established pursuant to this section
may be administered using a total return unitrust method as provided in this
subsection.
(
2)
For purposes of this subsection, "unitrust method" means a method of
determining the annual amount that may be distributed from the trust fund for
care and maintenance based upon a fixed percentage of the net fair market value
of the trust fund, determined annually, without regard to whether the
distribution is derived from income or principal.
(
3)
A trustee that elects to administer a care and maintenance trust fund using the
unitrust method shall distribute annually for care and maintenance an amount no
less than:
(
a)
three percent of the net fair market value of the trust fund if the trust fund
value is at least one million dollars but less than two million dollars;
(
b)
four percent of the net fair market value of the trust fund if the trust fund
value is at least two million dollars but less than five million dollars; and
(
c)
five percent of the net fair market value of the trust fund if the trust fund
value is five million dollars or greater.
(
4)
The net fair market value of the trust fund must be determined in good faith by
the trustee based on the average fair market value of the trust fund assets for
the preceding three calendar years. If the trust fund has been in existence for
fewer than three years, the average must be based on the period of its
existence.
(
5)
A distribution made in accordance with this subsection is deemed to satisfy the
requirement that net income of the care and maintenance trust fund be used for
care and maintenance purposes as required by this section.
(
6)
A trustee electing to use the unitrust method shall adopt a written policy
governing valuation and distributions and shall maintain records sufficient to
demonstrate compliance with this section.
(
7)
The trustee shall report annually to the department the fair market value of
the trust fund and the amount distributed pursuant to this subsection in the
form required by the department.
(
8)
Nothing in this subsection relieves a trustee of its fiduciary duties under
applicable law, including the duty to act as a prudent investor pursuant to
Title 62.
S
ECTION 2. This act takes effect upon approval
by the Governor.
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This web page was last updated on April 30, 2026 at 1:03 PM