RSIC CEO Gives Credit to Treasurer Loftis

Friday, September 2, 2016

Columbia, SC -- Michael Hitchcock, the CEO of the South Carolina Retirement System Investment Commission, spoke about how Treasurer Loftis has been a protector of the taxpayer when it comes to the state's pension system.

Hitchcock spoke in front of a joint panel of state House members and Senators Tuesday. 

"(S.C. Treasurer Curtis Loftis) is the one who's been pushing the rock up the hill on that for the past few years and has really pushed us to get to that level of transparancy and he deserves a lot of credit for it," Hitchcock said.

The group of legislators met Tuesday to discuss the state's underfunded liabilities, or as one representative called it, "a freight train out of control."

"I couldn't agree more with that assessment," Loftis said in response to both the meeting and an article that ran in The State Newspaper Wednesday.

At the heart of the issue is the pension funds' underfunded liabilities -- now in the billions. The unfunded obligations of the largest of those pension funds, the S.C. Retirement System, are expectd to grow by $1.4 billion in the next year alone, The State newspaper reported. (The retirement system already has $20 billion in unfunded liabilities).

To see the full article visit: 

http://www.thestate.com/news/politics-government/article98892092.html

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Interim Media Contact:
Edward Frazier
edward.frazier@sto.sc.gov
803.734.2016

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