Treasurer Loftis Announces Thurs. July 12 joint Budget & Control Board/Investment Commission meeting

Tuesday, July 10, 2012

(Columbia, SC) –State Treasurer Curtis Loftis has announced a joint meeting of the Budget and Control Board and the Investment Commission has been set for this Thursday at 3pm in room 252 of the Edgar Brown Building on the Statehouse campus. The goal of the upcoming meeting is to examine business practices and further the discussion of transparency and accountability of the $25 billion state pension fund.

Treasurer Loftis has pushed for an ongoing dialogue over confidentiality agreements which currently allow only Investment Commission members and staff to review investment contracts. The Investment Commission prohibits the Attorney General from viewing the files, in addition to lawyers or senior advisors to the Treasurer, Governor, Budget and Control Board and General Assembly.

“I look forward to bringing together all the important players in one room so we can sit down and discuss issues of confidentiality and custody of the $25 billion state pension fund,” Treasurer Loftis said. “This issue directly affects 512,000 people in the system in addition to taxpayers across the state. It is my hope, despite the sensitive financial issues, we can conduct as much of this meeting in public without having to go into special session. The transparency of public pension plans is the biggest issue facing states across the country.”

Treasurer Loftis is also a member of the South Carolina Investment Commission in addition to his duties as Vice Chairman of the Budget and Control Board.

Treasurer Loftis and his team are working hard creating the most transparent, accountable and efficient Treasurer’s office in the nation. Please visit www.treasurer.sc.gov for more on the functions of the Treasurer’s Office and click on the pension section of the Treasurer’s Transparency Center for background on this important issue.

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

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