Treasurer Loftis issues statement on SC Investment Commission poor performance
Tuesday, February 19, 2013
Our South Carolina Investment Commission is costing you $175 million a year due to below average performance.
It is unfortunate that the SC Investment Commission chooses not to tell the whole story about the state's $27 billion pension fund. Our fund performs in the bottom third compared with our peers. That low performance is costing us big money. By being below average, South Carolina is leaving $175 million on the investment table.
I believe if you're going to tell a story, tell the truth and the whole truth. Leaving out important details like our fund is underperforming its peers and paying some of the highest fees in the country is simply unacceptable. Soon I will be presenting a list of Retirement System reforms to the legislature, I ask for your prayers and support as we continue to fight for accountability and transparency of this $27 billion fund.