Treasurer Loftis Statement on Retirement System Report

Monday, December 21, 2015

http://lac.sc.gov/LAC_Reports/2015/Documents/Pension_Funds.pdf

http://lac.sc.gov/LAC_Reports/2015/Documents/Pension_Funds_Summary.pdf

(Columbia, SC) – South Carolina Treasurer Curtis Loftis issued the following statement in response to the Legislative Audit Council’s (LAC) report of the South Carolina Retirement System.

 “I want to thank the LAC for the excellent report and House Speaker Jay Lucas for requesting it. I know from experience the hard work it takes to peel back layers of our retirement system and find the truth,” said South Carolina State Treasurer, Curtis M. Loftis, Jr. “The LAC report validates my calls for significant reform of the state’s faltering pension system. The LAC report illustrates the system does not make enough money, pays too much in fees and has a skyrocketing pension debt of $21.5 billion.”

 “My quest for pension reform has been a lonely one. Four years ago I foresaw our system’s current crisis and began stepping out and speaking to the issue. Since then, I have been publically censored by the Investment Commission, hauled before Senate Committees, dragged before the Supreme Court and have fought several attempts by the Senate to have me removed from the very system I was protecting,” said Treasurer Loftis.

 Nationally, Treasurer Loftis has been working hard to raise returns by lowering fees, properly stating risk and implementing meaningful transparency and accountability. National Media such as the New York Times, Wall Street Journal, Bloomberg Business and Reuters have all featured Curtis Loftis and his fight for accountability and transparency in public pension plans.

 A small example of stories featuring, Curtis Loftis, State Treasurer, on the South Carolina pension shortfall.

 http://www.nytimes.com/2015/05/03/business/pension-funds-can-only-guess-at-private-equitys-cost.html?_r=0

 http://www.bloomberg.com/news/articles/2015-12-09/hedge-fund-rout-leaves-pensions-with-little-to-show-for-the-fees

The Treasurer and his office stand ready to help in any way possible to restore transparency and accountability in the State Retirement System.

 

Share this page

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

Join our mailing list