South Carolina Retirement System Investment Commission
This state pension investment fund pays too much, performs too low, is too complex, and puts us at risk.
Treasurer Curtis Loftis is the only elected member of the South Carolina Retirement System Investment Commission where he serves as a commissioner, the custodian of the funds, and a trustee of the retirement system. Below is information regarding the state pension fund and insight on the Treasurer's calls for more transparency and accountability for public pension plans nationwide.
"South Carolina's looming pension crisis" --The Post & Courier, December 4, 2016
"Cigarette tax hike among ideas to stabilize S.C. pension fund debt" -- The Post & Courier, November 12, 2016
Pension costs rising as SC lawmakers look for a fix" -- The State, November 10, 2016
"Lawmakers say closing pension to new hires an option" -- The Rock Hill Herald, October 23, 2016
"Pension crisis looms as SC retirement system debt grows" -- Spartanburg Herald-Journal, October 15, 2016
"SC Facing Tax Hike, Says State Treasurer" -- WSPA, September 6, 2016
"SC Treasurer: Taxpayers Could Pay State pension Debt if Lawmakers Don't Act" -- WIS TV, September 5, 2016
"Deepening Pension Deficit Looms for South Carolinians" -- WYFF, September 4, 2016
"SC Treasurer Curtis Loftis Lauds Legislators for Addressing Pension Fund Problems" -- West Metro News, September 1, 2016
"SC Pension Fund Deficit Increased by $1.4 Billion" -- The State, August 30, 2016
"Are You Lucky or Skilled"--aiCIO magazine, February 24, 2014
“Half a Billion in Fees: How Two US Public Pensions Spent It”—aiCIO magazine, December 2, 2013
“Feeding the Fee Machine”—Institutional Investor Blog, June 6, 2013
“South Carolina Hedge-Fund Bet Trails as Fees Soar”—Bloomberg News, February 28, 2013
“South Carolina Treasurer Out to Fix State’s Public Pension Plan”—Institutional Investor, January 29, 2013
“Fast Times in Pensionland: South Carolina’s Pension Push Into High Octane Investments” June 10, 2012. ”—New York Times, June 9, 2012.
“State Treasurer Loftis: Pension fund paying too much in fees”—WACH Fox (Columbia), January 31, 2012
“Weaning Off ‘Alternative’ Investments.”—Wall Street Journal, January 30, 2012.
Bank of New York Custody Agreement
Retirement System Fiscal Year-end Financial Statements
Retirement System Investment Commission Strategic Assessment
South Carolina Investment Commission Annual Reports
Operational Issues and the Investment Commission
Treasurer Loftis' December 7, 2012 letter to S.C. Investment Commissioners, concerning the resignation of CIO/CEO Borden, and associated legal issues. Treasurer Loftis' January 31, 2012 testimony to the Senate Finance Retirement Subcommittee regarding transparency issues with the state pension plan
Supporting documents from the January 31, 2012 testimony
Ethics and the Investment Commission
Treasurer Loftis’ July 18, 2012 letter to members of the Budget and Control Board regarding the ability of the Retirement Commission Chairman’s ability to serve while under investigation
View a statement by Treasurer Loftis concerning his call for a special session of the Budget and Control Board regarding pension fund transparency and accountability
Opinion from State Ethics Commission re: Reynolds Williams