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.

11 21 Pension System

Treasurer Loftis' 2015 PowerPoint on how the Retirement Investment Commission is putting retirees and taxpayers at risk

Treasurer Loftis' 2014 PowerPoint on Retirement Investment Commission's Outrageous Fees

Treasurer Loftis' May 4, 2013 letter to pension fund consultants HEK concerning high fees

News Coverage

"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

"Despite Leadership Changes, SC Pension Fund Still Troubled" -- Rock Hill Herald, July 13, 2016

"SC House Panel Reviewing State's Retirement System" -- The State, July 12, 2016

"Board Approves State Employee Retirement Contribution Increase" -- The Post and Courier, June 22, 2016

"SC Senate "Discovers" Curtis Loftis is Right" -- The Grand Strand Daily, April 21, 2016

"Hedge Funds Leave U.S. Pensions with LIttle to Show for the Fees" -- Bloomberg Business, December 9, 2015

SC Policy Council Rejects Bad Pension Bill (S. 675)" -- South Carolina Policy Council, May 22, 2015

"Pension Funds Can Only Guess at Private Equity's Cost"  -- The New York Times, May 1, 2015

"Loftis Fights Pension Reform Bill" -- Lexington County Chronicale, March 26, 2015

"Loftis Says Bill Weakens Oversight of Pension Fund" -- Greenville News, March 23, 2015

"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

Bank of New York Mellon Custody Agreement Press Release

01/06/2014 Letter from Treasurer Loftis to Fiduciaries

State Treasurer Signs Custody Agreement Background Information Sheet

November 2013 Memo from STO to Fiduciaries

Custody Agreement

Retirement System Fiscal Year-end Financial Statements

2015 2014 2013 2012

Retirement System Investment Commission Strategic Assessment

2012 2011

South Carolina Investment Commission Annual Reports

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007

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

Web Links:

South Carolina Retirement Systems Website
South Carolina Retirement Investment Commission Website

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