Treasurer Loftis Commends Budget & Control Board Vote
July 13, 2012
(Columbia, SC) – State Treasurer Curtis Loftis commended the Budget and Control Board for voting Thursday to appoint independent legal counsel to define the role of fiduciaries and staff when it comes to reviewing South Carolina’s $25 billion pension fund.
“There must be checks and balances to protect the $25 billion retirement fund and the Budget and Control correctly moved toward greater fund transparency and oversight,” Treasurer Loftis said. “As custodian of the funds, I have a legal obligation to know where retirement dollars are going and what safety provisions are in place before the money leaves my custody.”
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.
Treasurer Loftis believes the Investment Commission Chairman is inaccurate in his belief that the Investment Commission should have absolute authority in investing and managing funds.
“No group of unelected appointees and bureaucrats should have absolute control over retirement funds,” Treasurer Loftis said. “Unreasonable and unlawful confidentiality clauses are a restraint on the protection of these retirement funds.”
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.