Treasurer Loftis' request for joint Budget & Control Board/Investment Commission meeting on Pension Fund Transparency issues is approved
June 27, 2012
(Columbia, SC) – Today, members of the South Carolina Budget and Control Board approved a motion by State Treasurer Curtis Loftis to have a joint meeting of the Board and the state Investment Commission. The goal of the upcoming meeting is to examine business practices and further the discussion of transparency and accountability of the $25 billion state pension fund.
Budget and Control Board members met in a special session today since discussions centered on confidentiality agreements in state investment contracts. Upon conclusion of the session, board members unanimously approved Treasurer Loftis’ motion to have a joint public meeting with the Investment Commission in the coming weeks.
“I am pleased my fellow Budget and Control Board members are engaged in this very important issue,” Treasurer Loftis said. “Our conversation was productive and board members are very interested in moving forward to assure we protect the state’s most valuable asset, the $25 billion pension fund. I look forward to continuing this valuable dialogue as we make the fund more transparent and accountable for account holders and tax payers alike.”
A venue and exact date of the joint Budget and Control Board/Investment Commission meeting has yet to be determined, but our office will notify the public as soon as a date is set. The Treasurer hopes to schedule the meeting in mid to late July. Treasurer Loftis is also a member of the South Carolina Investment Commission in addition to his duties as a Vice Chairman of the Budget and Control Board.
“It is exciting to have the Investment Commission and Budget and Control Board focused on this issue,” Treasurer Loftis said. “A unity of purpose will ensure success in our common goal of preserving the trust fund and paying state retirements as promised.”