Treasurer Loftis' Statement Following 34-10 State Senate Vote to Keep Seat On State Investment Commission
February 15, 2012
(Columbia, SC) – Today State Treasurer Curtis Loftis issued the following statement after this afternoon’s 34 to 10 state Senate vote which tabled an amendment which would have removed the State Treasurer from the South Carolina Investment Commission.
“I am grateful state Senators have stood for taxpayers in a 34-10 vote and recognized that maintaining transparency and accountability on the state pension fund is vital to South Carolina’s economic health. Having a statewide elected official on the Investment Commission ensures transparency and accountability. The staff of the State Treasurer’s Office and I have been diligently examining the pension fund for the past year. Our analysis of the fund has relied on solid numbers and information from leading independent firms using recognized fiscal year returns instead of cherry picking stats for political convenience.
“South Carolina’s pension fund expenses have skyrocketed in the past few years while returns have lagged below those of our peers. State employees, retirees and taxpayers deserve to know what is happening with the state’s largest asset, the $25 billion public pension fund. This is the people’s money and they deserve a seat at the table. As State Treasurer, I am the custodian of all state funds and I will not back down from asking tough questions when it comes to protecting public assets.”