Post Tagged with: "SC Retirement System Investment Commission"

Curtis Loftis and SCRSIC Dysfunction

July 22, 2013 9:00 AM
Curtis Loftis and SCRSIC Dysfunction

Early reporting on a recently released report by S.C. Inspector General Patrick Maley heralds no criminal wrongdoing at the S.C. Retirement System Investment Commission (SCRSIC) but acknowledges a dysfunctional relationship with S.C. Treasurer Curtis Loftis.

The report was generated three months after Loftis sent the Attorney General’s Office a 37 page complaint listing multiple potential misconduct “red flags” at the commission over a several year period.

While the report claims no criminal misconduct, it acknowledges a toxic relationship between Loftis, a statutory member of the commission, and remaining commission members.

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Opponents Hit Out at Curtis Loftis

July 10, 2013 8:00 AM
Opponents Hit Out at Curtis Loftis

Opponents of S.C. Treasurer Curtis Loftis are trying to discredit the settlement he reached recently with Bank of New York Mellon over past investments directed by the bank.

Loftis said the overall value of the settlement is over $100 million. S.C. Retirement Systems Investment Commission chairman Reynolds Williams called it “measly.”

This is another round in the ongoing battle between Loftis and Reynolds. Shortly after Loftis took office in January 2011, Williams tried to smear Loftis with allegations he was involved in a pay to play scheme with potential investment brokers.

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SC Pension Fund Woes

July 8, 2013 9:00 AM
SC Pension Fund Woes

A recent report released by two Maryland public policy think tanks lists SC pension fund at the top of the list of 10 states paying the most money management fees over the last five years.

The report by the Maryland Public Policy Institute and Maryland Tax Education Foundation looked at average fees paid versus average investment return for fiscal years 2008-2012 inclusive.

South Carolina paid the most fees across the study span with an average of 1.3% of pension fund assets. For that, South Carolina’s average rate of return over the five years was 1.5%, according to the study.

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Curtis Loftis, SCRSIC Supreme Showdown Fizzles

April 18, 2013 9:00 AM
Curtis Loftis, SCRSIC Supreme Showdown Fizzles

The anticipated showdown Tuesday between S.C. Treasurer Curtis Loftis and the S.C. Retirement System Investment Commission over transparency of investment details by the commission fizzled out Tuesday.

Loftis, a voting member of the commission, was holding out on signing a check for a $50 million investment, approved by the commission, until he received certain assurances in writing from commission attorneys.

As a result of Loftis’ initial refusal to issue the check and an impending default deadline for the investment, the remaining SCRSIC commissioners sued Loftis to force him to act.

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Showdown on SC Pension Fund Fees

April 2, 2013 7:00 AM
Showdown on SC Pension Fund Fees

SC Treasurer Curtis Loftis is holding up signing a $50 million investment check for the SC public pension fund until he receives confirmation in writing that the fees associated with the investment are the same as the SC Retirement System Investment Commission approved by recorded vote.

Loftis said, for years, commission attorneys have given verbal confirmation that the fees are the same as voted on. Reportedly, an email with this confirmation was sent to Loftis in this case.

However, the treasurer specifically requested a signed letter with that confirmation and, to date, he has been unable to get one. If the confirmation is accurate, why is it so difficult for Loftis to get written notice of that fact?

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Reynolds Williams Should Step Down

July 23, 2012 8:55 AM
Reynolds Williams Should Step Down

S.C. Retirement System Investment Commission chairman Reynolds Williams barely escaped having to step down as commission chair Thursday when his vote resulted in a 3-3 tie on a motion by S.C. Treasurer Curtis Loftis.

Loftis’ motion asked commissioners to remove Williams from the chair while he is under investigation by the S.C. Ethics Commission and S.C. Law Enforcement Division.

“The chairman has an immense amount of responsibility,” said Loftis in discussing the motion. “I don’t think that person, while under a significant amount of investigation, should be chairman.”

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