Tag: Public Pension Funds

Curtis M. Loftis Jr., South Carolina’s treasurer

Treasurer Curtis Loftis – The Message

SC Treasurer Curtis Loftis extends the following letter to his South Carolina constituents.

Loftis has been a watchdog and critic of SC pension fund investment since he first assumed the office of Treasurer in January 2011.

While the fight has been difficult, Loftis is making some headway in lowering pension fees paid by the SC Retirement System Investment Commission and raising the investment percentage realized.

The letter from Loftis:

Hi,

I’m passionate about protecting South Carolina’s money. Actually, it’s your money and the State should manage it with care.

You wouldn’t overpay for a service or accept poor investment returns and neither should the State. Unfortunately, the penalty for the State’s mismanagement of money is that you must pay higher taxes and employee contributions.

I was featured in the financial section of Sunday’s New York Times concerning the best ways to manage and protect your money. Please take a few minutes and give the article a read – it is important to me that you see my efforts on your behalf.

As the custodian of the State’s funds, making sure your money is protected and properly managed is my first priority. It’s what you elected me to do…and I am on it!

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Curtis Loftis on Public Pension Oversight

S.C. Treasurer Curtis Loftis has been a watchdog for the taxpaying citizens of South Carolina since he first took office in January 2011.

As a statutory member of the South Carolina Retirement System Investment Commission, Loftis has long criticized the high fees, low performance and lack of transparency associated with South Carolina’s public pension funds.

The high salaries and bonuses paid to top SCRSIC staffers and the rather cozy relationship some appear to have with risky hedge fund investors have all been targets of Loftis’ oversight.

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Public Discussion on Economic Development Incentives

Independent Republican gubernatorial candidate Tom Ervin should be thanked for introducing economic development incentives into the political discussion recently.

While Gov. Nikki Haley campaigns around the state claiming to have created 57,000 new jobs in South Carolina during her first four years, Ervin recently released a report debunking much of Haley’s claim.

Maybe the voting public will now realize that neither state bureaucrats at the S.C. Department of Commerce, nor operatives at locally created economic development entities have any business throwing taxpayer funded “economic development incentives” at businesses they hope will create new jobs in the area.

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Curtis Loftis Wins Battle for Public Fund Accountability

An agreement between S.C. Treasurer Curtis Loftis and the S.C. Retirement System Investment Commission (SCRSIC) is expected to be finalized tomorrow allowing four members of Loftis’ staff greater access to supporting investment documents of the state’s public pension fund.

Loftis has already signed the agreement and the SCRSIC board, on which Loftis serves, is expected to vote its approval tomorrow.

Since taking office nearly three years ago, Loftis sought to have members of his staff in the Treasurer’s Office get greater access to SCRSIC documents in order to help him (Loftis) conduct proper due diligence on investment decisions by the commission.

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Demand S.C. Public Pension Fund Audit

Demand S.C. Public Pension Fund Audit

A complete audit of the S.C. Retirement System Investment Commission and its internal policies should be undertaken by an outside firm as a result of last week’s discussion before the state Budget and Control Board. This discussion came only days after commission chairman Reynolds Williams became the focus of investigations by both SLED and the S.C. Ethics Commission.

The commission is responsible for making the investment decisions for the state’s $25 billion public retirement investment fund. In addition to tracking the funds themselves, an audit of risk assessment, due diligence, evacuation and cross trades, among other things, should be looked at by outside professionals.

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"Public pensions must be more transparent, accountable." Curtis M. Loftis Jr.

Better Oversight, More Transparency Required

“The treasurer has a legitimate concern. He has the right, if he is putting his signature on there, to have staff to give him confidence that what he is doing is right for the people of the state.” Governor Nikki Haley

Better oversight and more transparency of investment decisions for the state’s $25 billion pension fund may result from a vote taken by the S.C. Budget and Control Board Thursday.

The board, chaired by Gov. Nikki Haley and including Treasurer Curtis Loftis, Comptroller General Richard Eckstrom, Senate Finance Committee Chairman Hugh Leatherman and House Ways and Means Committee Chairman Brian White as members, unanimously (5-0) approved a motion by Loftis to “hire a counsel to determine the fiduciary and statutory responsibilities of all trustees, custodians and commission members” with regard to investment decisions and contracts of the pension fund.

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