Friday, April 26, 2024
S.C. Treasurer Curtis Loftis made an appearance at yesterday’s taping of the “Big Talk” television show.
In the area to address several Republican groups, Loftis agreed to be a special guest on “Big Talk” where he spoke of his conservative approach to government and duties as state treasurer.
Loftis said government should be simple, open and accountable to the citizens, but it is often the bureaucracies surrounding government that make it anything but.
It seems the SC Public Pension Fund can’t help but make news. Unfortunately, most of it is not good.
In a recent article by asset international’s Chief Investment Officer magazine, the New York City and SC public pension funds were highlighted.
Both New York City and South Carolina spent approximately $500 million in fees last year and both are drawing considerable criticism for expending such amounts for public pension fund management.
A panel of four senators began hearings last week on the complaints of SC Treasurer Curtis Loftis about the SC Retirement System Investment Commission.
Panel co-chairman Sen. Joel Lourie said he hopes the panel can settle the complaints of the treasurer about what Loftis calls corruption and wasteful spending at the SCRSIC.
Since taking office and becoming a statutory member of the SCRSIC, Loftis has complained about the high fees paid by the commission, the low investment results despite these fees and the perks enjoyed by employees as well as the cloak of secrecy surrounding the decisions the employees make.
S.C. Treasurer Curtis Loftis was subjected to another attack by the good ole boys at the S.C. Retirement System Investment Commission last week when staffer and former state senator Greg Ryberg went on a 20 minute rant against him during a commission meeting last week.
SCRSIC chairman Reynolds Williams would not allow Loftis to respond to Ryberg’s mouthing off, which seems to be a new tactic to attempt to wear Loftis down.
Loftis is the only member of the commission who questions the expenses and results of the SCRSIC, so he is the only member who is truly representing the citizens of South Carolina.
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.
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.
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.
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.
Treasurer Curtis Loftis In Hospital With Chest Pains
Click READ FULL STORY below to wish Treasurer Loftis a speedy recovery.
South Carolina Treasurer Curtis Loftis has checked himself into a hospital after suffering chest pains.
Spokesman Brian DeRoy says Loftis underwent tests Monday and expects to be released on Tuesday. DeRoy says the Republican treasurer has been working long days recently and suspects he suffered from exhaustion.
Loftis’ fight with the commission that oversees retirees’ pension funds in the state led to a lawsuit last month that was quickly settled.
SC Treasurer Curtis Loftis told fellow members of the S.C. Retirement System Investment Commission Thursday that a lawsuit with Bank of New York Mellon Corp. regarding the SC pension fund had been settled.
The lawsuit dated back to 2009 when the state alleged the bank had lost $200 million of state pension funds through bad investments associated with the financial meltdown of 2008-09. The suit was run through the SC Treasurer’s office beginning with Loftis’ predecessor Converse Chellis.
Loftis declined to discuss details of the settlement with the commission until all settlement provisions are completed, according to provisions of the settlement.
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