For those of you who may have missed it over the Easter weekend, SC Attorney General Alan Wilson cleared state Treasurer Curtis Loftis and Mallory Factor of any wrongdoing in an alleged “pay to play” scheme involving the nearly $25 billion state retirement fund.

Loftis has been a critic of the management of the state’s pension fund for much of his 13 months as treasurer. On January 31, 2012, Loftis outlined problems associated with the pension fund during testimony to the Senate Finance Retirement Committee.

Among those problems, Loftis listed the $25 billion pension fund is underfunded by approximately $13 billion dollars (33%) in order to meet its future liabilities; full-time employees of the pension system have risen from three in 2006 to 23 currently; investment management fees have rocketed from $31 million in 2005 to $343 million 2011 and the fund has consistently underperformed with respect to similar pension funds in other states over the past five years.