The South Carolina public pension fund commission is looking for a large increase in its operating budget in the upcoming fiscal year.
Officially named the South Carolina Retirement System Investment Commission, the agency is proposing an increase in operating budget from today’s $10 million to $14 million. That is a 39 percent increase.
The proposed increases come two years after the agency’s budget increased by 74 percent, from $5.8 million in FY 2011 to $10.1 million for FY 2012.
Maybe such increases wouldn’t be so bad, although an over 100 percent budget increase is hard to justify anytime, if the agency was performing well. But, the most notable achievement of the SCRSIC in the past year has been to become deeply involved in political gamesmanship.