Tag: SCRSIC

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.”

Continue Reading →
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.

Continue Reading →
"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.

Continue Reading →
The Investigation of Reynolds Williams and the $25 Billion S.C. Public Pension Fund Moves Forward

Williams Investigation Moves Forward

An investigation of alleged misconduct and conflict of interest against S.C. Retirement System Investment Commission chairman Reynolds Williams moved forward Tuesday when the S.C. Attorney General’s office requested SLED and the S.C. Ethics Commission to investigate the charges.

A Statement from AG Wilson’s Office: Based upon the nature of the allegations in the Treasurer’s letter, we are today forwarding the material we have on file to both SLED and the State Ethics Commission. (The Treasurer’s letter alleges activity that would fall under each authority, criminal and ethical.) When both entities have completed their reviews, we will then determine what, if any, prosecutorial action is warranted.

Enumerated in a letter from S.C. Treasurer Curtis Loftis to Attorney General Alan Wilson, the allegations stem from work Williams’ law firm did for American Timberlands, LLC while the company was being considered as a partner on an investment by the SCRSIC.

Continue Reading →
Reynolds Williams, The Timber Company And Our $25 Billion Pension Fund

Reynolds Williams and… that timber company

S.C. Treasurer Curtis Loftis has requested S.C. Attorney General Alan Wilson to investigate the actions of S.C. Retirement System Investment Commission chairman Reynolds Williams with respect to a joint investment the commission made with American Timberlands, LLC.

Loftis said the investment seemed straightforward at the time, but information he became privy to after the commission vote brings to light possible conflict of interest problems for Williams and possible criminal violations.

The investment commission took up the matter of the investment during its November 2011 Wampee Reteat and business meeting. Commission members, less Williams who was not present for the vote, approved the investment.

Continue Reading →

Loftis and the High Cost of Political Courage

What happens when a newly elected South Carolina official tries to bring openness and accountability to the management of the state’s retirement system investment commission?

He finds himself in the news after “documents” are leaked, to the Associated Press, in which a possible “pay to play” scheme is mentioned and a SLED investigation is requested by the SC Attorney General’s office.

Looking at it another way, S.C. Treasurer Curtis Loftis finds himself in a political knife fight for trying to buck South Carolina’s “good ol’ boy” system.

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.

Continue Reading →
1 2