S.C. Treasurer Curtis Loftis and the S.C. Retirement System Investment Commission will have a showdown in court Tuesday April 16th over transparency of retirement funds.
The commission, of which Loftis is a voting member, is suing Loftis in his position as custodian of the trust fund. The S.C. Supreme Court has accepted original jurisdiction on the case and has agreed to expedite a decision.
The court is holding in abeyance a decision whether documents and exhibits associated with the case will be allowed under seal or whether they will be part of the public record of the case.
At issue is Loftis’ refusal to sign a $50 million check for an “alternative investment” of state pension funds managed by investment firm Warburg Pincus. Loftis said he would not sign the check until the attorney for the SCRSIC has officially notified him in writing that all fees and other charges associated with the proposed investment are those approved by vote of the commissioners.