State Treasurer Curtis Loftis issued the following statement today concerning the SC Investment Commission Performance Report.
“Again, the South Carolina Investment Commission presented financial information to the public without proper context. The Commission failed to report that their performance for the calendar year placed them in the bottom 35% of large pension plans.
Every year that we under-perform our peers is a year that public service employees and taxpayers must pay more of their hard earned money into the state retirement system.
Our Investment Commission continues to pay too much in fees and earn too little in returns and our overly complex portfolio places the system at risk.
I asked the Investment Commission to stop using misleading information to hide its poor performance and yet they continue to do so.
As State treasurer I am the Custodian of the funds. The Commission regularly denies me information pertinent to the safe-keeping of those funds and without that information I cannot guarantee the safety of the 27.8 billion dollar SC Retirement trust Fund.”
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