SC

Curtis Loftis’ $175 Million Point

S.C. Treasurer Curtis Loftis has a $175 million point he’d like to make about the Palmetto State’s pension fund … What is it? The S.C. Retirement System Investment Commission (SCRSIC) – which manages this fund – is continuing to produce sub-par returns for retirees compared with other government pension funds. Even…

S.C. Treasurer Curtis Loftis has a $175 million point he’d like to make about the Palmetto State’s pension fund …

What is it? The S.C. Retirement System Investment Commission (SCRSIC) – which manages this fund – is continuing to produce sub-par returns for retirees compared with other government pension funds. Even as its managers tout “big gains …”

“Our fund performs in the bottom third compared with our peers,” Loftis noted this week. “That low performance is costing us big money. By being below average, South Carolina is leaving $175 million on the investment table.”

The pension fund posted a 12.4 percent gain in 2012 – basically recovering its losses from the previous year. But as Loftis points out the fund is still trailing both the broader market as well as other pension funds – which he attributes to its excessive fees and disproportionate reliance on “alternative investments.”

Since taking office in 2011, Loftis has been a champion for transparency and accountability with regard to this corrupt mismanaged bureaucracy. In fact he’s been such an effective a critic that the fund’s managers tried (and failed) to politically assassinate him a year ago – with the help of S.C. Gov. Nikki Haley (one of Loftis’ rivals) and former S.C. Sen. Greg Ryberg.

Meanwhile the SCRSIC’s leader – Reynolds Williams – is facing investigation by both the S.C. State Law Enforcement Division (SLED) and the S.C. State Ethics Commission (SCSEC) for a slew of alleged self-serving deals. In fact Williams would have been booted as chairman of this fund had he not cast the deciding vote to save his own skin last year.

Loftis, as has been his custom, is making sense.

“I believe if you’re going to tell a story, tell the truth and the whole truth,” he says. “Leaving out important details like our fund is underperforming its peers and paying some of the highest fees in the country is simply unacceptable.”

We agree …

***

Related posts

SC

The Post And Courier Got Hacked …

Will Folks
SC

Charleston VA Investigating Employee’s Trump Assassination Attempt Comments

Dylan Nolan
SC

Letter: Is South Carolina Actually Getting Hotter?

Letters

34 comments

? February 22, 2013 at 12:24 pm

Curtis looks like he wants to piss in that guys Wheaties for some reason in the pic.

Reply
south mauldin February 22, 2013 at 6:11 pm

And Little Mick looks like somebody told him that the Easter Bunny was not real.

Reply
? February 22, 2013 at 11:24 am

Curtis looks like he wants to piss in that guys Wheaties for some reason in the pic.

Reply
south mauldin February 22, 2013 at 5:11 pm

And Little Mick looks like somebody told him that the Easter Bunny was not real.

Reply
Cooper River Daze February 22, 2013 at 12:35 pm

All these idiots need to do is put the funds into a Dow 30 account or the DIA (Diamonds) and a Nasdaq 100 account (Powershares QQQ). Had they followed the market beginning in March 2009 when the DJIA and Nasdaq imploded upward and everyone made money, there would spectacular returns for those investing. It is so funny to see money-loving Republicans fuck up money.

Reply
Gillon February 22, 2013 at 4:32 pm

This makes too much sense. Just put in all in index funds. But if you do that, of course, your “expert consultants” can’t rake off millions in fees for themselves.

Reply
Curmudgeon February 22, 2013 at 6:53 pm

And what will you do when the market goes bust like it did in 2008? Comparing pension plans that invest more heavily in common stocks to plans that diversify their investments to minimize risks is stupid and exactly what I have come to expect from a grandstanding politician like Loftis.

Reply
Gillon February 22, 2013 at 7:40 pm

Ever hear of bond index funds? Or commodity index funds? In fact you can find an index fund for about any form of investment you are interested in. Their fees are very low, and they have shown to do just as well or better than most actively managed funds–which was my point.

Reply
Curmudgeon February 22, 2013 at 8:26 pm

…and I will assume that you will also contend that indexed funds will earn 7.5% ROI over a thirty year plus period. BTW, I wonder how well the Treasurer’s bond investments are doing?

Cooper River Daze February 22, 2013 at 11:35 am

All these idiots need to do is put the funds into a Dow 30 account or the DIA (Diamonds) and a Nasdaq 100 account (Powershares QQQ). Had they followed the market beginning in March 2009 when the DJIA and Nasdaq imploded upward and everyone made money, there would spectacular returns for those investing. It is so funny to see money-loving Republicans fuck up money.

Reply
Gillon February 22, 2013 at 3:32 pm

This makes too much sense. Just put in all in index funds. But if you do that, of course, your “expert consultants” can’t rake off millions in fees for themselves.

Reply
Curmudgeon February 22, 2013 at 5:53 pm

And what will you do when the market goes bust like it did in 2008? Comparing pension plans that invest more heavily in common stocks to plans that diversify their investments to minimize risks is stupid and exactly what I have come to expect from a grandstanding politician like Loftis.

Reply
Gillon February 22, 2013 at 6:40 pm

Ever hear of bond index funds? Or commodity index funds? In fact you can find an index fund for about any form of investment you are interested in. Their fees are very low, and they have shown to do just as well or better than most actively managed funds–which was my point.

Reply
Curmudgeon February 22, 2013 at 7:26 pm

…and I will assume that you will also contend that indexed funds will earn 7.5% ROI over a thirty year plus period. BTW, I wonder how well the Treasurer’s bond investments are doing?

WorkingTommyC February 22, 2013 at 1:02 pm

The way I hear it, Curtis has the goods on the statehouse crooks. He has access to the money trails but can’t discuss them in public due to misconstrued nondisclosure agreements that are being used to hide what is going on. The way it was explained to me is that usually funds have high fees and get correspondingly higher returns than average. Or, they could have low fees and have lower or more mixed returns than average. It appears that a lot of good ol’ boy deals (statehouse politicians acting as middle men and getting a cut under the table) with these massive fund managers and investment brokers has resulted in South Carolina having the worst of both worlds: high fees and low returns as compared to the average as pointed out above. We’re losing on the money going out to pay these corporate banksters and losing on the amount being returned on investments as well. This is a huge festering mess that, if it ever gets properly uncovered, will reveal where a lot of the money and corruption in the statehouse is centered. Right now, the banksters and the crooks in the statehouse are just sitting fat and happy, glad that everything is hidden from view and lost in the details.

Reply
Donald February 22, 2013 at 5:23 pm

I hear the same thing. all the time in fact. I hear that the Investment Commission is dumping bad investments, hiding files and doing everything they can to straighten the past out. loftis supposedly has the goods on them but they are changing so fast he thinks it better to hold it than dump it to the Feds.
I guess the important thing is that they mend their ways!

Reply
WorkingTommyC February 25, 2013 at 1:04 pm

According to my source, Curtis wants EVERYTHING out in the open. He’s been consulting attorneys about getting the information out. He’s not in the position of deciding whether to pursue it or not because if it comes out that he had information and did not attempt to get it out, he’s complicit in the corruption along with the many members of the general assembly involved in it. This story WILL come out, it’s just a matter of time. There’s no way to cover up what’s been going on once an investigation gets rolling because the politicians do not control the mountains of paperwork out there. It’s going to get very ugly in all likelihood.

Reply
I know February 23, 2013 at 9:22 am

i know for a fact An internationally known author was in town last week and Loftis had that person to his house, office and lunch. the author used a fake name. they rode all around sc over the weekend. Rumor, and i dont know if this is true, says this person used to be with NYTimes.

Reply
WorkingTommyC February 22, 2013 at 12:02 pm

The way I hear it, Curtis has the goods on the statehouse crooks. He has access to the money trails but can’t discuss them in public due to misconstrued nondisclosure agreements that are being used to hide what is going on. The way it was explained to me is that usually funds have high fees and get correspondingly higher returns than average. Or, they could have low fees and have lower or more mixed returns than average. It appears that a lot of good ol’ boy deals (statehouse politicians acting as middle men and getting a cut under the table) with these massive fund managers and investment brokers has resulted in South Carolina having the worst of both worlds: high fees and low returns as compared to the average as pointed out above. We’re losing on the money going out to pay these corporate banksters and losing on the amount being returned on investments as well. This is a huge festering mess that, if it ever gets properly uncovered, will reveal where a lot of the money and corruption in the statehouse is centered. Right now, the banksters and the crooks in the statehouse are just sitting fat and happy, glad that everything is hidden from view and lost in the details.

Reply
Donald February 22, 2013 at 4:23 pm

I hear the same thing. all the time in fact. I hear that the Investment Commission is dumping bad investments, hiding files and doing everything they can to straighten the past out. loftis supposedly has the goods on them but they are changing so fast he thinks it better to hold it than dump it to the Feds.
I guess the important thing is that they mend their ways!

Reply
WorkingTommyC February 25, 2013 at 12:04 pm

According to my source, Curtis wants EVERYTHING out in the open. He’s been consulting attorneys about getting the information out. He’s not in the position of deciding whether to pursue it or not because if it comes out that he had information and did not attempt to get it out, he’s complicit in the corruption along with the many members of the general assembly involved in it. This story WILL come out, it’s just a matter of time. There’s no way to cover up what’s been going on once an investigation gets rolling because the politicians do not control the mountains of paperwork out there. It’s going to get very ugly in all likelihood.

Reply
I know February 23, 2013 at 8:22 am

i know for a fact An internationally known author was in town last week and Loftis had that person to his house, office and lunch. the author used a fake name. they rode all around sc over the weekend. Rumor, and i dont know if this is true, says this person used to be with NYTimes.

Reply
Philip Branton February 22, 2013 at 1:34 pm

Hmm………

We wonder if Curtis has read this article…

http://www.guardian.co.uk/world/2013/feb/21/pope-retired-amid-gay-bishop-blackmail-inquiry

Considering the historical overlap the Catholic church has had with international shipping, one can only deduce how much information is “shared” concerning our PORT..!?

Reply
Philip Branton February 22, 2013 at 12:34 pm

Hmm………

We wonder if Curtis has read this article…

http://www.guardian.co.uk/world/2013/feb/21/pope-retired-amid-gay-bishop-blackmail-inquiry

Considering the historical overlap the Catholic church has had with international shipping, one can only deduce how much information is “shared” concerning our PORT..!?

Reply
Salty Doggerel February 22, 2013 at 4:07 pm

Today Loftis flies north to Boston,
A path some pols can get lost on.
But fear not for Curt;
He’ll be digging up dirt
For the heap Reynolds Williams is tossed on.

Reply
Salty Doggerel February 22, 2013 at 3:07 pm

Today Loftis flies north to Boston,
A path some pols can get lost on.
But fear not for Curt;
He’ll be digging up dirt
For the heap Reynolds Williams is tossed on.

Reply
sam February 22, 2013 at 5:01 pm

I have been looking into this issue for a while. I play with the market and as a banker I am well-versed in the markets.
i think Mr. Loftis is correct. Furthermore, friends close to the investment commission say Loftis has already made tremendous changes by his hard work though the Commission will never admit it.
i don’t like politicians but i truly respect Loftis and wish him continued success.

Reply
sam February 22, 2013 at 4:01 pm

I have been looking into this issue for a while. I play with the market and as a banker I am well-versed in the markets.
i think Mr. Loftis is correct. Furthermore, friends close to the investment commission say Loftis has already made tremendous changes by his hard work though the Commission will never admit it.
i don’t like politicians but i truly respect Loftis and wish him continued success.

Reply
John J February 22, 2013 at 5:17 pm

Character is what counts. Loftis has seen a problem and he is going to fix it. We need more elected officials like Treasurer Loftis

Reply
John J February 22, 2013 at 4:17 pm

Character is what counts. Loftis has seen a problem and he is going to fix it. We need more elected officials like Treasurer Loftis

Reply
G'ville Guy February 22, 2013 at 5:29 pm

Loftis is da man

Reply
G'ville Guy February 22, 2013 at 4:29 pm

Loftis is da man

Reply
Jack February 22, 2013 at 7:38 pm

The 2 years Loftis spent in college makes him an expert for sure~

Reply
Jack February 22, 2013 at 6:38 pm

The 2 years Loftis spent in college makes him an expert for sure~

Reply

Leave a Comment