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Study: SC Pension Fund Pays Highest Fees In U.S.

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South Carolina’s underperforming pension fund pays the highest fees in the nation, according to a new study released by a Maryland-based think tank.

According to the report – published by the Maryland Public Policy Institute – the S.C. Retirement System Investment Commission (SCRSIC) pays 1.3 percent of its total assets in fees each year. No other large public pension fund pays even 1 percent.

How is that exorbitantly high level of investment paying off for Palmetto retirees? Not well … South Carolina’s 1.5 percent return rate over the last five years is among the worst in the nation. In fact it is well behind the 2.4 percent five-year return rate of the ten states which pay the lowest fees.

Astounding …

Of course as one of the fund’s corrupt managers recently said, “we’re not thinking about putting ourselves in a horse race with other public pension peers.”

No really …

Since his election three years ago, S.C. Treasurer Curtis Loftis has been dutifully exposing the myriad problems with the pension fund – which is managed by a corrupt, secretive and totally unaccountable commission run by one Reynolds Williams, an appointee of legendary scamster Hugh Leatherman (RINO-Florence).

Specifically, Loftis has been exposing how commissioners and their staff have been receiving all sorts of undisclosed perks from the firms they are doing business with – and in some cases profiting directly from deals. What has Loftis gotten for his efforts? A literally non-stop vendetta … one fueled by the Palmetto State’s “bought and paid for” mainstream media.

In fact earlier this year S.C. Gov. Nikki Haley’s appointee to the commission sponsored a resolution to censure Loftis …

Ah, South Carolina … where no good deed goes unpunished by the status quo.

“The money that your state is paying to hot shot Wall Street money managers who are (falsely!) promising higher returns is money coming directly out of the retirement funds of teachers and whatnot and into the Hamptons homes of hedge fund dudes,” the website Gawker noted. “So please feel free to sit down and write a letter to your elected officials, asking your state not to do that.”

Exactly …

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