South Carolina’s pension fund is one of America’s worst managed … and most corrupt.
As of June 30, 2013 – the end of the most recent reporting period – the fund ranked in the bottom 25 percent of all large pension funds (this despite paying the highest fees of any fund in the nation).
Of course its leaders are making bank … knowing full well there’s no accountability in state government. For anything.
In light of its mismanagement and corruption, why are this fund’s top executives receiving massive bonuses with public money? That’s a good question … one S.C. Gov. Nikki Haley (RINO-Lexington) and S.C. Senate finance committee chairman Hugh Leatherman (RINO-Florence) should be prepared to answer.
Haley and Leatherman’s appointees both voted to approve massive “performance incentive commission” (PIC) bonuses – which were first reported by FITS last week.
All told, fourteen staffers at the S.C. Retirement System Investment Commission (SCRSIC) received $1.4 million in bonus pay – although $490,000 of that total went to the agency’s two top employees, commission CIO Hershel Harper and deputy CIO David Phillips.
Take a look at the bonuses (then compare them to the annual salary of each employee) …
Yeah … that’s in a state where median family income is hovering just above $43,000 (and falling).
Since his election three years ago, S.C. Treasurer Curtis Loftis has been dutifully exposing the corruption and mismanagement of this $25 billion fund – which is run by one Reynolds Williams, Leatherman’s appointee.
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. Not only that earlier this year Haley’s appointee to the commission sponsored a resolution to censure Loftis …
Frankly, we think somebody should give Loftis a medal for holding these goons accountable …