SC

Audit Exposes SC Pension Fund

SOARING FEES, SUB-STANDARD RETURNS … S.C. TREASURER VINDICATED For years, this website has been all over the S.C. Retirement System Investment Commission (SCRSIC) … a.k.a. the Palmetto State’s atrociously mismanaged pension fund for government employees. Well to be fair, S.C. treasurer Curtis Loftis has been all over this corrupt bureaucracy…

SOARING FEES, SUB-STANDARD RETURNS … S.C. TREASURER VINDICATED

For years, this website has been all over the S.C. Retirement System Investment Commission (SCRSIC) … a.k.a. the Palmetto State’s atrociously mismanaged pension fund for government employees.

Well to be fair, S.C. treasurer Curtis Loftis has been all over this corrupt bureaucracy … we’ve merely followed his lead.

According to Loftis, this fund’s self-serving managers have left more than $7 billion on the table by pursuing a controversial “alternative investment” portfolio.  Meanwhile they have consistently doled out massive bonuses to the very bureaucrats who have labored to produce some of the worst results of any large pension fund in America (at the highest price, too).

CURTIS LOFTIS
CURTIS LOFTIS

Loftis has exposed all this … repeatedly … and been attacked by the status quo fund managers for his efforts.

Now he’s being vindicated … again.

The latest evidence of the SCRSIC’s abysmal performance?  A state audit released this week (.pdf summary here) which classified the state’s pension fund as “significantly underfunded” despite a massive ramp-up in fees over the past decade.

How massive?

“From 2005 to 2014, fees increased from $22.4 million to $467 million (annually),” the audit concluded.

Despite this huge uptick in fees, the fund has continued to lag behind its large pension fund peers – posting a ten year return of only 5.21 percent and a one-year return of 1.73 percent.  The national averages for those time periods were 6.91 percent and 3.11 percent, respectively.

Things are likely to get even more “underfunded” in the near future, too.

“Severe downturns in the investment markets could cause the already low-funded status of the pensions to decline to significantly lower levels,” auditors concluded.

In other words the S.C. General Assembly’s assumed rate of return for the fund’s investments – 7.5 percent – is nothing but a pipe dream.

Loftis said his office has been “working hard to raise returns by lowering fees, properly stating risk and implementing meaningful transparency and accountability.”  He hasn’t had much help, though.

“My quest for pension reform has been a lonely one,” Loftis said in a statement responding to the report.  “Four years ago I foresaw our system’s current crisis and began stepping out and speaking to the issue. Since then, I have been publicly censored by the Investment Commission, hauled before Senate Committees, dragged before the Supreme Court and have fought several attempts by the Senate to have me removed from the very system I was protecting.”

He’s not kidding …

***

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165 comments

Eric December 21, 2015 at 4:49 pm

The LAC does good work and I hope the General Assembly takes action this year.

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BeachBum December 21, 2015 at 4:51 pm

I indexed my personal funds 13 years ago and have never looked back. Broad diversity, market returns and low fees. In the new “global economy” indexing is the most prudent avenue of investing.

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Indexed December 26, 2015 at 7:39 am

And you have a degree in finance from BC High School? No wonder you are a BeachBum, Curtee and one of his alter egoes… LOL.

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Dusty December 27, 2015 at 8:32 am

Indexing is a good approach if two things apply: 1. the economy continues to grow over the years; 2. you have no experience in investing.

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TigerTim December 21, 2015 at 4:57 pm

They may have given Loftis sh@t, but honestly, he has taken it and given it right back to them. When most people would have quit, he kept moving forward.

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Unstable December 23, 2015 at 4:00 am

Poor fellow.. Only an unstable mind would take glory in “publicly censored, hauled before the Senate, dragged before the Supreme Court and attempts to be removed from his job… ” Wipe your butt, Curtee. You are full of it.

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Indelible December 27, 2015 at 1:14 pm

Fits writes “Now , he is vindicated again” Let us not forget that Loftis has left indelible negative impressions where ever he went. From his so called attendance at USC (five years for a 2 years degree in “ARTS” ) Read the student senate minutes ( 1981). his disastrous sworn testimonies (1990), His “buckshit” Saluda Charitable Foundation (2001) Board of directors : Mr.Curtis M.Loftis, The Hon. Michael Montgomery, Lady Susan, Countess of Shannon, Mr. Ihor Vovk, Mr. Curtis M. Loftis Sr., Mr. Stephen P. Leidinger.. Very interesting and very cozy relationship. Let us continue: Less than 6 months in 2007 in the Office of Aging, less than 6 months in 2008 in transparency in the office of the Comptroller General . Fired? We know him well now after his violent scenes in the STO and with the IC (on cameras). The man cannot be trusted . The tax payers of SC and the many staff and former staff afflicted by his ways will be vindicated. No doubt about it . Loftis has left indelible marks on his vile past.

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Sol December 27, 2015 at 7:11 pm

Such a filthy, perverted little mind you have.

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EdMcmul December 29, 2015 at 5:03 am

Shame on Curtis Loftis for making a mockery of the STO. Shame on Loftis for lying under oath about his qualifications for the job to which he was elected. No degree, no two years degree, no qualifications . Shame on Curtis Loftis for lying to the tax payers of SC. He will be rejected. Lying under oath to make himself look good… Sorry man.. A lie = Curtis Loftis

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Alex December 21, 2015 at 5:00 pm

Ten year returns of 5.21 is almost half my personal portfolio.

it is incomprehensible to me that they could have performed s poorly.

Who manages this money for SC?

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Gamecock2008 December 21, 2015 at 5:17 pm

Wall Street has its clutches into everyone and everything. Why should pension plans be different?
Wall Street is making big bets on student loans and I bet that means higher balances and interest rates for students. Face it, if Wall Street gets paid on the spread, the base will rise and spreads will increase and that will cost the students an their families.

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Elfego December 21, 2015 at 8:19 pm

Politicians hand picked friends.

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Oh Well December 21, 2015 at 8:30 pm

The Commission was appointed all by Republicans –

Chairman – Appointed by The Governor

Vice Chairman – Appointed by the Comptroller

Commissioners – all appointed, directly or indirectly, by Chairman of Senate Finance, Chairman of House Ways and Means, the Governor or some combination thereof.

http://www.rsic.sc.gov/Commission/CommissionerBIOS/default.htm

If the retirement system is a mess, Loftis has nobody but his fellow Republicans to blame.

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LexWildcat December 21, 2015 at 8:36 pm

It is pretty clear Loftis has been “after” his fellow republicans without fear of losing their votes. It does not appear to be easy to be a republican reformer in a republican state.

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Oh Well December 22, 2015 at 6:23 am

Really? I’ve seen where he has complained about the people on the commission, but I have NEVER seen him call out the Governor or any other elected official that put these people on the commission.

Of Course Not December 22, 2015 at 8:52 am

He likes his job. Can’t ruffle too many feathers.

BeachBum December 22, 2015 at 11:37 am

it is clear he has pissed off the most powerful people in the state.
I applaud his efforts.

Anidiot December 22, 2015 at 5:09 pm

No, Loftis has pissed off the tax payers of this State and not the corrupt elected officials Loftis will seek an opinion of the AG after the fact to clear his corrupted and illegal acts. A corrupt Attorney general will not stand for the people of SC and be a perfect corruption idiot.

Hal December 22, 2015 at 11:16 pm

Sam Griswold, why are you hating on Attorney General Wilson?

Qualification December 26, 2015 at 5:13 pm

Yes, best job he ever had and best job he will ever have. The bug man of West Columbia, has been fired from two state jobs with less than 6 months on the job. Fired by Eckstrom and fired by Andre Bauer. What do you know, these two could tell what a disaster Loftis was and is… .Hopefully, the law will be changed to make this position an appointed position with established qualifications so a stupid vile man with no qualification like Loftis will have to look for another bug control job!

Sol December 27, 2015 at 7:10 pm

Such filth. Such a filthy little liar you are!

fred farkel December 21, 2015 at 11:10 pm

The foxes in the hen house. Is Greg Rydberg is the COO of this boondoggle? Take a look at the foreign bonds they are holding in it’s portfolio, really scary.

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Juice December 22, 2015 at 3:40 pm

Greg Ryberg ? Where have you been, Fred farkel? Lost and and mentally feeble you are. Curtis Loftis has been the brain of the IC… And we get what is coming from such a violently intellect Curtis Loftis… The Bug man of West Columbia. And we get bug juice from the bug man of west Columbia with a degree from BC. Bug juice will qualify you to be State Treasurer and governor.

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Vulgar December 22, 2015 at 4:27 pm

The most vulgar man in SC is Curtee. Gross, from an infected butt with a vile oozing penis meeting our children and young men… Stay away, Curtis, from our children and young men… Seven PR guys have gone. Why did they leave? Sordid.. A very sordid man. And bug juice is not what we want, and we do not want an infected incurable diseased penis. exposing our young children to infected incurable diseases . This is Loftis , vulgar, dangerous man.

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BSS December 22, 2015 at 6:39 pm

You are obviously a person of low character.

I would be concerned if you LIKED Loftis. Gutter rats are rarely able to spot character, even if at close range.

There December 26, 2015 at 8:41 am

BSS, you are another alter ego of Curtis Loftis. LOL Poor soul, Curtis is a fake and people should read the comments from the many articles posted by pay to say FITS… and the many alter egos cyberbullying Loftis. We spot the low, vile character of Curtee… close range and long range. No problems , there…

Sol December 27, 2015 at 7:10 pm

You filthy little liar. Nothing to do all day but post filth. Why not just stand up and say…I am a filthy liar and I am proud!

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Tunes'n'News December 21, 2015 at 5:02 pm

That really cheats all taxpayers. What a shame. And it’s not news. Maybe in 2016 something will change.

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Charles December 21, 2015 at 5:11 pm

You are spot on. This is a tax on everyone of us and their mismanagement of the retirement system needs to stop. It is an election year so lets hope the anyone with opposition gets the message or gets dumped!

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Scooter December 21, 2015 at 6:00 pm

There is no rhyme or reason why the fees should be anywhere near this figure. Hell, they are not buying material and paying for labor to build anything. Expert investment advise can be obtained for a lot less and better results can be obtained. Hire the ones that handle endowments for Duke and other large and wealthy schools. What we have is a bunch of low down rotten crooks, in our government, who will steal the yeast out of a biscuit.

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Elfego December 21, 2015 at 8:18 pm

It hasn’t changed in 75 years and politicians are bigger liars than ever and they do not mind passing the buck on to future generations.The only thing government produces is debt!

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CorruptionInColumbia December 21, 2015 at 5:10 pm

I appreciate Mr Loftis’ work on our behalf. Anyone who reads this site knows how regularly the crooks who gain from these poor investments regularly come here to attack and slander him. Hang in there, Curtis! There’s a reason we sent you back for a second term. You’re doing good!

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BB December 21, 2015 at 5:35 pm

The meaner the attacks on an elected official the more you know the elected official is right. Loftis hit them between the eyes and they lashed out wildly. They all seem to be playing nice now. Maybe the whole thing has bottomed out. I hope so as it is time to fix the system.

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Sick December 22, 2015 at 1:47 pm

Loftis, Curtee has pissed off so many people and he has destroyed the STO Over 65 staff members have resigned because they could not take his shit. I know, I am a staffer and I left. He told me that he was scared of the ethics complaint filed by Dr. Griswald. Transparent man is a fake. Bet his mama is proud of his corrupted ways…she took him to many Drs for his chemical imbalance. The man is sick!

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Sam Talks Like A Perv December 22, 2015 at 5:00 pm

I need the extra cash that my minions can siphon off from state retirees. My houses got very wet during early October.

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Kids December 26, 2015 at 9:29 am

Jealous much, Curtee? Very jealous, when Trump does not invite you to sit in his plane ! Veins popping in your neck ? Temper tantrums? Trump said “You are fired”? Poor Loftis…Throwing things, destroying state owned computers..Loftis cannot make it in the big world, with big people…Cannot make it either at the kids table…

Bye December 26, 2015 at 9:56 am

Ed got to go! Ed got to go! A very nice picture with Trump and Ed in the plane…Too bad, Curtee just got to wave bye bye…

Sol December 27, 2015 at 7:08 pm

Filthy, little insignificant liar.
But i see I must be wrong about your mother not being proud. Only a whore could raise a filthy liar like you.

LoganSimmons December 28, 2015 at 9:31 am

Be careful what you say about mamas… Sol/ Curtee?

ned December 23, 2015 at 8:27 pm

Sick,
Lie much?

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Postit December 26, 2015 at 7:01 pm

Ned, where is the lie? Curtis Loftis has an ethics violation complaint against him.. pending. His sweet intimate friend got 2 millions from the retirees trust fund.. His intimate friend had no business being on the Bank of New York/ Mellon as an attorney… Loftis should be scared of this ethics violation. against the law.. Hired friend with whom he is associated. No doubt about it. It is a violation of the law. And yes, Loftis has behavioral and mental problems as described in his divorce papers, in his own words, in his sworn testimonies. No doubt about this. So , get informed and STFU. Should I post it here? Easy..

Juice December 22, 2015 at 3:20 pm

Mr Loftis work on you behalf? CorruptioninColumbia, needs to read the Ethics violation against Curtis Loftis. It is very well documented. His intimate friend got $2 million dollars from the retirees trust fund and lost millions from the retirement funds because Loftis is the bug man of West Columbia. No skill in finance. No skill in transparency. Just bugs and their juice. Millions lost from the retirees trust funds.. Period. Loftis is a jerk. Loftis is a corrupted jerk.

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CorruptionInColumbia December 22, 2015 at 3:29 pm

Ah, the ones impacted by Mr Loftis’ efforts to keep their malfeasance with our money in check emerge from the woodwork!

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Ajerk December 22, 2015 at 5:53 pm

Loftis and his butt are exposed now. What a sight… Diapers need a changing.. shit every where. What a sight.. Need a changing. Loftis needs to go .. spider space.. into spider space to infinity. Peace to you all. Loftis is a jerk.

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Anotherdisaster December 26, 2015 at 10:06 pm

CorruptionInColumbia, you are an alter ego of vile Curtis Loftis. Ask him to tell us about the funds in the STO and the tax payers money that he intermingles as he sees fit? No supervision of these funds.. going to pay his campaign debt, the Bank of NY/Mellon and friends and friends of friends? Unfunded liability, less than 1% return of investments.. Ask Loftis, please. The people, the tax payers need an answer. Loftis is mute on the STO and the funds under the STO. Why? Transparency, Loftis. Talk about the funds in the STO… a total disaster.

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Squishy123 December 21, 2015 at 5:15 pm

So no Lamborghini’s this Christmas for the guys in charge of the funds?

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Bible Thumper December 21, 2015 at 5:49 pm

Don’t bet on it.

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Mickey December 21, 2015 at 5:56 pm

I think there has been enough “betting” around here for a while. That Pension Board ought to call in the adults.

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Bible Thumper December 21, 2015 at 6:22 pm

The audit is interesting. The last page discusses impropriety.
1. Staff members accepting jobs at companies in which investments were made.
2. Commissioners recommending investments, thus influencing evaluations of the investments by staff and fellow commissioners.
3. The use of placement agents as middlemen.

http://lac.sc.gov/LAC_Reports/2015/Documents/Pension_Funds_Summary.pdf

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Old Auditor December 21, 2015 at 6:36 pm

The trick to understanding this type of review is knowing that these reviews are written in a dry, scholarly tone. Knowing this you can discern the real meaning and impact of their words, which are pretty damning.

THE LAC has a long history of prudently stating the facts in a manner that allows intelligent people to make intelligent decisions. Lets hope this experience continues because this is one of its most important reports ever.

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Squishy123 December 21, 2015 at 6:36 pm

According to article in The State, they are trying to determine how much more employees will be required to contribute. State workers currently contribute 8.5% of their salary.

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State Employee #19923 December 21, 2015 at 6:38 pm

The contribution levels have to go up, according to the report. Both the employer and the employee side.

The government employee is also a taxpayer and so they pay, in effect, twice.

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Squishy123 December 21, 2015 at 6:42 pm

True, but they wouldn’t have to go up or go up as much if they had money managers who didn’t charge double the fees of other state retirement funds and earn half what other state funds earn. How this has been allowed to go on just confuses me, but I’ve been in this state long enough to realize that the legislature are only concerned about themselves.

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vicupstate December 22, 2015 at 8:14 am

Correct. The employees should NOT have to pay a penny more! The stupid taxpayers put this system in placed and allowed it to continue. The employees should get what they were promised.

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Jerk December 22, 2015 at 11:15 pm

yes,they will pay twice. Thank you, Curtis Loftis. What a jerk you are!

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Nick December 21, 2015 at 6:41 pm

http://www.postandcourier.com/article/20151221/PC1603/151229900

the Post and Courier piece talks about higher taxes …

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Sol December 21, 2015 at 6:47 pm

So it seems the Treasurer was right all along. I am sure the apologies are in his mailbox already. Not.

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Sic Semper Tyrannis December 21, 2015 at 7:32 pm

Look no more for a governor that could break the ring of crooks in SC.

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Forsure December 26, 2015 at 8:58 pm

Loftis is a crook himself. He will have to show us his diploma…Ha, five years at USC and a 2 years degree in “Arts?”.. We want to see it and his grades… Till, he does.. the so called degree in “Arts” does not exist and Loftis is a sorry liar. No need for him to run for governor, the people of SC know him well and will be vindicated… The sworn testimonies are public, his violent behavior is documented, his racism is visible, his bullying and cyberbullying are beyond control.. For sure, Curtis Melvin Loftis is a huge schlonging jackass.

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Sol December 27, 2015 at 7:07 pm

Such a willing and filthy liar you are. You should be proud of your lies. You should post your name and stand up and be counted, you filthy liar.

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Degree December 28, 2015 at 9:56 am

Curtis Loftis should have no problems showing his 2 years degree in ARTS… He must be very proud of it and since he likes to blow his own ass off, there should be no hesitation and he can post it here on FITS. LOL I bet it was magna cum laude.

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Elfego December 21, 2015 at 8:12 pm

As a retire myself this is just like Social Security they are government Ponzi Schemes and should have been treated as suck. The groups that draw these have and salaries have to increase substantially over the years or they will eventually fail.

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Matt December 21, 2015 at 8:26 pm

Great some more tea party dope republicans like Loftis and Haley who just talk a big game but are total hypocrites when it comes to their own actions.

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fred farkel December 21, 2015 at 11:39 pm

Tea party dopes? Haley yes, Loftis I’m not so sure. If you want to see what the problem is just look at biographies of the board. Wall Street and Hedge Fund guys and very interesting fees and expenses. As I stated in an earlier post the foxes are in the hen house. And if Rydberg is still there you have a complete lightweight who is way over his head.

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Elliott December 22, 2015 at 2:49 am

Loftis did exactly what I wanted him to do when I voted for him which was to fight for me. The report shows just how right Loftis was about this whole thing and that leads you to see how vicious they were when defending themselves and their dubious practices.

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PrincessLinda December 22, 2015 at 2:57 pm

Elliott.. Loftis is not fighting for you . Loftis is not right about this thing.. Where is the fight for you and where are the vicious fights? Loftis, Curtee is all bark and no bite. Too dumb to have any bark and any bite. Vicious and dubious practices are what Loftis is all about. No qualifications, no smarts, All shouts and vicious attacks from a corrupted man. Would you expect anything more from a vile man? This is the guy who tried to associate himself with Serbian royalty back in the early years of this century (2004) until they found out how wacky he really was. He is a jerk with no redeeming characteristics. But then, Elliott, you probably already know that since you are one of Curtee’s alter egos.

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Mr P December 21, 2015 at 8:31 pm

People wonder why Donald Trump is doing so well. They wonder why Bernie Sanders is doing so well. It is precisely issues such as these–the plundering of the retirement trust funds as if they were quarters in a child’s piggy bank in the broad light of day without contrition–that outrageous us.

The “criminals” are defiant in their quest for power and authority over large sums of other people’s money. When caught they are excused so they engage in devious practices with our fear of retribution or legal entanglement.

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clemsonguy December 21, 2015 at 9:12 pm

Trump is doing well cause the average republican primary voter is a total moron and they fall for his antics.

Sanders is not doing well as in any national poll vs Clinton he is getting slaughtered.

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fred farkel December 21, 2015 at 11:30 pm

clemsonguy: Please call it as it is. Sanders is not getting slaughtered. In NH Sanders is leading 56% to Clinton’s 42%, Iowa Clinton is leading by a 5% margin 50% vs 45%, and yes in good old SC she is leading 67% vs 31%, but what do you expect in this grand state? They like Trump?

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clemsonguy December 21, 2015 at 11:55 pm

NH and Iowa are such a small population of the democrat vote its laughable to use that to support your argument. In NATIONAL polls Hillary is up by 30% over sanders, and that lead has grown recently. Hillary will mop up Sanders and Trump for that matter in the bigger states with big delegate counts.

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fred farkel December 22, 2015 at 9:45 am

Pardon me, I’m not arguing but only pointing out at this time
Clinton is not “slaughtering” Sanders as you so kindly put it. If Sanders takes the early primaries it could be a problem for Clinton, you should know all and any victories are in important in primaries as they establish a trend in how voters may cast their votes. Personally It makes no difference to me as I will vote for either Ms. Clinton or Mr. Sanders in this upcoming election

Bible Thumper December 21, 2015 at 10:55 pm

Trump has spent his life greasing the palms of those criminals.

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Rocky Verdad December 22, 2015 at 7:27 am

Trumps first developments were with public tax breaks and financing.

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The Colonel (R) December 21, 2015 at 11:54 pm

Is there anyone in South Carolina state gooberment who can manage money effectively?

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Denozitall December 22, 2015 at 6:30 am

That would require objectivity. Little hope some government employee will change something when he/she directly benefits. Lawyers paying themselves compensatory time like damn hourly employees, for example. It would also probably require hard work. Look around. State government is practically dead the entire month of December. Officials too busy lining their own pockets. They ain’t going to change nothing to manage any differently.

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Diogenes December 22, 2015 at 9:48 am

I would enlarge on that to ask “Is there anyone in state gov’t. who can manage THEMSELVES effectively? (Sanford, Ravenel, Ard, Harrell, etc., etc.)

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Vincent Lehotsky December 22, 2015 at 10:05 am

Not Sanford, he’s in Federal Gov’t …

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Diapers December 22, 2015 at 2:27 pm

And, Alan Wilson is corrupt. The AG cannot be trusted. He makes opinion letters after the facts to cover the butts of corrupted officials. This make him a corrupted official. His opinions letters are corrupted and thrash. And Curtee babysat him! What do you know ? This is SC ! Curtee and baby Alan.. What a mental picture .

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BSS December 22, 2015 at 6:31 pm

Sam, Sam, Sam. …you are to old to have such a potty mouth.

Vicious December 26, 2015 at 7:32 pm

Loftis,Loftis,Loftis… you are too stupid to know what to do. Like J.Brown said in 2003. Alt.talk.royalty.- Link: Is Curtis Loftis Gay? “Bottom line – shit for brains-..UR one evil guy, trying out of jealousy to ruin something positive the Princess is doing. No one takes the Saluda Charitable Foundation seriously” Evil guy in 2003… evil guy in 2015. Loftis has not changed : jealous, vicious and sick.

Craig December 28, 2015 at 2:58 pm

Did Curtis Melvin Loftis lie about graduating from USC in 1981? He sure needed to pad his qualifications…Did he lie on his bio? Curtis, better show us his 2 years degree in ARTS… Suspicions about him and his education are overflowing… Liars lie..

Susan December 28, 2015 at 3:42 pm

Indeed! A search of USC graduates fails to show a Curtis Melvin Loftis…Very suspicious after he said that he :”attended” USC for five years! No two years degree in ARTS with a name of Curtis Melvin Loftis? You suppose he lied? Bless his little heart!

Sol December 28, 2015 at 6:36 pm

Susan and Craig. One soulless person two identities, two sexes, but one pathology…hate, envy, jealousy, lies.

So pitiful.

Susan December 28, 2015 at 6:50 pm

If Curtis would post a copy of his diploma, we would all feel better. … Hope he did not lie .

Sol December 28, 2015 at 7:09 pm

You just hate it that Loftis outsmarted all those highly paid wizards at the Investment Commission.

You just can’t stand it, you filthy little liar.

I love it! But i am off now to brew some more poison for you to drink!

Mike M December 28, 2015 at 9:13 pm

I have ‘Curtis Loftis Syndrome’ – I’m a sarcastic loser with a giant head

Sol December 28, 2015 at 6:35 pm

Such a filthy little liar you are. You are truly a wonder. A new creature all filth and no soul.

Congrats, perhaps I will read about you in some science or philosophy journal. A truly soulless person.

Simpson December 22, 2015 at 7:08 pm

Sam Griswold, just because the AG did not answer your FOIA request as you would like does not give you the right to assassinate his character.

Sam Griswold, you are an educated man—please try to act like it.

Logan December 28, 2015 at 12:21 pm

Doctor Sam Griswold has been a true dedicated public servant a lot longer than your corrupted, sorry ass, Simpson/Curtee. You know that because you asked me to investigate and research him. Research on you, turns up a much different story.

Sol December 28, 2015 at 8:21 pm

Oh, ye olde filthy liar.

So many lies to tell and so little time you have.

Vincent Lehotsky December 22, 2015 at 10:04 am

I would that they are managing the fund properly.
To their own advantage. This is their Cash Cow, and Curtis seems to want to stop the flow of this “Milk” money from the wrong hands, and back in the hands of the pensioners.
Believe me, the investment firm knows what its’ doing.

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Erin December 22, 2015 at 11:55 am

Yep, Loftis has stopped the flow of money to certain people. They are pissed. They strike back in many ways.

All very common.

The character of the system comes into question when viewing their defenses like this post against Loftis.

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Talking December 22, 2015 at 2:16 pm

Please, Curtee, tell us about the funds in the STO! Nice squishy funds that Loftis can mingled at will. No supervision on these funds. How much has been taken from these funds to cover his campaign debt and pay off the Bank of New York/ Mellon ? How much has gone under the table to cover deals with friends and friends of friends?. How much money did Curtee take out of the Unclaimed Property Funds? Transparency, Loftis? Transparency, where is it? How about the increase in the unfunded liability of tuition prepayment funds? Your 2 CC girls are talking …

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Sol December 27, 2015 at 7:05 pm

You are such a filthy liar. Make sure to show your mom what your day has produced. She will be so proud.

ThreePalms December 22, 2015 at 6:18 am

Audits of the SC State Retirement System’s investment portfolios should be made public to it’s citizens in the same manner that mutual funds report their investment returns, expenses, and investments. The foxes are in charge of the henhouse here in SC. Why do you think they have separate money pools for legislators and judiciary versus state employees?

I think FINRA and the DOL should be going after our Investment Committee members.

The assumed (or target) return of 7.5% they speak of is a joke and placed on graphs and charts to confuse the public.

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GOB December 22, 2015 at 8:06 am

Curtis, How many screen names are you posting under and then replying to your own comments?
Let’s see…
Elliott
Scooter
Alex
Charles
Oh Well
LexWildcat………
Give it a break

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BeachBum December 22, 2015 at 8:47 am

Here they go again. Slamming Loftis. Old habits never die.

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Hypocrite December 22, 2015 at 9:46 am

Ha! Clearly Loftis is guilty as charged. Anybody can tell that he loves to blow his own horn anonymously. What childish behavior! Loftis needs to let others post opinions of him and stop doing it himself. What a corrupted ego!

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Squishy123 December 22, 2015 at 10:19 am

It’s not blowing your own horn when you’re right.

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Jake December 22, 2015 at 11:53 am

Sam Griswold is posting under fake names, such as panic (see exact same post in the state).
Why is it people project their sins onto others?
Sam, stop posting anonymously and you will see that you stop thinking that everyone else is posting in the same way.

Squishy123 December 22, 2015 at 10:19 am

GOB – Which investment manager are you?

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Panic December 22, 2015 at 8:53 am

Ah, yes. Once again the extremists are making noise. This is yesterday’s news. Nothing new here. In the legislative session of 2012 the results of a two year study of the retirement system were put into a major plan and inacted in law which eliminated 25 year retirement and the TERI program which were the primary causes of the the unfunded liability. It reduced retirees cost of living increase to a flat 1% per year with a cap of $500. It also tied the amortization period of that liability to the contribution rates of both employees and employers. So all the issues raised by the Legislative Audit Council have been addressed. This plan was to produce a 100% funded plan in 30 years. We are on target with this plan after 2.5 years. It does not need to be changed. Just let it work. For the LAC to ignore this plan is a major deficiency in their study. There is NO, repeat, NO need to panic or really to do anything but monitor progress. The retirement system investment commission does need to improve return on investments over the last year. But they seem fully capable of doing that and are now in a major study to figure out how. In the prior year, returns exceeded 14% when only 7.5% meets the minimum requirement. Most state employees have worked for agencies that have been subject to LAC studies. They know that the LAC feels it needs to be sensational and misrepresenting the facts is one way to do that. If we stay on the track we are on, we will be fine. We have already done what they recommend.

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Mark December 22, 2015 at 10:23 am

Problem is that the reform did not work.

The debt is exploding. It is inter -generational theft meaning pensions paid now will be paid by future tax payers and government staff.

The reforms did not work and the math proves it.

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Lol Sam December 22, 2015 at 11:27 am

Sam and his friends accuse Curtis of posting anonymously. Sam used the
anonymous name of “Panic” on Fitsnews, but then posted the same comment Facebook page. Pot meet kettle.

“Ah, yes. Once again the extremists are making noise. This is yesterday’s news. Nothing new here. In the legislative session of 2012 the results of a two year study of the retirement system were put into a major plan and inacted in law which eliminated 25 year retirement and the TERI program which were the primary causes of the the unfunded liability. It reduced retirees cost of living increase to a flat 1% per year with a cap of $500. It also tied the amortization period of that liability to the contribution rates of both employees and employers. So all the issues raised by the Legislative Audit Council have been addressed. This plan was to produce a 100% funded plan in 30 years. We are on target with this plan after 2.5 years. It does not need to be changed. Just let it work. For the LAC to ignore this plan is a major deficiency in their study. There is NO, repeat, NO need to panic or really to do anything but monitor progress. The retirement system investment commission does need to improve return on investments over the last year. But they seem fully capable of doing that and are now in a major study to figure out how. In the prior year, returns exceeded 14% when only 7.5% meets the minimum requirement. Most state employees have worked for agencies that have been subject to LAC studies. They know that the LAC feels it needs to be sensational and misrepresenting the facts is one way to do that. If we stay on the track we are on, we will be fine. We have already done what they recommend.”

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Mick December 22, 2015 at 11:36 am

Sam, as someone close to the RSIC you should not be putting them in the position of having you as liability.
How can you spend your days posting on the internet and then expect people to believe you are an honest broker?

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Ego December 26, 2015 at 8:26 am

Mick is another alter ego of Curtis Melvin Loftis..LOL.

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RogueElephant December 22, 2015 at 9:00 am

Curtis Loftis is the most honest person in SC govt. We need more like him.

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Documented December 22, 2015 at 11:13 am

Oh really? Where have you been, RogueElephant? Ethics violations against Loftis, very well documented and still pending. Violence against women, very well documented, blatant racism , very well documented ( I see black youths…disgusting), bully of the worst kind, very well documented, more than %100 turn over in the STO, very well documented abuse of power , very well documented… Corrupted and putting money in his pockets and pockets of friends… He is not qualified to serve on the IC and he is not qualified to be treasurer. No knowledge of finance and this lack of expertise has been very costly to the tax payers. His fiasco with the Bank of New York/Mellon has been very well documented with millions lost for the retirement trust fund. Get real… and STFU,

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Lol Sam December 22, 2015 at 11:29 am

Oh Sam, we know it’s you – posting these nasty comments. You were busted using anonymous name (scroll down to Panic’s post). At your age, you should know better.

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Goaway December 26, 2015 at 8:08 am

Oh Curtee, we know you. posting nasty comments . Curtis is very experienced in cyberbullying from RichinUS2003… Many alter egos with lies and attacks made to hurt …

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Mick December 22, 2015 at 11:33 am

Except that he has been proven right.
Get over it.
You are fighting last year’s war.

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RogueElephant December 22, 2015 at 11:45 am

I was just going to say the same thing. Undocumented should crawl back under his rock.

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Schlonging December 26, 2015 at 9:20 pm

Mick, Proven right? When and where has Loftis been proven right? Ethics violations, vulgarity and violence, false accusations , shit for brains, no financial intellect and Yes.. costing the tax payers millions, putting money in his pockets and pockets of friends.. enough .. Loftis and the rumors and the gay bars in NY and Washington. Enough of that crap. and an elected constitutional official posting on FITS.. and Fits singing his praises. Enough. Fits= pay to say or are you schlonging Curtee?

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Sol December 27, 2015 at 7:04 pm

The only rumors are the ones you started. You are to be pitied, not feared. You must see yourself as so insignificant.

SCEIS December 22, 2015 at 3:02 pm

Insert, Eckstrom…

Ethics violations
Violence against women
Blatant racism
Abuse of power
Corrupted

and so on

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BSS December 22, 2015 at 6:29 pm

Sam, Sam, Sam. you are simply to old for such vulgarities.

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Chris December 22, 2015 at 11:51 am

Rogue,

Wouldn’t you like to get into the mind of the character assassins? Spooky!

Chris

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Ted December 22, 2015 at 10:29 am

I read the review of the systems this morning. It makes a strong case for significant reform. Those defending the system need to read this review with an open mind because the time of reckoning has come for the system. It can’t sustain itself and those on the wrong side of this fence will have a lot to answer for- especially if they are in elected office.

The full report is most illuminating. Read it.

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AbandonHopeAllWhoLiveHere December 22, 2015 at 12:08 pm

“Fees from 22.4 million to 467 million annually. This can only happen in SC because we have the most poorly educated (Stupid!) electorate in the counrty. Nikki Haley sits on the top of that shit pile. I bet she’s real proud, ’cause she never cared much about math, or numbers, or stuff like that, and really don’t know no better.

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Philip Branton December 22, 2015 at 12:18 pm

Hmm….sounds like we need a specific breakout of the exact STOCKS that this Pension fund is invested in…!!

Wonder if the Pension fund stocks are being used to go through an exchange with HFT instead of the IEX exchange by Brad Katsuyama..!? Now that would be grounds for class action.

Matter of FACT….how are our state funded students in our local universities being used and educated by having them follow this pension fund stock breakout and chart a better return for our fine state workers..?

Curtis Loftis does not need a “turtle dove” type puff piece here at Fits news….he needs a clarity pitch fork…!!

Geez, we highly wager he logs into his checking account each day to check the balance; does he DARE think how a class full of college students can use their phones to help keep track of every stock tied to this pension fund..!? Who is better? Some fund manager using an slide rule or fine students with something to prove to put on a resume?

Sounds like we have some ISIS wanna-be’s managing a Pension fund…!

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exhausted in Columbia December 22, 2015 at 12:24 pm

Is there an echo in here-Hugh Leatherman is a very, very, very GREEDY man

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William December 22, 2015 at 7:06 pm

The system has been mismanaged for a couple of decades. There is a massive debt.

Its time to move from argument to solution.

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Joseph December 23, 2015 at 5:54 pm

Curtis Loftis, you my friend, are a dick!

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BeachBum December 23, 2015 at 8:25 pm

Nice to know Loftis’s enemies are foul mouth, small minded people. That says a lot of good about Loftis.

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Arts December 26, 2015 at 8:03 pm

Loftis attended USC for 5 years and got a 2 years degree. Asked what his degree was in , he said: “Arts”. What in the hell is a 2 years degree in Arts? For sure, it is not in finance. So, let’s get real and work on changing the law so a 2 years degree in ARTS, does not become State treasurer with the oversight of millions of Tax payers money and millions in funds. And He sure, should not sit on the Investment Commission. What a fool , slow … So sick of him..

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Sol December 27, 2015 at 7:03 pm

Such a filthy liar you are. Would love to meet mommy. She must be so proud.

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Oliver December 28, 2015 at 1:35 pm

Loftis must show us his degree and his grades… And his qualifications to be treasurer and to sit on the IC. Oh, such a clever man will be most happy to oblige.! Transparency must be present here! Mr. Transparent will walk the walk at least once! He must be taken off the IC since he does not have the qualifications . He must appoint someone who does, like the governor and the comptroller do. Simple and just. Not complicated. Get the hell off the IC. Good riddance.. .

Sol December 28, 2015 at 6:31 pm

Filthy little liar.

You are a true specimen. Someone committed to posting his life away–to posting filth while using anonymous names.

You are truly a specimen worth note. No many people have plunged to the such great depths of soullessness.

Your friends and family must be proud.

I type but a few words in defense of a friend and in response you send your soul to hell.

I mix the poison and you willingly drink it. So easy.

Clark Griswald December 24, 2015 at 1:09 pm

Curtis looks like a pedophile that lives in a RV.

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Alex December 24, 2015 at 4:21 pm

Classy. You are very classy. No wonder why Loftis fired you.

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Disaster December 26, 2015 at 7:31 am

Loftis destroyed the STO… People resigned because they could not take his abuse, violent temper, disgusting mouth, racism…The entire office is friends and friends of friends now… and gone is the institutional knowledge of the former staff.. %100 turn over. Sad… Loftis is not qualified to be State Treasurer.. no brain, no education… The results are and will be a disaster for the tax payers of SC..

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Sol December 26, 2015 at 3:16 pm

To: The one person posting as Disaster, Clean, Clark Griswold and other names,

You are a failed soul. May God pity you for your sinful ways.

Whatever “victory or satisfaction” you may perceive from your filthy postings will surely be insignificant compared to your lost soul.

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Soul December 26, 2015 at 9:41 pm

No problems, Sol.. Rest assured that exposing fraud , sex crimes, vulgarity, violence against women, lies, false accusations, racism are not a sign of a failed or lost soul. The one doing the crimes {Loftis} will have to answer to God. May he have pity on his soul.

Sol December 27, 2015 at 7:02 pm

Your mother must be horrified at her child, who has a lost soul, and a life so miserable that it has been committed to posting filth on the internet, year after year.

Your mother must be so ashamed.

I know U "j" December 25, 2015 at 7:46 pm

“J”
You just gave yourself away.

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Clean December 26, 2015 at 6:40 am

Loftis and his Saluda Charitable foundation exposed as a “buckshit organization” in 1/18/04 in alt.talk royalty.. link: Is Curtis Loftis Gay? J.Brown says: ” Jeez- this Curtis Loftis is a dum fuk!…Bottom line-shit for brains-UR a nobody who no one will believe… Wots this I hear Curtis, that in 2001 you took on a ‘Man’ servant to look after your every needs? The only qualification was a big dick… ” Rumors that Loftis knows the value of $20 with the young male orphans in Ukraine… Curtis Loftis , you need to come clean…

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Sol December 26, 2015 at 3:18 pm

Clean,
What a filthy liar you are.
May God have mercy on your soul.

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Sol December 26, 2015 at 4:28 pm

Such filth. How do you live with yourself?

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Mobile December 26, 2015 at 5:26 pm

Oh, the Curt Mobile in Curtland? People did wonder what went on in the RV… Sol, if you know, tell..

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MickyD December 28, 2015 at 8:07 am

Frank, get over it.

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Sol December 28, 2015 at 6:47 pm

At the end of the day, after all the filth thrown at Loftis for reasons of hate, envy and jealousy, the LAC report and the 10 year returns both confirm that Loftis was correct. He has been vindicated though it is clear his 3 or 5 enemies will never admit that as they are too small and frankly, to filthy, to be honorable.

So Loftis was right. His haters were proved wrong and so they lash out showing they are of low character and are filthy liars. Loftis moves on while you, the filthy liars, keep posting your filth on a story that maybe 5 people are reading.

This filthy behavior demonstrates the ancient ways the world. The filthy liars, aka the Loftis haters, are the LOSERS and engage in self-destructive behavior. Loftis, the winner that has been confirmed to have been correct in his positions, moves forward in the glow of success.

Winners make the poisons and the losers willingly drink it. How reassuring the world still works.

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Susan December 28, 2015 at 7:03 pm

Expand your vocabulary.. filthy… filthy…filthy. redundant. and show us your diploma. I bet you have a nice big framed copy of your 2 years degree in ARTS.. Hope Loftis did not lie…..

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Sol December 28, 2015 at 7:06 pm

More filth, filth an filth.

it is the perfect word for your mind.

Filth.

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Susan December 28, 2015 at 7:09 pm

Could it be that Curtis Melvin Loftis does not have a diploma? Could it be that Loftis lied?

Sol December 28, 2015 at 7:11 pm

You are a filthy liar. Yes, a filthy liar. Now you are an enraged filthy liar.

Drink that poison. Take it all,,,drink it all you filthy, soulless lair!

Susan December 28, 2015 at 7:18 pm

Oh no! Could it be that Curtis Melvin Loftis lied on his resume? He likes to inflate his qualifications … and if he does not have a degree … Oh, dear…. People yearning for transparency would like to see his diploma.

Sol December 28, 2015 at 7:32 pm

Poor filthy liar. Poor, poor filthy liar.

You hate that Loftis was correct about the Investment Commission and has been vindicated by the ten year returns and the LAC audit. You hate the entire establishment said he was wrong when in fact he was the only one that as right.

You hate he was reflected to office. You hate he was ever elected at all.

Filthy liar, it is easy to see why you hate Loftis—you are always wrong while he is always right.

Keep drinking that poison brew of jealousy and hate and envy. Keep stamping the life out of your soul. Keep killing yourself by embracing hate and envy and jealously and filth. It is amusing to watch your failure.

I know you want, desperately, to matter. But you don’t. You never will. You are only a poor, filthy liar.

Susan December 28, 2015 at 7:43 pm

No really, If Curtis has a 2 years degree in ARTS, he should show it. That is all people need to see. Could it be that he does not have a degree ? Loftis is wrong about the Investment Commission, wrong about the Bank of NY/Mellon, wrong about Lady Susan, wrong about peace and justice..Violence against women cannot stand, Hope that Loftis did not lie about a degree he said he had. Could be sad news…

Sol December 28, 2015 at 7:51 pm

Poor little filthy liar. And you try so hard, bless your little, undersized heart. You scream into the wilderness of the internet and you get no reply. No one likes you, no one agrees with you…or even reads u except me and one or two others and of course we read you for the humor of it all!

How sad this must be for you. So sad your filthy lying soul. What is the point?

Oh, you poor, filthily, little souls liar.

Susan December 28, 2015 at 8:02 pm

Perhaps, the press should inquire about the 2 years degree that Curtis Melvin Loftis said he had? If he lied, poor Curtis will have to come up with some answers! Could be very entertaining.

Sol December 28, 2015 at 8:06 pm

Poor little filth person. I do pity you. You wax on about non-issues, petty grievances, and filthy lies that are the product of your twisted, damaged soul.

Poor filth. Wretched, obviously unloved and unnoticed. Poor filthy little person. i pity you.

Susan December 28, 2015 at 8:23 pm

Ah, It appears that Loftis does not have a 2 years degree from USC. The search of graduates shows no Curtis Melvin Loftis. Why did Loftis lie? Mental illness? Chemical imbalance? Autism spectrum? Curtis should just show us his degree. Lying under oath, lying on a resume, that is a no-no.

Sol December 28, 2015 at 8:34 pm

Well, little insignificant and filthy liar. We are sitting on our balcony, watching the moon dart in and out of the quickly moving clouds. The wine is good and the company is even better. I am catching grief for participating in this foolishness so I must go.

I leave you to sit in the muck of your failed life. The filth, the envy, the greed, the jealousy–the knowledge that you are a moral coward and a failure.

I do hate being so blunt, but to equivocate on such an obvious conclusion would be untruthful.

So enjoy your little bed of nails, your brew of poison, you self-medicating hate. it is all you have and all you will ever have.

Unpleasant to be you, but, you are in fact the filthy you that is a rare combination of self creating and self-loathing!

Goodnight filth. Don’t worry about the bedbugs biting…they know better.

Susan December 28, 2015 at 8:50 pm

No moon tonight, no darting in and out. Another lie . All Loftis has to do is show his diploma from USC. Simple. I bet , he has a copy in his office, Was it Magna cum laude? He must be so proud of the 2 years degree he got after “attending” USC for 5 years! A liar lies. Hope that Curtis Melvin Loftis did not lie…. The press , the State , AP… should and I bet that they will seek an answer to this simple question. Does Curtis Melvin Loftis have a degree from USC?

Sol December 28, 2015 at 8:56 pm

Come out of mommy’s basement and take a look at the beautiful night. Nature in haste, coming from or heading to a storm. Leave your pathetic lies, you filthy soul, your petty obsession, you greed and envy behind and step outside into the world!

Even you, a filthy loser with no soul, can enjoy a beautiful night.

Give it a try. Filthy, history is full of losers that worked their way up to mediocre. You might be one of them. You may well be the first person in your DNA line to become mediocre!

Filthy, join life, stop hating and lying and obsessing!

Susan December 28, 2015 at 9:14 pm

Mommy’s basement? Sol/ Curtee needs a reality check? He will get his ass kicked after the press finds out that he lied and inflated his resume… It reads like Loftis walks on water! but people know better. Sol/Curtee destroyed the STO, seven PR guys that he hired, left . Sordid. Went on trip and when they came back, they were not talking. What did Loftis do with them? Sordid. Sexual exploitation , and abuse of power come to mind. Show us his degree from USC! Ah, Loftis does not have it and lied.

Susan December 28, 2015 at 9:31 pm

The wine is good …We hope that his company is not a young man with a big bulge that Loftis likes so well. Many young men have come and left in a hurry… Hurt by Loftis. And he has vile loathsome incurable diseases . Contagious.. His own words, sworn testimonies. Sordid.

Sol December 28, 2015 at 8:17 pm

Could you be a leprechaun? Could you be Frank Bundy? Or Ted Bucny? Could you be on drugs, or a member of ISIS?

See how easy it is to ask silly questions and hope those questions are taken seriously?

Are you Obama? Did you steal your neighbors’s car?

Filth, do you not know that we all think you are a filthy little fool?

Sol December 28, 2015 at 8:00 pm

So many lies you can’t even keep them straight. Filthy, please rethink your life. Surely medication, or religion, or hard work can lift you from you life of filth and lies and envy and greed and jealousy.

Wow December 24, 2015 at 4:22 pm

“From 2005 to 2014, fees increased from $22.4 million to $467 million (annually),” the audit concluded.

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Wow December 24, 2015 at 4:22 pm

Despite this huge uptick in fees, the fund has continued to lag behind its large pension fund peers – posting a ten year return of only 5.21 percent and a one-year return of 1.73 percent. The national averages for those time periods were 6.91 percent and 3.11 percent, respectively.

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Wow December 24, 2015 at 4:23 pm

this fund’s self-serving managers have left more than $7 billion on the table by pursuing a controversial “alternative investment” portfolio. Meanwhile they have consistently doled out massive bonuses to the very bureaucrats who have labored to produce some of the worst results of any large pension fund in America (at the highest price, too).

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Wow December 26, 2015 at 7:09 am

In other words the S.C. General Assembly’s assumed rate of return for the fund’s investments – 7.5 percent – is nothing but a pipe dream.

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Joe Bauers December 30, 2015 at 4:56 am

Wall st. loves government pension funds and government loves the sideshow of team politics to take the focus of their self dealing, self serving careers. Suckers born every minute we are.

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