South Carolina Retirement System Investment Commission

This state pension investment fund pays too much, performs too low, is too complex, and puts us at risk.

Fee Climb

Treasurer Loftis is the only elected member of the South Carolina Retirement System Investment Commission where he serves as a commissioner, the custodian of the funds, and a trustee of the retirement system. Below is information regarding the state pension fund and insight on the Treasurer's calls for more transparency and accountability for public pension plans nationwide.



Treasurer Loftis' 2014 PowerPoint on Retirement Investment Commission's Outrageous Fees

Treasurer Loftis' May 4, 2013 letter to pension fund consultants HEK concerning high fees


News Coverage

"Senate panel to consider pension fund changes"--Greenville News, March 4, 2014

"Are You Lucky or Skilled"--aiCIO magazine, February 24, 2014

“Half a Billion in Fees: How Two US Public Pensions Spent It”—aiCIO magazine, December 2, 2013

“Pay No Attention to the Man Behind the Curtain”—The Nerve, October 31, 2013

“Feeding the Fee Machine”—Institutional Investor Blog, June 6, 2013

“South Carolina Hedge-Fund Bet Trails as Fees Soar”—Bloomberg News, February 28, 2013

“South Carolina Treasurer Out to Fix State’s Public Pension Plan”—Institutional Investor, January 29, 2013

“Fast Times in Pensionland: South Carolina’s Pension Push Into High Octane Investments” June 10, 2012. ”—New York Times, June 9, 2012.

“State Treasurer Loftis: Pension fund paying too much in fees”—WACH Fox (Columbia), January 31, 2012

“Weaning Off ‘Alternative’ Investments.”—Wall Street Journal, January 30, 2012.


Bank of New York Custody Agreement

Bank of New York Mellon Custody Agreement Press Release

01/06/2014 Letter from Treasurer Loftis to Fiduciaries

State Treasurer Signs Custody Agreement Background Information Sheet

November 2013 Memo from STO to Fiduciaries

Custody Agreement


Retirement System Fiscal Year-end Financial Statements

2013 2012


Retirement System Investment Commission Strategic Assessment

2012 2011


South Carolina Investment Commission Annual Reports

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007


Operational Issues and the Investment Commission

Treasurer Loftis' December 7, 2012 letter to S.C. Investment Commissioners, concerning the resignation of CIO/CEO Borden, and associated legal issues. Treasurer Loftis' January 31, 2012 testimony to the Senate Finance Retirement Subcommittee regarding transparency issues with the state pension plan
Supporting documents from the January 31, 2012 testimony


Ethics and the Investment Commission

Treasurer Loftis’ July 18, 2012 letter to members of the Budget and Control Board regarding the ability of the Retirement Commission Chairman’s ability to serve while under investigation
View a statement by Treasurer Loftis concerning his call for a special session of the Budget and Control Board regarding pension fund transparency and accountability
Opinion from State Ethics Commission re: Reynolds Williams


Web Links:

South Carolina Retirement Systems Website
South Carolina Retirement Investment Commission Website