COLUMBIA — The state treasurer’s office wants to pay the bank that holds South Carolina’s assets $2 million directly from public workers’ pension fund without getting budget approval from the Legislature.
Office attorney Bill Condon has sought agreement from the Retirement System Investment Commission and other agencies responsible for the fund. His letter says legislative approval is not necessary.
Former Sen. Greg Ryberg, the commission’s new chief operating officer, replied with a resounding no, calling it a shockingly nontransparent scheme.
A settlement negotiated last spring through Treasurer Curtis Loftis awarded the Bank of New York a 10-year contract. But it remains unsigned. His office is trying to find a way to pay the bank for upfront custodial fees never previously paid.
His spokesman has not returned phone or email messages seeking comment.