Lawmakers to hear South Carolina treasurer’s complaints

  • Posted: Thursday, December 5, 2013 9:26 a.m., Updated: Thursday, December 5, 2013 12:01 p.m.

COLUMBIA — A panel of state lawmakers will hear from South Carolina Treasurer Curtis Loftis and his complaints about how investments are handled for the state employee retirement system.

The State newspaper reported that Loftis has complained for two years about what he calls corruption and wasteful spending at the state Retirement System Investment Commission.

Four senators on Thursday are beginning a series of hearings on Loftis’ charges that the commission that manages the $26 billion retirement fund wastes millions of dollars on fees. Loftis also says some commissioners have personally benefited.

Commission Chairman Reynolds Williams says he welcomes the review.

“It’s a good thing,” Williams said. “The Legislature should fully inform itself.”

Columbia Sen. Joel Lourie, the panel’s co-chairman, said he hopes lawmakers can resolve the dispute between the commission and Loftis.

“We’ve got an investment commission and treasurer at each other’s throats right now, and I think that’s very unhealthy,” Lourie said.

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