As a fiduciary and custodian of the pension fund, I welcome the action. A court of law is exactly where the Investment Commission should be. The un-elected Investment Commissioners continually refuse to answer questions, lack safeguards to protect the investments and do not provide basic information to my office.
All South Carolinians should be concerned about the massive fees we pay and the lack of care and custody of our investments. We are in the bottom 20% in returns and in top 1% of fees which costs the people of this state everyday.
I will not send $50 million of retiree money anywhere until the Commission provides basic custody information, including a signed statement and legal documents. Casual e-mails do not provide enough protection for $50 million dollars of public money!
The Commission lacks a moral core and their actions prove it. This is not Monopoly money and the safety of public funds comes first. I will continue the fight on behalf of the taxpayers of this state.
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4 comments
Give them he’ll Mr. treasurer. This state employe can smell a rat and the retirement system is full of them!
Give them he’ll Mr. treasurer. This state employe can smell a rat and the retirement system is full of them!
I found this on the Treasurer’s website. It sums all this up and seem to have been written a week or two ago.
http://www.treasurer.sc.gov/Documents/backgroundonfunding3-28-13.pdf
I found this on the Treasurer’s website. It sums all this up and seem to have been written a week or two ago.
http://www.treasurer.sc.gov/Documents/backgroundonfunding3-28-13.pdf