Updated March 31, 2013
The SC Retirement Investment Commission and State Treasurer Curtis Loftis are at a standoff once again, this time over the payment of investment fees. And this time the dispute may end up in court.
When the SC Retirement Investment Commission sent a request for payment to Treasurer Curtis Loftis, he refused to OK a payment until the commission’s attorney signed his name to the agreement. The authorization is for a $50 million investment fee paid to Warburg Pincus. Loftis’s complaint: the Investment Commission votes on one fee structure but has paid higher fees in the end.
This has spurred the continuing fight between them and Loftis. Loftis contends that as keeper of the $26.5 billion fund and the panel’s only elected official, he is also the taxpayers’ advocate.
At the time of this posting, the Treasurer’s office said a signed document to Loftis’s liking had not been produced.