Friday letters: Criticism of Retirement System Investment Commission off base

August 23, 2013 

20040903 PIGGY BANK

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ALIX LEGER — KRT

The State recently excerpted part of a Greenville News editorial admonishing the S.C. Retirement System Investment Commission not only for the fees it pays but also for a supposed dearth of information on its investments (News Views, Aug. 11). I want your readers to know the public and open source of the very information the commission gladly would have provided The News had it asked.

Our Statement of Investment Objectives and Policies details our investment strategy and can be accessed at ic.sc.gov. Just select “Policies” under the “Press Room” tab at the top of the page. Section III covers the newspaper’s questions extensively. This statement was adopted at a public meeting on April 23, advertised in both the spirit and letter of the Freedom of Information Act. All media as well as the general public were and are welcome at our meetings.

The S.C. inspector general just spent two months and myriads of taxpayer dollars wrestling with 59 pages of ill-conceived complaints from the state treasurer. His conclusion: “no criminal conduct or wrongdoing.” A nationally respected consulting firm, HEK, found that our fees or at or below what one would expect from our investment allocation and that we are unsurpassed in our open disclosure of every single fee we pay.

The returns on our investments are strong, and our strategy is sound. We are justly proud, though never contented, of our staff and their results.

Reynolds Williams

Chairman

S.C. Retirement System

Investment Commission

Florence

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