SC Treasurer refuses to sign investment check
Fri, 29 Mar 2013 15:37:11 GMT —
The South Carolina state treasurer is refusing to sign a check the state retirement fund wants to invest.
The State newspaper reported state Treasurer Curtis Loftis is refusing to sign a $50 million check the commission that supervises the retirement fund voted to invest.
Loftis voted for the investment. But he wants a paper copy of a document to assure the state won't overpay fees. The Retirement System Investment Commission says it sent Loftis an email with that assurance.
Loftis and commission chairman Reynolds Williams have an ongoing dispute about investment fees.
Investments are the main source of income for the $26 billion fund that pays retirement benefits to government workers.
The commission voted last month to censure Loftis for what it called "false, misleading and deceitful" comments.