Lawmakers to hear SC treasurer's complaints
COLUMBIA, S.C. (AP) - 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 are conducting 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 by lawmakers.
Columbia Sen. Joel Lourie says he hopes lawmakers can resolve the dispute between the commission and Loftis, which Lourie says is "very unhealthy."
Information from: The State, http://www.thestate.comCopyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.