Would you care if there was a board of unelected and unaccountable bureaucrats watching over that the state’s largest asset, a $26 billion public fund?
Would you believe that State of South Carolina is doling out more than $6 million dollars per week to big financial firms in the form of “fees and expenses” for the management of this fund? Would you believe the fund ranks in the bottom 25% in performance?
I am attempting to bring much needed accountability and transparency to this fund. But others don’t like that. They are fighting my efforts.
They have proposed an amendment in the State Senate that takes away your say about the management of the largest fund in the state. The amendment removes the only person that is accountable to the public…the State Treasurer.
You may recall my testimony to a State Senate committee a couple of weeks ago where I pointed out the facts behind our under performing, expensive and overly complicated pension plan. Since then, misinformation has been pushed into the mainstream and the links above will give you the facts, figures, charts and even a short video that supports my position.
I ask you to call State Senators and tell them that you expect transparency and accountability with your money. Tell them you think it is unwise to send more than $340 million out of the state and that you are tired of the political circus that takes place in Columbia.
The amendment will be before the state Senate tomorrow. Therefore I ask for your help today. Please join me in fight for good government, transparency, and accountability with your money. Please Click Here to contact your State Senator today.