HOUSE LEGISLATIVE OVERSIGHT COMMITTEE
Treasurer's Office

• Full and Subcommittee Study Reports
Subcommittee Study (March 7, 2017)
Staff Study and Agency Response - Amended (March 17, 2016)
Full Committee Study (August 2017)
• Agency Reports
2015 - Agency ARR and Seven-Year Plan (March 31, 2015)
2016 - Agency ARR (January 12, 2016)
Agency PER (July 27, 2015)
2017 - ARR Guidelines (June 20, 2016)
Completion of the 2015-16 Accountability Report, by the deadline stated in the report, fulfills the requirement to complete a Restructuring Report this year for the House Legislative Oversight Committee. The House Legislative Oversight Committee has worked with the South Carolina Department of Administration to integrate and combine many aspects of the Annual Restructuring Report into the Annual Accountability Report.
2015-16 Agency Accountability Report
In 2016 the Oversight Committee worked with the Executive Budget Office to combine the information sought in the Annual Restructuring Report and Annual Accountability Report, into one report.
2016-17 Agency Accountability Report
In 2016 the Oversight Committee worked with the Executive Budget Office to combine the information sought in the Annual Restructuring Report and Annual Accountability Report, into one report. Since that time the Agency Accountability Report also satisfies the agency’s requirement for an Annual Restructuring Report.
2017-18 Agency Accountability Report
2019-20 Agency Accountability Report
2020-21 Agency Accountability Report
2021-22 Agency Accountability Report
2022-23 Agency Accountability Report
Annual Requests for Information (RFI)
Agencies that have completed a Program Evaluation Report may be asked to complete this document to ensure the information about the agency on this website remains current.
2016 Guidelines (June 20, 2016)
2016 Completed RFI (December 1, 2016)
2017 Guidelines (June 28, 2017)
2017 Completed RFI (September 15, 2017)
2017 Guidelines (July 13, 2018)
2018 Completed RFI (October 31, 2018)
• Public Survey & Public Input via LOC webpage
Press Release announcing Public Survey (September 1, 2015)
Results of Survey of STIB, School for the Deaf and the Blind, Commission for the Blind, Department of Public Safety, and Treasurer’s Office (September 1-30, 2015)
Public Input about Treasurer’s Office received via Committee webpage (July 28, 2015)
Public Input about Treasurer’s Office received via Committee webpage (October 31, 2015)
Public Input about Treasurer’s Office received via Committee webpage (March 15, 2016)
Public Input about Treasurer’s Office received via Committee webpage (April 7, 2016)
Press Release announcing Public Input Meeting (April 8, 2016)
Public Input about Treasurer’s Office received via Committee webpage (April 25, 2015)
Public Input about Treasurer’s Office received via Committee webpage (April 25, 2015)
Public Input about Treasurer’s Office received via Committee webpage (April 25, 2015)
Public Input about the Treasurer’s Office received via Committee webpage (May 18, 2016)
Public Input about the Treasurer’s Office received via Committee webpage (May 19, 2016)
Public Input about the Treasurer’s Office received via Committee webpage (May 19, 2016)
Public Input about the Treasurer’s Office received via Committee webpage (May 19, 2016)
Public Input about the Treasurer’s Office received via Committee webpage (May 19, 2016)
Public Input about the Treasurer’s Office received via Committee webpage (May 19, 2016)
Public Input about the Treasurer’s Office received via Committee webpage (July 12, 2016)
• Correspondence
Letter from Oversight Committee to Treasurer's Office (April 15, 2015)
The Oversight Committee notifies the agency it has been selected for study.
Letter from Treasurer's Office to Oversight Subcommittee (September 10, 2015)
The Treasurer’s Office sent this letter to clarify the Treasurer’s answers to Representative Funderburk’s question regarding a definitive completion date for the Treasurer’s Office’s conversion to SCEIS.
Letter from Oversight Subcommittee to Treasurer's Office (September 23, 2015)
The Executive Subcommittee sent this letter as a follow up to the September 10, 2015 Subcommittee meeting with the Treasurer's Office. This letter requests information about the following topics: (1) Treasurer's Office’s position on the recommended changes to statute suggested by the Comptroller General; (2) why the Local Government Investment Pool was 43 days late in submitting audited financial statements to the Comptroller General’s Office for use in the CAFR; (3) confirmation on SCEIS conversion dates for the Treasurer’s Office; and (4) Costs to have all systems at the Treasurer’s Office converted to SCEIS by June 30, 2015 or before.
Letter from Treasurer’s Office to Oversight Subcommittee (October 2, 2015)
The Treasurer’s Office provided the Subcommittee further clarification regarding the State Treasurer’s Office anticipated dates for SCEIS conversions.
Letter from Treasurer's Office to Oversight Subcommittee (March 18, 2016)
The Treasurer's Office provided the Executive Subcommittee information to clarify or correct responses to Subcommittee member questions during the March 17, 2016 Subcommittee meeting.
Letter from Oversight Subcommittee to Treasurer's Office (March 29, 2016)
The Executive Subcommittee sent this letter as a follow up to the March 17, 2016 Subcommittee meeting with the Treasurer's Office. This letter requests information about the following topics: (1) South Carolina's Credit Rating; (2) Employees and Treasurer's Office; (3) Bank of New York Mellon (BNYM) and Treasurer's Office; and (4) Retirement System Investment Commission (RSIC) and Treasurer's Office.
Letter from Treasurer's Office to Oversight Subcommittee (April 8, 2016)
The Treasurer's Office provided the Executive Subcommittee information in response to the Subcommittee’s March 29, 2016 letter to the Treasurer's Office.
Letter from Oversight Subcommittee to Treasurer's Office (April 21, 2016)
The Executive Subcommittee’s letter addresses the “S&P 2016 Rating Report excerpt provided by Treasurer’s Office” as well as the topic of future requests for information to the agency.
Letter from Oversight Subcommittee to Treasurer’s Office (April 28, 2016)
The Executive Subcommittee requested the Treasurer’s Office provide copies of the exhibits to the “Report of SC Public Employee Benefit Authority (PEBA) to Chairman of Senate Finance Committee and Chairman of House Ways and Means Committee regarding settlement of State Treasurer and Attorney General of the State of South Carolina v. Bank of New York Mellon."
Letter from Treasurer's Office to Oversight Subcommittee (May 9, 2016)
The Treasurer’s Office provided the Subcommittee information in response to the Subcommittee’s April 28, 2016 letter to the Treasurer’s Office.
House Ethics Committee’s Advisory Opinion 2016-1 (June 2016)
House Ethics Committee’s Advisory Opinion 2016-1 finds there are no conflicts of interest with regards to the Executive Subcommittee’s study of the Treasurer’s Office and its study of the Retirement System Investment Commission. Correspondence requesting the advisory opinion is included.
Letter from Oversight Subcommittee to Treasurer’s Office (August 3, 2016)
The Executive Subcommittee requests information related to the Treasurer’s Strategic Goal 2, Investments, including, but not limited to, total return from investments, portfolio allocation, peer group comparisons, internal benchmarks, and investment fees and expenses.
Letter from Treasurer’s Office to Oversight Subcommittee (August 16, 2016)
The Treasurer’s Office provided the Subcommittee information in response to the Subcommittee’s August 3, 2016, letter to the Treasurer’s Office.
Letter from Treasurer’s Office to Oversight Subcommittee (August 26, 2016)
The Treasurer’s Office restates that it does not allocate the assets and liabilities related to securities lending among South Carolina colleges and universities and provides further details regarding the information the Treasurer’s Office provides to the Comptroller General’s Office related to securities lending assets and liabilities.
Letter from the Comptroller General to the Treasurer’s Office (September 21, 2016)
The House Legislative Oversight Committee was copied on this correspondence relating to potential issues with both the accuracy and timely publication of the State’s Comprehensive Annual Financial Report (CAFR). The potential issues relate to errors identified by the Treasurer’s Office in information it provided to state agencies about interest balances for investments.
Letter from Oversight Committee to Comptroller General (October 3, 2016)
In this correspondence the House Legislative Oversight Committee seeks to remain apprised as to the status of potential issues affecting the accuracy and timely publication of the State’s Comprehensive Annual Financial Report (CAFR) and offers assistance in the matter.
Letter from Treasurer's Office to Comptroller General’s Office (September 30, 2016)
The Treasurer’s Office provided information in response to the September 21, 2016 letter from the Comptroller General’s Office.
Letter from Treasurer's Office to Oversight Committee (October 14, 2016)
The Treasurer’s Office provided information related to the September 21, 2016 letter from the Comptroller General’s Office to the Treasurer’s Office and October 3, 2016 letter from the Oversight Committee to the Comptroller General's Office.
Letter from Comptroller General's Office to Oversight Committee (October 17, 2016)
The Comptroller General’s Office provided information related to the above letters dated September 21, 2016; September 30, 2016; October 3, 2016; and October 14, 2016.
Letter from Treasurer’s Office to Oversight Committee (October 20, 2016)
The Treasurer’s Office provided information related to the above letters dated September 21, 2016; September 30, 2016; October 3, 2016; October 14, 2016; and October 17, 2016.
Letter from Oversight Subcommittee to Treasurer’s Office (February 21, 2017)
The Executive Subcommittee sent this letter as a follow up to the February 15, 2017 Subcommittee meeting. This letter requests copies of the Investment Policy Statements for the prior three years and provides an update on the status of the study.
Letter from Treasurer’s Office to Oversight Subcommittee (March 1, 2017)
The Treasurer’s Office provided information in response to the February 21, 2017 letter from the Subcommittee.
Letter from Treasurer's Office to Oversight Subcommittee (March 27, 2017)
The Treasurer’s Office provides the following information:

Full 2013-14 Treasurer's Office Annual Investment Plan
Comprehensive Investment Policy for Treasurer's Investment Portfolios (adopted Oct. 19, 2015)
Comprehensive Investment Policy for Treasurer's Investment Portfolios (adopted Oct. 19, 2015, Revised Jan. 30, 2017)
Annual Actuarial Valuation of Tuition Prepayment Program Fund for FY2016 (September 2016)
Annual Report of Tuition Prepayment Program Financial Statements for FY2016 (September 2016)
Audit of Local Government Investment Pool (LGIP) Financial Statements for FY2016 (September 2016)
Audit of Treasurer's Financial Statements for FY 2015 (November 2016)
Human Affairs Report re Equal Employment Opportunity - Treasurer's Office portion (February 1, 2016)
Letter from Oversight Committee to Treasurer’s Office (April 11, 2017)
Letter to Treasurer's Office, after the March 30, 2017 full Committee meeting, which requests information on the Treasurer's Office's conversion of systems and subsystems to the South Carolina Enterprise Information System (SCEIS).
Letter from Treasurer's Office to Oversight Committee (April 20, 2017)
The Treasurer’s Office provides the date by which they can provide the information requested in the Committee’s April 11, 2017 letter.
Letter from Treasurer's Office to Oversight Committee (May 25, 2017)
The Treasurer’s Office responds to the Committee's April 11, 2017 letter.
Letter from Treasurer's Office to Oversight Committee (December 28, 2017)
The Treasurer’s Office states it is providing its Employee Retention Plan as requested in the recommendation in the Full Committee Study.
Correspondence from Treasurer’s Office to Oversight Committee (December 29, 2017)
The Treasurer’s Office states it is providing its Investment Policy Statement, Performance Report, link to where these documents are available on the Treasurer’s website, and Employee Retention Plan as requested in the recommendations in the Full Committee Study.

Investment Policy Statement (IPS) (Adopted October 19, 2015; Revised December 19, 2017)
Investment Performance Report (November 31, 2017)
Link to the above information on the Treasurer’s Website

Structure/Employees

• State Human Resources Data
The documents below are provided by the Division of State Human Resources based on information the agency inputs into the South Carolina Enterprise Information System (SCEIS). The aggregated data about agency employees includes, but is not limited to, (1) Number of authorized, filled and vacant positions; (2) Education level; (3) Race by Generation; (4) Gender by Generation; (5) Number of full time equivalent employees by funding source; (6) Number of Service and TERI employees at the agency; (7) Number of employees eligible to retire in five years; (8) Number of Trial and Probationary employees by generation; (9) Average salary by payband; (10) Number of certified public manager graduates at the agency; etc.

State HR Dashboard - Treasurer’s Office (February 7, 2017)
State HR Dashboard - Treasurer’s Office (September 6, 2017)
• Organization Charts
Organizational Chart (2000-01).pdf
Organizational Chart (2001-02).pdf
Organizational Chart (2002-03).pdf
Organizational Chart (2003-04).pdf
Organizational Chart (2004-05).pdf
Organizational Chart (2005-06).pdf
Organizational Chart (2006-07).pdf
Organizational Chart (2007-08).pdf
Organizational Chart (2008-09).pdf
Organizational Chart (2009-10).pdf
Organizational Chart (2010-11).pdf
Organizational Chart (2011-12).pdf
Organizational Chart (2012-13).pdf
• Other Information about Structure/Employees
Demographics of employees in the State Treasurer's Office provided by Treasurer's Office (as of September 30, 2015)
Years of Service by Positions in the State Treasurer's Office provided by Treasurer’s Office (as of March 31, 2016)
Human Affairs Report re Equal Employment Opportunity - Treasurer's Office portion (February 1, 2016)
Staff Recruitment and Retention Plan (December 28, 2017)

Mission, Goals & Strategic Plan

• Strategic Plan Details (Excel Spreadsheet)
Compare to Goals of other Agencies (Excel Spreadsheet)
• PowerPoint Presentation from Treasurer’s Office (March 17, 2016)
The Treasurer's Office provided this presentation during the March 17, 2016 Subcommittee Meeting. The presentation includes information about the agency’s mission, vision, history, and strategic plan. The presentation also includes a slide with provides information on the difference in the Treasurer’s Office and related agencies (e.g. Comptroller General and State Auditor).
• Stakeholders, Customers and Partners PowerPoint Presentation provided by Treasurer’s Office at Subcommittee Meeting (April 14, 2016)
The Treasurer's Office provided information about its stakeholders, customers and partners during the Subcommittee’s April 14, 2016 meeting. The presentation lists the entities that fall within these categories. It also highlights the agency’s strategic plan, highlighting, by objective, the entities that help the agency accomplish the objectives, and some of the agency’s applicable performance measures.

Finances & Performance

• Finances
Strategic Budgeting - Details (Excel Spreadsheet)
Annual Actuarial Valuation of Tuition Prepayment Program Fund for FY2016 (September 2016)
Annual Report of Tuition Prepayment Program Financial Statements for FY2016 (September 2016)
Audit of Local Government Investment Pool (LGIP) Financial Statements for FY2016 (September 2016)
Audit of Treasurer's Financial Statements for FY 2015 (November 2016)
• Performance
Recap of Agency Presentations, Resources by Strategic Plan, and Performance Measures PowerPoint Presentation (August 19, 2016)
Treasurer’s Office Annual Investment Plan (2013-14) (provided by Treasurer on March 1, 2017)
Full Treasurer's Office Annual Investment Plan (2013-14) (provided by Treasurer on March 27, 2017)
Investment Policy Statement for Treasurer’s Investment Portfolios (adopted October 19, 2015) (provided by Treasurer on March 1, 2017)
Comprehensive Investment Policy for Treasurer's Investment Portfolios (adopted Oct. 19, 2015) (provided by Treasurer on March 27, 2017)
Investment Policy Statement for Treasurer’s Investment Portfolios (revised December 30, 2016) (provided by Treasurer on March 1, 2017)
Comprehensive Investment Policy for Treasurer's Investment Portfolios (adopted Oct. 19, 2015, Revised Jan. 30, 2017) (provided by Treasurer on March 27, 2017)
Investment Policy Statement (IPS) (Adopted October 19, 2015; Revised December 19, 2017)
Investment Performance Report (November 31, 2017)

Other Materials

• Bank of New York Mellon (BNYM)
Securities Lending Agreement and Guaranty between BNY and State Treasurer, signed by Treasurer Eckstrom, provided by Treasurer's Office (November 27, 1996)
Letter from BNY to Deputy SC Treasurer, John M. Pownall, outlining addendum to the November 27, 1996 Securities Lending Agreement between BNY and State Treasurer provided by Treasurer's Office (July 7, 1997)
Letter from BNY to Deputy SC Treasurer, James M. Holly, confirming earnings pay rate update, copying Treasurer Eckstrom, John Pownall and Chuck Sanders, provided by Treasurer's Office (July 9, 1998)
Securities Lending Agreement and Guaranty between BNY and State Treasurer, signed by Treasurer Patterson, provided by Treasurer's Office (March 24, 2000)
Global Custody Agreement between BNY and SC Treasurer between BNY and State Treasurer, signed by Treasurer Ravenel, provided by Treasurer's Office (April 27, 2007)
Request from SC Treasurer's Office to SC Attorney General for Authorization to Employ Associate Counsel, law firm of Willoughby & Hoefer, P.A. provided by Treasurer's Office (October 20, 2009)
Letter (via hand delivery) from SC Treasurer Converse Chellis to SC Attorney General Henry McMaster provided by Treasurer's Office (June 14, 2010)
Letter from SC Attorney General McMaster to SC Treasurer Chellis provided by Treasurer’s Office (June 15, 2010)
Litigation Retention Agreement between SC Treasurer Chellis and Special Counsel Willoughby & Hoefer, P.A. provided by Treasurer's Office (June 18, 2010)
Letter (via hand delivery) from SC Treasurer Chellis to SC Attorney General McMaster provided by Treasurer's Office (June 18, 2010)
Letter from Chief Deputy Attorney General, John McIntosh to SC Treasurer Chellis provided by Treasurer's Office (June 23, 2010)
Letter (via hand delivery) from SC Treasurer Curtis Loftis to SC Attorney General Alan Wilson provided by Treasurer's Office (January 20, 2011)
Addendum to Litigation Retention Agreement for Special Counsel Appointed by South Carolina State provided by Treasurer’s Office (January 20, 2011)
Letter (via hand delivery and US mail) from SC Attorney General Wilson to SC Treasurer Loftis provided by Treasurer's Office (January 20, 2011)
Affidavit of Thomas J. Ravenel submitted by BYNM in connection with State Treasurer and Attorney General of the State of South Carolina v. Bank of New York Mellon, Civil Action No. 2011-CP-40-00533, Richland County Court of Common Pleas provided by Treasurer's Office (February 26, 2013)
Letter from SC Treasurer Loftis to Mr. Willoughby and Mr. Montgomery, copying SC Attorney General Wilson provided by Treasurer's Office (May 2, 2013)
Letter from SC Attorney General Wilson to SC Treasurer Loftis acknowledging receipt of the Treasurer's May 2, 2013 letter provided by Treasurer's Office (May 2, 2013)
Settlement and Mutual Release Agreement Signed by BNY Mellon (Authenticated by J Newman 5-20-13) provided by Treasurer’s Office (May 14, 2013)
Settlement and Mutual Release Agreement Signed by State (Authenticated by J Newman 5-20-13) provided by Treasurer’s Office (May 14, 2013)
Consent Order of Dismissal with Prejudice, State Treasurer and Attorney General of the State of South Carolina v. Bank of New York Mellon, Civil Action No. 2011-CP-40-00533, Richland County Court of Common Pleas provided by Treasurer's Office (May 20, 2013)
Amended and Restated Custody Agreement between SC Treasurer's Office and BNYM provided by Treasurer's Office (December 30, 2013)
Securities Lending Chronology covering Spring 1982 through May 2013 provided by Treasurer’s Office (January 16, 2014)
This was provided by the Treasurer’s Office to the Senate Special Subcommittee to Review the Investment of State Retirement Funds, in response to questions from the Senate Special Subcommittee.
Potential Savings Based Upon BNYM Settlement Concessions provided by Treasurer's Office (January 16, 2014)
This was provided by the Treasurer’s Office to the Senate Special Subcommittee to Review the Investment of State Retirement Funds, in response to questions from the Senate Special Subcommittee.
Securities Lending Agreement between SC Treasurer's Office and BNYM provided by Treasurer's Office (May 7, 2014)
Report of SC Public Employee Benefit Authority (PEBA) to Chairman of Senate Finance Committee and Chairman of House Ways and Means Committee regarding settlement of State Treasurer and Attorney General of the State of South Carolina v. Bank of New York Mellon provided by Treasurer’s Office (January 12, 2015)
Exhibit 1 - Settlement and Mutual Release Agreement; Treasurer’s Office states the original settlement agreement was executed by the parties in two counterparts - each page of which is initialed and numbered at the bottom by the presiding judge. The Treasurer’s Office further states the copy included as an Exhibit in this report appears to be a printout of a single counterpart combined with the signature pages from the original counterparts. The Treasurer’s Office provided copies of the two original counterparts which are linked above.
Exhibit 2 - 2007 Global Custody Agreement;
Exhibit 3 - 2013 Custody Agreement;
Exhibit 4 - 2000 Securities Lending Agreement and Guaranty;
Exhibit 5 - 2014 Securities Lending Authorization Agreement;
Exhibit 6 - Litigation Retention Agreement for Special Counsel Appointed by the South Carolina State Treasurer; Addendum to Litigation Retention Agreement for Special Counsel Appointed by the South Carolina State Treasurer; Letter dated May 2, 2013, from the South Carolina Attorney General to the State Treasurer
• Pension and Retirement Funds
Report by the SC Senate Special Subcommittee to Review the Investment of State Retirement Funds available on www.scstatehouse.gov (April 2014)
Legislative Audit Council “Review of Public Pensions Administered by State of South Carolina” full report and summary provided by Treasurer's Office (December 2015)
• Credit Rating
S&P 2016 Rating Report excerpt provided by Treasurer's Office [Returned]