HOUSE LEGISLATIVE OVERSIGHT COMMITTEE
Retirement System Investment Commission

• Agency Reports
2015 - Agency ARR and Seven-Year Plan (February 27, 2015)
2016 - Agency ARR (January 8, 2016)
Annual Restructuring Report - Request to Amend (August 3, 2016)
2016 - Agency ARR Amended (August 11, 2016)
Program Evaluation Report Guidelines (May 16, 2016)
Program Evaluation Report Extension Request (July 11, 2016)
Agency PER (August 3, 2016)
Amended PER (September 23, 2016)
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
2018-19 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 8, 2016)
• Public Survey & Public Input via LOC webpage
Public Input about RSIC received via Oversight webpage (April 6, 2016)
Public Input about RSIC received via Oversight webpage (April 7, 2016)
Public Input about RSIC received via Oversight webpage (April 11, 2016)
Press Release announcing Public Survey (April 29, 2016)
Public Input about RSIC received via Committee webpage (May 4, 2016)
Results of Survey of Department of Agriculture; Department of Health and Environmental Control; Law Enforcement Training Council and Criminal Justice Academy; Department of Archives and History; and Retirement System Investment Commission (May 1 - 31, 2016)
Public Input about RSIC received via Committee webpage (May 27, 2016)
Public Input about RSIC received via Committee webpage (July 7, 2016)
Public Input about RSIC received via Committee webpage (July 7, 2016)
Public Input about RSIC received via Committee webpage (July 8, 2016)
Public Input about RSIC received via Committee webpage (July 10-15, 2016)
Public Input about RSIC received via Committee webpage (August 3, 2016)
Public Input about RSIC received via Committee webpage (August 4, 2016)
Public Input about RSIC received via Committee webpage (August 5, 2016)
Public Input about RSIC received via Committee webpage (August 10, 2016)
Public Input about RSIC received via Committee webpage (August 15, 2016)
Public Input about RSIC received via Committee webpage (August 16, 2016)
Public Input about RSIC received via Committee webpage (August 17, 2016)
Public Input about RSIC received via Committee webpage (August 18, 2016)
Public Input about RSIC received via Committee webpage (August 19, 2016)
Public Input about RSIC received via Committee webpage (August 21, 2016)
Public Input about RSIC received via Committee webpage (August 21, 2016)
Public Input about RSIC received via Oversight webpage (August 29, 2016)
Public Input about RSIC received via Oversight webpage (September 1, 2016)
Public Input about RSIC received via Oversight webpage (September 6, 2016)
Public Input about RSIC received via Committee webpage (September 14, 2016)
Public Input about RSIC received via Committee webpage (October 9, 2016)
Public Input about RSIC received via Committee webpage (October 10, 2016)
Public Input about RSIC received via Committee webpage (June 15, 2017)
• Correspondence
Letter from Oversight Committee to RSIC (February 4, 2016)
The Oversight Committee notifies the agency it has been selected for study.
Email to all RSIC Staff from RSIC CEO Michael Hitchcock (February 19, 2016)
In this email the Retirement System Investment Commission (RSIC) CEO informed all RSIC employees that RSIC is scheduled for a regular study by the House Legislative Oversight Committee, the purpose of the study and some things to expect and not expect from the Committee’s webpage.
Letter from Oversight Committee to RSIC (May 31, 2016)
The Oversight Committee requests information related to requests for proposals or quotation, or any other solicitation of custodial services for the assets of the South Carolina Retirement System Trust Funds.
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 RSIC to Oversight Subcommittee (June 14, 2016)
RSIC responds to the Subcommittee’s May 31, 2016 letter by providing the first set of documents the agency has compiled which are numbered 1-739 and included in five separate files. The agency notes it will continue to transmit documents.
Letter from RSIC to Oversight Subcommittee (June 21, 2016)
RSIC responds to the Subcommittee’s May 31, 2016 letter by providing the second set of documents the agency has compiled which are numbered 740-2755 and included in ten separate files. The agency notes it will continue to transmit documents.
Letter from RSIC to Oversight Subcommittee (June 28, 2016)
RSIC responds to the Subcommittee’s May 31, 2016 letter by providing the third set of documents the agency has compiled which are numbered 2756-3406 and included in five separate files. The agency notes it will continue to transmit documents.
Letter from Oversight Subcommittee to RSIC (August 3, 2016)
The Executive Subcommittee requests information on the following topics from RSIC: (1) commission votes; (2) procurement and fees; (3) investment strategies proposed by Commissioners; (4) securities lending; and (5) rate of return.
Letter from RSIC to Oversight Subcommittee (August 17, 2016)
RSIC responds to the Subcommittee’s May 31, 2016 letter by providing the fourth set of documents the agency has compiled which are numbered 3407-4032 and included in nine separate files. The agency states it has completed its review of what it believes are the responsive documents to the Subcommittee’s May 31, 2016 request.
Letter from RSIC to Oversight Subcommittee (August 26, 2016)
RSIC provides information in response to the Subcommittee’s August 3, 2016 letter.

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 - Retirement System Investment Commission (September 6, 2017)
• Organization Charts
Organizational Chart (2008-09)
Organizational Chart (2009-10)
Organizational Chart (2010-11)
Organizational Chart (2011-12)
Organizational Chart (2012-13)
Organizational Chart (2013-14)
Organizational Chart (2014-15)
Organizational Chart (2015-16)

Mission, Goals & Strategic Plan

• Strategic Plan Details (Excel Spreadsheet)
Compare to Goals of other Agencies (Excel Spreadsheet)
• History, Governing Body, Mission, and Securities Lending PowerPoint Presentation provided by RSIC (July 12, 2016)
RSIC provided this presentation to the Subcommittee during the Subcommittee meeting on July 12, 2016.

Finance & Performance

• Finances
Strategic Budgeting - Details (Excel Spreadsheet)
• Performance
Investment Cost Effectiveness Analysis (for five years ending December 31, 2014)
Each year CEM Benchmarking performs a performance and fee evaluation report for the RSIC. This report includes information for the five year period ending December 31, 2014. Highlights are included on page 26 of the report.
Annual Returns v. Assumed Rates of Return 1999-2016
Public Pension Plan Investment Return Assumptions from the National Association of State Retirement Administrators (February 2016)
Annual Ranking of SC’s Retirement System versus other states 2001 through 2014
Motions from RSIC Commission Meetings (September 8, 2005 - April 21, 2016)

Other Materials

• Securities Lending Assets and Liabilities from 2007-2015 - compiled by Oversight Committee staff
Oversight Committee staff compiled this information from the State’s Comprehensive Annual Financial Reports.
Securities Lending Assets and Liabilities from 2007-2015 - Expanded Excel Charts compiled by Oversight Committee staff
• Glossary provided by agency (August 3, 2016)
• Reports, Reviews and Audits
Performance Incentive Compensation Audit for FY 2012-13
Annual Investment Report Audit for FY 2012-13
Investment Management Fees for FY 2012-13 - Internal Audit Flash Report (as of June 30, 2013)
Investment Management Fees and Expenses Audit for FY 2012-13 and 2013-14
Annual Investment Plan (AIP) & Statement of Investment Objectives and Policies (SIOP) (Period ending December 31, 2013)
Performance Reporting Audit for FY 2013-14
Ethics and Conflicts of Interest Review for FY 2014-15 - Internal Audit Flash Report (as of March 31, 2015)
Proposed Annual Investment Plan Review for FY 2015-16 - Internal Audit Flash Report (as of April 22, 2015)
Annual Investment Report Audit Follow Up for FY 2014-15 - Internal Audit Flash Report (as of June 30, 2015)
Independent Accountant CliftonLarsonAllen, LLP’s Report on Investment Valuation and Due Diligence - Based on Agreed-Upon Procedures (FY ending June 30, 2015)