RSIC authorizes CEO to submit FY2026 budget and approves Hitchcock pay increase after executive session

The Retirement System Investment Commission approved two formal actions at its meeting: authorization for the CEO to submit a proposed FY2026 budget to the governor’s office and, following an executive session, a compensation increase for Chief Executive Officer Mr. Hitchcock.

Chair called for a motion to authorize the CEO to submit a FY2026 detailed budget substantially similar to the draft presented; commissioners moved, seconded and approved the motion by voice vote with no recorded roll‑call. Mr. Hitchcock had told the commission earlier that the FY2026 request does not seek additional total authorization but proposes shifting $600,000 from other operating expenses into compensation and benefits lines ($400,000 to personal services; $200,000 to employer benefits), and that the agency’s operations are funded through trust‑fund authorizations rather than the general fund.

Later the commission moved into executive session under cited South Carolina code sections to discuss investment, personnel and legal matters. After returning to open session the commission read a motion that, based on the performance review conducted in executive session, authorized a compensation increase for Mr. Hitchcock, directed human resources to take necessary implementation steps, and instructed that the salary increase would be publicly disclosed in the minutes after Mr. Hitchcock has been informed. The motion carried by voice vote; no detailed dollar amount or final effective date for the raise was disclosed on the public record at the meeting.

The meeting also included a brief delegated‑investments report noting that five investments closed since the last meeting; staff provided materials for commissioners and offered to discuss any questions offline.

The commission adjourned after taking these actions.