Retirement System Investment Commission adopts AIP and SIOP revisions, affirms Sudan divestment posture

The Retirement System Investment Commission on a voice vote approved revisions to its consolidated Annual Investment Plan (AIP) and Statement of Investment Objectives and Policies (SIOP) for fiscal year 2026–27, including two staff‑proposed strategic initiatives and a clarification to its investment delegation policy.

Mr. Hitchcock, the commission’s chief executive officer, said the April meeting was held to satisfy "a statutory requirement that the commission either approve, reaffirm or amend the AIP and SIO prior to May 1st," and that staff circulated a slightly amended draft after last month’s strategic asset allocation review.

The commission added two strategic initiatives to the documents. The first, described by Mr. Hitchcock, would "initiate a multi‑year execution of the Climate 2030 strategic growth plans" intended to scale the portfolio and support the organization’s human capital, digital infrastructure and fiscal needs as assets grow. The second would "work with PEBA and GRS to develop a contribution reduction glide path" so the commission can anticipate portfolio changes and provide liquidity if employer or employee contribution rates decline.

Mr. Hitchcock also proposed a procedural clarification to the investment delegation policy. "The delegation policy says that we have to provide the materials … within three days of making an investment. We've always interpreted that as three business days," he said, and asked that the policy text be updated to specify three business days to account for holidays and scheduling.

A staff member read a motion asking the commission to adopt the CEO and CIO recommendations to approve the proposed revisions (redline pages 65–118), include the two strategic initiatives, certify that the commission is in compliance with the Sudan divestment policy given its passive equity implementation, and authorize staff to finalize formatting and technical edits. The Chair called the voice vote; commissioners responded in favor and the Chair announced the motion passed with no recorded opposition.

Mr. Brian Moore, the commission’s chief investment officer, gave a brief allocated‑delegated investment report after the AIP/SIOP vote, saying staff had approved two investments with one manager since the prior meeting and that materials had been circulated to commissioners. He invited questions but none were raised on the record.

Before adjourning the public session, the commission moved into executive session to discuss bond and portfolio performance, underlying holdings and personnel matters and to receive legal advice under cited South Carolina Code sections. The Chair later announced that no action was taken in executive session and the meeting adjourned.

The commission’s approved revisions include the two strategic initiatives and the delegation‑policy clarification; staff were authorized to finalize formatting and technical edits consistent with the commission’s action. The commission certified compliance with the Sudan divestment policy based on the passive implementation of its equity portfolio.