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COLUMBIA, S.C. (AP) -- South Carolina Treasurer Curtis Loftis will continue to sit on a commission that oversees the $26 billion investment fund for public workers' pensions after senators voted against removing him.

The Senate voted 34-10 on Wednesday to kill a proposal requiring the state treasurer to appoint someone in his stead. It was a proposed amendment to a government restructuring bill.

The treasurer is the only elected official on the panel, and the only one not required to have a background in finance.

Sen. Greg Ryberg argues Loftis has turned the retirement fund into political theater, and lacks the expertise to make decisions on complex investments.

Others argue they want an elected official on the commission to serve as a watchdog.

“I am grateful state Senators have stood for taxpayers in a 34-10 vote and recognized that maintaining transparency and accountability on the state pension fund is vital to South Carolina’s economic health.  Having a statewide elected official on the Investment Commission ensures transparency and accountability.  The staff of the State Treasurer’s Office and I have been diligently examining the pension fund for the past year.  Our analysis of the fund has relied on solid numbers and information from leading independent firms using recognized fiscal year returns instead of cherry picking stats for political convenience," said Loftis.

“South Carolina’s pension fund expenses have skyrocketed in the past few years while returns have lagged below those of our peers.  State employees, retirees and taxpayers deserve to know what is happening with the state’s largest asset, the $25 billion public pension fund.  This is the people’s money and they deserve a seat at the table.  As State Treasurer, I am the custodian of all state funds and I will not back down from asking tough questions when it comes to protecting public assets.”

(The Associated Press contributed to this report.)