Tag: SC Government

Sunshine Week and Beyond

Recently, media outlets across the country celebrated “Sunshine Week,” a time devoted to the promotion of open government. The cause is noble, and government leaders at all levels should be committed to the goal of daily transparency and not just during an appointed week.

Creating a transparent and accountable government is far more difficult than one may assume. There are many obstacles to granting citizens a look-see into what really happens, not the least of which is the old-fashioned sense of embarrassment. Few of us enjoy someone looking over our shoulders, and even fewer like the entire state peering wide-eyed into our daily work. But good government cannot exist in today’s complicated world without such sunshine.

Continue Reading →
"Public pensions must be more transparent, accountable." Curtis M. Loftis Jr.

Public Pension Plans Must Be Transparent

It’s no secret that public pension plans and their investment boards nationwide are underperforming. Blame is often assigned to the economy, over-promising politicians, unrealistic assumed rates of investment returns, and workers that retire earlier and live longer. But, is there more to the story?

“In all 50 states hard-working public employees and taxpayers supply the money for these investments. They should not be riding in the back of the bus, and in fact they should be driving the bus. ”

My research and experience shows that many pension investment boards lack vital transparency and accountability. The absence of these key principles of good governance leaves the plans vulnerable to increased risk. The inner workings of these investment boards are mysterious to outsiders; in fact these investment boards are places where enormous sums of public dollars are entrusted to a select few, but coveted by many.

Continue Reading →