Tag: Curtis M. Loftis Jr

State Treasurer Curtis Loftis Co-sponsors Cyber Security Summit

Columbia, SC – South Carolina Treasurer Curtis Loftis kicked off a gathering today of state and local government leaders, higher education administrators and bankers to discuss cyber security threats to the public and private sectors. Treasurer Loftis delivered opening remarks at the Cyber Security Summit along with co-sponsors Dr. Harris Pastides, president of the University of South Carolina, and Phil Smith, head of Government and Institutional Banking at Wells Fargo.

“Protecting the personal information and money of our state’s citizens must be our highest priority,” said Treasurer Loftis. “One of the things that I want to do is help make the people of South Carolina feel safer and more secure.”

The summit, held at USC’s MyAlumni Center in Columbia, was designed to build awareness of local and global cyber security threats and share information on how organizations can mitigate their cyber risk. The event featured presentations from experts at USC’s SC Cyber initiative and global security company Palo Alto Networks as well as information from attorneys who specialize in cyber security issues.

“A year ago we launched SC Cyber and formed essential public and private partnerships,” said Dr. Pastides. “Our goal was and is to advance our state’s reputation as a place where cyber security is understood, practiced and advanced.”

Treasurer Loftis added, “I appreciate that Dr. Pastides joined me in sponsoring the Cyber Security Summit to bring more attention to this important issue.”

The Cyber Security Summit was co-sponsored by the State Treasurer’s Office, SC Cyber, Wells Fargo and Palo Alto Networks. Presenters included Thomas Scott, executive director of SC Cyber; General Les Eisner, deputy director of the Office of Economic Engagement at USC; Rick Howard, chief security officer at Palo Alto Networks; Chris Swecker, attorney and former assistant director at the Federal Bureau of Investigation and David Furr, partner at Gray, Layton, Kersh, Solomon, Furr & Smith, P.A.

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Curtis M. Loftis Jr., South Carolina’s treasurer

Treasurer Curtis Loftis – The Message

SC Treasurer Curtis Loftis extends the following letter to his South Carolina constituents.

Loftis has been a watchdog and critic of SC pension fund investment since he first assumed the office of Treasurer in January 2011.

While the fight has been difficult, Loftis is making some headway in lowering pension fees paid by the SC Retirement System Investment Commission and raising the investment percentage realized.

The letter from Loftis:

Hi,

I’m passionate about protecting South Carolina’s money. Actually, it’s your money and the State should manage it with care.

You wouldn’t overpay for a service or accept poor investment returns and neither should the State. Unfortunately, the penalty for the State’s mismanagement of money is that you must pay higher taxes and employee contributions.

I was featured in the financial section of Sunday’s New York Times concerning the best ways to manage and protect your money. Please take a few minutes and give the article a read – it is important to me that you see my efforts on your behalf.

As the custodian of the State’s funds, making sure your money is protected and properly managed is my first priority. It’s what you elected me to do…and I am on it!

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John R Rakowsky ESQ

Southern Holdings Settlement Check Saga – Corrected

A settlement check issued by the state of South Carolina for the Southern Holdings case plaintiffs wound up nine months later in the account of an attorney not connected to the case.

After six years in litigation where the state Insurance Reserve Fund spent several million dollars on lawyers defending the case, a rushed “settlement” was allegedly arranged between lawyers for the plaintiff and lawyers for the defendants.

The alleged settlement took place behind closed doors with the federal trial judge, after jury selection was complete.

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"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.

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South Carolina’s Pension Push Into High-Octane Investments

South Carolina’s Pension Push Into High-Octane Investments

New York Times Curtis M. Loftis Jr., South Carolina’s treasurer, says he worries that state pension officials have had their heads turned by Wall Street players who stand to benefit from state money. “This is a world where people have private jets, massive apartments overlooking Central Park, people who live […]

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Tax Credits for School Choice, Dividends for All

More than 15,000 low-income students attend private schools in South Carolina. Their parents scrimp and save. They make sacrifices. They’ve put their children’s education at the top of the family’s financial priority list.

Those parents also pay taxes. More than $8.5 million this year in state income taxes alone.

Much larger than their contribution to the government coffers is the sum they save other taxpayers. If those 15,000 students enrolled in public schools and were funded at the rate of the existing public school students, it would cost state taxpayers more than $72 million. Taxpayers below the $35,000 income class would not pick up that slack; it would be borne by those with deeper pockets.

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