Audit plan kept from SC pension chief
Thu, 15 Sep 2011 14:56:36 GMT —
COLUMBIA, S.C. (AP) -- The director of the group that oversees pension benefits for state workers in South Carolina says he was never consulted about a plan to use outside lawyers to monitor investments for potential fraud.
South Carolina Retirement Investment Commission Executive Director Bob Borden said Thursday he only learned of the plan when it was reported in the media in August.
State Treasurer Curtis Loftis and Attorney General Alan Wilson are squabbling over the proposal. Wilson says the two agreed on the outside oversight earlier this year, but Loftis has completely changed his mind since. Loftis issued a statement Wednesday saying his office extensively monitors the state's pension funds.
The investment commission is meeting Thursday to discuss the issue and the health of the investments that help pay pensions for state employees.
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