SC panel: Expanded board could ease employee fears
By SEANNA ADCOXAssociated Press
COLUMBIA, S.C. (AP) - A Senate panel recommends adding members to the board that invests South Carolina's pension portfolio to help ease public employees' concerns over how their retirement money's being handled.
Senators say three years of public feuding between Treasurer Curtis Loftis and his fellow board members on the Retirement System Investment Commission have scared employees, who want assurances they'll get their promised pension when they retire.
A bi-partisan panel created to look into Loftis' accusations issued a report Tuesday calling them unfounded. But the senators agree with one of his recommendations to expand the seven-member board.
The report says the best way to drive out fear is to restructure the board to give employees a formal seat at the decision-making table.
The change requires legislation that has yet to be filed.Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.