State retirement group slows investment plan
Oct 1, 2010 7:23:00 AM - thestate.com
The South Carolina commission that oversees public employees' retirement system says it will honor lawmakers' request to slow down efforts to create an independent investment company.
The chairman of the state Retirement System Investment Commission said Thursday it will further develop the plan and provide more detail to the state Budget and Control Board, as its members sternly requested a day earlier.
The commission voted last week to proceed with steps that could put the state's private capital investments under management of a state-owned firm. But it agreed to meet again after presenting the idea to the budget board.
Chairman Allen Gillespie says the goal is to save hundreds of millions of dollars on fees and boost the state's return on investment.
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