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COLUMBIA, S.C. (AP) -- South Carolina will hire lawyers to monitor investments in the state's retirement system for waste, fraud and abuse.

In a letter obtained by The Associated Press on Friday, Attorney General Alan Wilson says two law firms will monitor the state's investment portfolio.

Wilson says in the letter to state Treasurer Curtis Loftis that there is no suggestion that fraud is occurring. But Wilson adds it is not unusual for pensions lose 5 percent on fraudulent transactions. He says the state can't afford to lose cash with $12 billion in underfunded pension obligations.

Wilson says the two law firms will work at no charge to taxpayers.

(Copyright 2011 by The Associated Press. All Rights Reserved.)