COLUMBIA (WACH)--State senators will consider removing the state treasurer from the commission that oversees the $26 billion investment fund for public workers' pensions.
A proposed amendment to a government structuring bill would require Treasurer Curtis Loftis to appoint someone, rather than sit on the six-member commission himself.
The Legislature created the commission in 2005 to oversee investments. The treasurer is the only elected official on the panel and the only one not required to have a background in finance.
Loftis complains the portfolio has too many alternative investments and pays too much in fees.
The State Law Enforcement Division is investigating a report that companies were told they could improve their chances of handling state pension investment work if they paid a friend of Loftis. Both deny any wrongdoing.
The Associated Press contributed to this report.
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