COLUMBIA, S.C. (AP) — A Senate panel on Wednesday recommended an additional $9 million of spending by the commission that oversees South Carolina's $25 billion investment fund for public workers' pensions, saying more employees and better technology should boost returns.
A Senate Finance subcommittee unanimously approved the commission's request to spend $19 million from investment profits next fiscal year on its operations. That's up from $10 million this year.
Vice chairman Reynolds Williams told the panel the additional money will enable the commission to better evaluate investments, with about 85 percent paying for technology upgrades. The request would also add 12 people, increasing the commission's employees to 47.
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