SC retirement commission wants to spend $9M more

COLUMBIA, S.C. (AP) — A Senate panel is recommending an additional $9 million of spending by the commission that oversees South Carolina’s $25 billion investment fund for public workers’ pensions.

A Senate Finance subcommittee on Wednesday unanimously approved the commission’s request to spend $19 million from investment profits next fiscal year on its operations. That’s up from about $10 million this year.

Vice chairman Reynolds Williams told the panel the additional money will enable the commission to better evaluate investments. About 85 percent would pay for technology upgrades. The request would also add 12 people.

The House’s proposed budget for 2012-13 reduces what they’re allowed to spend of those funds by nearly $500,000.

The subcommittee’s recommendation goes to the full Senate Finance Committee, which will debate its version of the state budget next week.