SC retirees kept out of briefing on settlement

COLUMBIA, S.C. (AP) — South Carolina retirees say they have a right to know how a settlement between the treasurer’s office and the Bank of New York affects the trust fund that pays their pensions.

State attorneys briefed the commission overseeing the state’s pension portfolio Thursday, but only on the condition that three leaders of the State Retirees Association and a reporter for The Associated Press leave the meeting.

The treasurer’s office sued the bank in January 2011, accusing it of losing $200 million in retirees’ money through bad investments. The settlement that took effect earlier this month includes $25 million returned to state accounts, with $20 million going to a retirees’ fund.

Attorney Mitch Willoughby says the settlement still limits discussions.

It awards a new, 10-year contract with the bank that isn’t finalized.