University of SC to hand out insurance stock money

COLUMBIA, S.C. (AP) — The University of South Carolina says it is ready to pay some current and former employees who had Prudential life insurance policies.

The State newspaper of Columbia reported Thursday (http://bit.ly/p1UCgt ) the Prudential provided life insurance for USC employees and changed from being a company owned by policyholders to a company owned by stockholders.

The change resulted in USC getting Prudential stock which the school sold for nearly $5 million.

Employees said they were entitled to the money rather than the school.

The school decided to divide the money among nearly 1,800 current and former employees who had paid the premiums.

The payments had been expected last December, but were delayed while the school obtained advice on the tax implications for the employees.

The payments will range from $50 to about $8,000.

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Information from: The State, http://www.thestate.com