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AG Probes Pension Funding

Filed by Michael Cross in Feature, Local News, News, Politics.
July 28, 2011
 

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The State Attorney General wants to know if there’s been any mismanagement or fraud in Oklahoma’s pension funds.

Attorney General Scott Pruitt is launching a probe similar to ones in California, Florida and Virginia which uncovered $200 million in fraud and deceit by outside investment firms.

Pruitt says the investigation’s in its early stages and there’s no current evidence of any wrong doing with state funds.

“We have taken the first steps to collect data, ask questions. Our investigators in the AG’s office will collect that data and we’ll make an assessment at that point about the next step.”

He says 20% of a state’s pension portfolio is handled by outside firms who could be mismanaging the funds.

Investment management of funds will be part of an interim study in October or November investigating the state’s pension system.

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