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North Carolina Employee Union Takes Pension Complaints to SEC
WRAL.com Apr. 23, 2014
"The union representing tens of thousands of North Carolina state workers [has] filed a complaint with the [SEC] over how State Treasurer Janet Cowell is managing the $86 billion pension system.... One of the union's major objections is that Cowell has the authority to invest up to 35 percent of pension fund holdings into hedge funds, private-equity firms or other alternative investments ... State lawmakers last summer raised the maximum that could be directed to those investments. The pension fund's quarterly update in February reported about $19 billion in pension assets, about 21 percent, were in alternative investments."
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