RALEIGH, N.C. -- North Carolina's public employee pension system says it will receive $15 million in refunds and discounted fees from investment funds cited in a report that raised questions about influence peddling and conflicts of interest in managing retirement money.
Transactions involving nine outside firms were highlighted in a report released Monday to a panel that advises Treasurer Janet Cowell and her retirement system staff. The issues occurred during the administration of predecessor Richard Moore.
The report was developed in part by an outside law firm and focused largely on placement agents. These are people who match pension funds up with investment firms looking to manage a portion of their money. The agents get a referral fee.
Cowell's office has created several new ethics and investments rules since taking office in 2009.