SCHENCK: KEEP POLITICS OUT OF PENSION FUND

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TALLAHASSEE, FL- Representative Robert Schenck (R-Spring Hill) made the following statement today regarding his support for Attorney General McCollum’s legislative proposals to change internal audit procedures for the State Board of Administration (SBA) and expand the Investment Advisory Council (IAC):
“In a time of global financial uncertainty, Florida’s pension fund is among the top performing funds in the nation, and we are one of very few that is funded close to 100 percent. It is irresponsible to allow political motivations to drastically alter the composition of a system that is producing such positive results.
“I am committed to supporting the best oversight structure possible for the State Board of Administration because Florida’s pension fund deserves the best expert advice and management available. I look forward to sponsoring Attorney General McCollum’s legislative proposals to change internal audit procedures, to codify existing ethics policies, and to expand the Investment Advisory Council which exists to provide expert advice to the Executive Director and staff of the SBA. Expanding the IAC would serve to provide an even wider range of expertise to the people who manage the funds on behalf of the state.”
Representative Schenck serves as Chairman of the Governmental Affairs Policy Committee which is likely to hear any proposals on this topic.

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