Neb. investment council adopts new guidelines

AP News
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Posted: Nov 13, 2009 12:30 PM

The Nebraska Investment Council has adopted new regulations to help prevent fraud after an annual review revealed a loophole.

The council that oversees a $12 billion pension fund for government employees released an annual attestation report on Thursday.

A review of the council's policies revealed that it could be possible for the state investment officer to set up repetitive wire transfers of less than $10 million without the knowledge of another person.

So the council changed its rules to require someone besides the investment officer to verify wire transfers like that.