(AP) -- COLUMBIA, S.C. (AP) - South Carolina's chief financial officer says he wants to suspend plans to create an independent company that would oversee a portion of the state's investments.
The state commission that oversees public employees' retirement system voted last week to proceed with steps that could put South Carolina's private capital investments under management of a state-owned firm.
Treasurer Converse Chellis has said he agreed with the idea of saving on fees. But on Tuesday he said the proposal's lack of detail has caused too much confusion.
The commission's chief investment officer will present the plan at Wednesday's Budget and Control Board. The commission has agreed to meet afterward.
Chellis is a member of both the commission and budget board.
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