Montgomery, AL – The Alabama Securities Commission is investigating a possible conflict involving a deferred compensation plan for state employees that has been a financial windfall for the Alabama State Employees Association.
Commission Director Joe Borg said Thursday the investigation is pretty close to completion.
The State Personnel Board voted in October to seek an investigation by the Securities Commission.
The Personnel Board approved the deferred compensation plan at the request of the Alabama State Employees Association in 2004. But the board says it was never told that the employees' association was getting about $1 million a year from the insurance company that provides the plan.
(Copyright 2009 by The Associated Press. All Rights Reserved.)