Digital Media Center
Bryant-Denny Stadium, Gate 61
920 Paul Bryant Drive
Tuscaloosa, AL 35487-0370
(800) 654-4262

© 2024 Alabama Public Radio
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Securities Probe Shows $9 Million In Payments

Montgomery, AL – An investigation report from the Alabama Securities Court says Nationwide Retirement Solutions has paid more than $9 million to a subsidiary of the Alabama State Employees Association since 2000.

The commission's report says the money has been used to pay operational expenses, conduct lobbying activities and increase membership in the employees' association.

The payments started after the association asked the state Personnel Board to approve a contract for Nationwide to offer a deferred compensation plan to state employees. Board members say they were unaware of the payments when they approved the contract.

Now that the board knows of the payments, it is in the process of switching companies.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

News from Alabama Public Radio is a public service in association with the University of Alabama. We depend on your help to keep our programming on the air and online. Please consider supporting the news you rely on with a donation today. Every contribution, no matter the size, propels our vital coverage. Thank you.