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.
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