RALEIGH, N.C. (AP) -- The union representing thousands of North Carolina state workers is complaining to federal securities regulators on how State Treasurer Janet Cowell is managing the $86 billion pension system.

The State Employees Association of North Carolina went to the Securities and Exchange Commission on Tuesday after receiving a consultant's report of pension fund investment practices.

The workers group has been critical of Cowell's role as sole trustee of the fund and her decisions to put more money into higher-risk, higher-return investments. Consultant Edward Siedle (seye-DEL) says the pension fund should not invest in hedge funds and other investments that will not make clear where money is going.

Cowell spokesman Schorr Johnson said the report is wrong. Johnson says a full accounting of every pension dollar is provided in an annual report.

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