USC discovers $5M stock holding - WMBFNews.com, Myrtle Beach/Florence SC, Weather

USC discovers $5M stock holding

(Source: USC) (Source: USC)

COLUMBIA, SC (AP) - The University of South Carolina has discovered it owns nearly $5 million worth of insurance stock it has done nothing with for nearly 10 years.

The State newspaper reported Thursday that USC owns more than 79,000 shares of stock in Prudential Life Insurance Co. The school was awarded the stock because about 1,100 USC employees paid life insurance premiums for coverage, dating to the mid-1960s.

Executive vice president Ted Moore says a committee is considering splitting the money among employees who paid the premiums, using the money to offset current insurance costs or using the money for school needs.

Moore says officials have discovered the school was told about the stock in 2001, but did nothing.

He says the panel expects to make a recommendation to USC President Harris Pastides in the next month or so.

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