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Florida's pension fund owes U.S., audit finds

WASHINGTON (AP) — A draft audit concludes that Florida's pension fund owes the U.S. government more than $500 million, according to federal officials familiar with the review that was delayed by Health and Human Services inspector general Janet Rehnquist.

She initially postponed the audit at the request of Florida Gov. Jeb Bush's office during his 2002 re-election campaign.

The state retirement system had more money than it needed to pay its pension obligations, and part of the excess must be refunded to the federal government, the draft found.