SALEM, Ore. (AP) -- State Treasurer Ted Wheeler plans to ask the Oregon Legislature for authority to hire more investment managers to replace some of the Wall Street consultants now handling portions of the state pension fund.

The treasurer's office says state workers could do the same work for less money. An annual analysis of the world's largest pension systems found Oregon spends more than average on investment management and could save the pension fund about $12 million a year.

The report also found that Oregon gets better investment returns than most of its peers.

State Treasury spokesman James Sinks tells the Salem Statesman Journal ( that Wheeler will ask for hiring authority during the legislative session that begins in February.

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