An Austin news station reported Thursday night that some Teacher Retirement System employees have spent pension fund dollars to stay in luxurious hotels while traveling overseas on investment business.

KEYE investigated the agency’s travel costs and found several instances of hotel stays in rooms costing more than $350 per night, and at least one in Hong Kong of more than $700.

TRS Executive Director Brian Guthrie defended the need for international travel given the pension fund’s extensive investments in foreign markets, but acknowledged that the hotel costs seemed excessive and promised that the agency would take a closer look at its travel expenses. See the story here.