Florida State Board of Administration, Tallahassee, will discontinue...

Florida State Board of Administration, Tallahassee, will discontinue its soft-dollar program after uncovering the possible embezzlement of $400,000, said Tom Herndon, executive director. The $92 billion pension fund plans to implement a commission recapture program using existing brokers and making a transition to a "best execution team.’’ Soft-dollar use is expected officially to stop by July. The soft-dollar program brought about $3 million to the fund last year, he said. Pension fund assets were never in danger, he said, because the program’s transactions occur only between external third parties.