Mass. State Pension Fund Hands Out Bonuses
The agency that manages the pension fund for retired state employees has earmarked more than a quarter of a million dollars for staff bonuses while the fund lost money and while few other state employees are getting raises.
The bonuses, awarded through a performance-based compensation system adopted four years ago, are tied to a three-year period ending in June. During that time, the fund, which started at $50.6 billion, suffered deep losses before rebounding to $45.6 billion.
The compensation is based on investment benchmarks set by the Pension Reserves Investment Management board and not entirely on the value of the fund.
The Boston Globe reports that Michael Trotsky, the agency's executive director since August 2010, is getting more than $33,000 in bonuses on top of his $245,000 annual salary.
This program aired on November 8, 2011. The audio for this program is not available.