Shades of the banks at the height of the financial crisis: An underperforming state pension fund awards its employees with more than $800,000 in bonuses.
But that's the rule with the $48.8 billion Pension Reserves Investment Management system of Massachussets, where the Boston Globe discovered that the past few years' worth of better returns for the fund have triggered a slightly hard-to-justify $810,000 bonus for the fund's 25-person staff.
The fund lost approximately $300 million last year.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
