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.
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