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As its portfolio plunged by almost one-fourth, the nation's largest public pension fund, California Public Employees' Retirement System (CalPERS) awarded its portfolio managers five- and six-figure bonuses, according to a study by the Associated Press. As returns plunged in the 2008-2009 fiscal year, virtually all of CalPERS' investment managers got bonuses of more than $10,000 and several raked in bonuses of more than $100,000, the A.P. found. The number of CalPERS executives raking in $200,000 or more a year rose to 15 from 13, the A.P. found. Those in that lofty category got average raises of 12%. Several of the investment managers were collecting yearly pay of $300,000 or more, despite the dismal performance. A CalPERS board members said the raises were contractual and couldn't be changed, and in some cases were based on five-year performance.

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Comments

SurfPuppy619 Sept. 21, 2010 @ 12:18 p.m.

Nothing new.

These clowsn should be tarred and featehred and run out of town on pitch forks.

Question-is it our city or county pension system that has that yahoo who is getting $800K per year, and has hired his own staff under "contract" at super inflated pay also....??

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Don Bauder Sept. 21, 2010 @ 3:31 p.m.

to post #1: I believe it is the county's pension system, SDCERA, which wanted to hire a leader at that kind of salary, but backed down because of the public uproar. I know it was SDCERA and I am sure the $800,000 is in the ballpark. However, it's possible that SDCERA has not backed down. Best, Don Bauder

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SurfPuppy619 Sept. 21, 2010 @ 4:40 p.m.

No, they ARE trying to do that scam, and the ONLY thing that will stop it-if it has not already been approved-is if the taxpayers publicly revolt.....

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Don Bauder Sept. 21, 2010 @ 5:31 p.m.

Response to post #3: People I know in money management ask "What's the big deal?" They think that this kind of money for non-performance is fine. Best, Don Bauder

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