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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.
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.