BOSTON—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 ( http://b.globe.com/saypvA) 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.
Information from: The Boston Globe, http://www.boston.com/globe