Wis. investment board sets aside $1.7M for bonuses
MADISON, Wis. (AP) — Four employees who manage Wisconsin's pension fund are on track to receive six-figure bonuses for their 2008 performance while 20 others could get $25,000 or more.
The bonus payments for 48 employees of the State of Wisconsin Investment Board will be delayed until at least 2011. Those who leave the agency before then won't get them unless they retire.
The bonuses come despite the loss of billions of dollars in the fund's assets in 2008, which caused an unprecedented drop in benefits for retired government workers.
The board has set aside $1.7 million for the bonuses, including $150,000 for a senior portfolio manager. Three top agency officials declined bonuses.
Oct 8, 2009 at 4:24 p.m.
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Same song - 32nd verse.
Oct 8, 2009 at 2:07 p.m.
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Let's not forget to applaud and give kudos to the three agency officials who declined the bonuses! It's nice to know there are some people in positions of responsibility who are responsible people. Good job!
Oct 8, 2009 at 1:53 p.m.
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And you know where GM is now. Bankrupt!
Oct 8, 2009 at 1:52 p.m.
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Let me get this right...the managers get giant bonuses because they lost billions? I heard this before! This sounds like GM management!
Oct 8, 2009 at 1:28 p.m.
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I'm pretty sure that the State Investment Board, which is independent and includes non-gubernatorial appointees, only has fiscal authority to give these bonuses from the funds it manages. The legislature would have to approve any funds coming from the taxpayers.
http://www.swib.state.wi.us/
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That said, my mother's pension fund definitely dropped in value (40% down vs. 18 months ago), and anyone depending on that money, especially in the immediate future, has a right to protest to the board.
Oct 8, 2009 at 1:28 p.m.
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imatim2- True the initial investment that is part of the employees wages and benefits did come from tax revenue. The money was then put into a large portfolio and invested into the stock market. The money paid in bonuses to the managers is out of profits from the investment they manage not general tax revenue. The people paying the bonus are the people invested in the WRS.
Oct 8, 2009 at 12:28 p.m.
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greenst, the government does not make money. You can bet that any money the government has came out of your taxes, no matter what fund it is in. Yes, fund managers get paid. However, in true capitalism bonuses are paid based upon performance. No bonuses were earned managing this pension fund last year but we'll pay them anyway. If not the Lib/Dems, who is responsible? Bush?
Oct 8, 2009 at 11:40 a.m.
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And when the investments are down and the pension fund can't pay 100% benefits, the retirees can go back to work. Don't squander the money then cry when the market is down.
Oct 8, 2009 at 11:22 a.m.
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This is not all Tax money. As I understand it is paid for gains on the employee invested retierment fund. Not out of the State budget. Don't blame Liberal Dem's. This is pure capitalism. They get paid just like anyother fund manager.
Oct 8, 2009 at 11:16 a.m.
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Are we angry yet?
Oct 8, 2009 at 11:13 a.m.
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WTF?
Oct 8, 2009 at 11:13 a.m.
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liberal dem,s at there best. waste spend and blame it on bush..... wake up and take back our state and country
Oct 8, 2009 at 11:07 a.m.
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This is flat out ridiculous, more of my tax dollars wasted.
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