Denver (AP) - Investment managers for Colorado's largest state pension plan got $1.2 million in bonuses over the past two years at a time when the fund lost $11.1 billion, according to documents obtained by the Associated Press.
Meredith Williams, executive director of the Colorado Public Employees Retirement Association, says the bonuses were for 2006 and 2007, when the market was booming. He says he has canceled
bonuses for this year, even though some investment managers may have earned them.
Bonuses ranged from $70,413 to $3,895 over the two years. In 2007, they averaged $14,443 for 25 eligible employees.
Williams says assets managed by the state's largest pension plan dropped from $41.4 billion on Dec. 31, 2007, to $30 billion on Nov. 30, 2008.
(COPYRIGHT 2009 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)
KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.