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.