Teacher Pension Fund Managers Collect $9.7 Million In Bonuses
Texas – A nearly 13 percent return for the pension system that benefits Texas teachers means $9.7 million in performance bonuses to its investment team.
The Austin American-Statesman reported, for its Friday editions, that the $104 billion Teacher Retirement System of Texas turned in the best one-year performance among the nation's largest public pension funds. The return earned Chief Investment Officer Britt Harris a bonus of nearly double his $480,000 base salary.
But Tim Lee with the Texas Retired Teachers Association says the bonuses are "going to sting" for retirees who haven't had an increase in their monthly checks in the past decade.
The fund still has only 83 cents for every dollar needed to meet its long-term obligations. Texas law says no additional benefits can go to retirees unless the trust fund is considered fully funded.
Information from: Austin American-Statesman, http://www.statesman.com
Copyright 2010 The Associated Press.