Texas Pension Fund Managers Get Huge Bonus
Texas – The state teacher retirement fund's investment managers received more than $8.2 million in bonuses this year more than double what every other state agency's top employees have received combined since 2007, according to a newspaper's analysis.
The Dallas Morning News reported the results of its analysis in Sunday's edition at a time when about 300,000 retired teachers have gone 10 years without a pension increase and state lawmakers struggle with a budget shortfall that could leave tens of thousands of teachers out of work.
Teacher Retirement System Board Chairman R. David Kelly says lush incentive pay is needed to keep investment managers with the most expertise.
State Sen. Kevin Eltife tells The News that the Legislature should consider ending incentive pay and replace it with competitive salaries.
Information from: The Dallas Morning News, http://www.dallasnews.com
Copyright 2011 The Associated Press.