Over at Pension360, Ted Ballantine has an excellent article outlining the $13.3 million in bonuses handed out to the members of the Wisconsin Investment Board. The $13.3 million in bonuses is the most ever handed out by the Board.
Everyone appreciates a pat on the back for a job well done.
But auditors are raising concerns about whether the Wisconsin State Investment Board, the entity that handles investments for the state’s pension funds, went a little overboard by handing out $13.3 million worth of bonuses in 2013—the most ever handed out by the Board.
The Legislative Audit Bureau, the agency set up by Wisconsin to evaluate and audit other state agencies, is asking the Investment Board to review its compensation policy in light of the bonuses.
Bonuses included, the overall compensation the Board paid employees was 14 percent higher than the median among its peers, according to the Twin Cities Pioneer Press.
As Ballantine noted in his article, the record-setting $13.3 million in bonuses were handed out despite the fact that the year-to-date returns for both pension funds managed by the Investment Board came in below their respective benchmarks.