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The director of Colorado’s largest state pension plan is rejecting suggestions from state lawmakers to return $1.2 million in bonuses paid to investment managers over the past two years.

Meredith Williams, executive director of the Colorado Public Employees Retirement Association, says the bonuses were “quite reasonable.” He says they had already been promised to the fund’s investment managers for performance in 2006-2007, when the market was booming.

Williams told the Legislative Audit Committee on Thursday that further bonuses have been canceled because of the economy and outrage over executive compensation at insurance giant American International Group Inc.

Lawmakers suggested the bonuses be returned because assets managed by PERA have dropped from $41.4 billion on Dec. 31, 2007, to $28.8 billion as of March 27.

Archived comments

Who ever promised the money should be fired! This is what is wrong with this Country. The same needs to be said of the CEO of Boulder Community Hospital. He gets over a million dollars. No wonder our health care and pensions are a mess. You have thieves stilling our hard earned money.

The1

4/2/2009 10:29:31 AM

The1:

Are you saying that the CEO of Boulder Community Hospital “stilled” your money? You should call 911.

glock27

4/2/2009 11:39:15 AM

unfortunately – bonuses are a necessary evil.Without them – the good managers would leave and the cost of finding and filling the postion, training, making new contacts etc would nullify most bonuses given out.It’s the contractully obligated bonuses that need to be stopped.Performance only – you did a great job (ie not losing billions or going into bankrupcty) that make sense.Just like bonuses given to football players – 20 TDs – you get an extra million.But if you get only 5 – nada.

The amounts of the bonuses should also come into line with compensation – as a top performer (non-manager) at a national investment company, I get a bonus typically around 10% of my annual salary as I am not a commissioned agent.Again it’s part of the reason I stayed at the firm for the last 3 years.I’d love to have a 50% or higher bonus but that’s well above what it would cost to replace me.And contrary to what most CEOs out there think – all employees, them included, are replaceable.

apm8945@hotmail.com

4/2/2009 11:44:04 AM

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