COLUMBIA, S.C. (AP) — Fourteen staff members of the agency that invests retirees' pension money are receiving a combined $1.4 million in bonuses for the portfolio's performance.
The Retirement System Investment Commission approved the performance payments last week for the agency's investment staff. The amounts range from $30,000 to $300,000.
Treasurer Curtis Loftis cast the lone no vote against the payments.
The payments were calculated according to a "performance incentive" plan that commissioners, including Loftis, approved unanimously last year. They are based on how returns on investments compare to goals over a multi-year period.
Last month, the agency reported a net return of nearly 10 percent for the fiscal year ending June 30. The portfolio is worth $27 billion.
The comptroller general's office says the employees will receive the money this month.
Created: Fri, 04 Oct 2013 01:17:19 EST
Updated: Fri, 04 Oct 2013 01:17:19 EST