SC agency's investment staff gets $1.4M bonuses
By SEANNA ADCOXAssociated Press
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.
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.
State senators also approved the plan last year. On Friday, Loftis urged the Legislature to revisit the issue.
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.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.