Top investment staffers at the Georgia Teachers Retirement System received pay increases of up to $108,000 last fiscal year even though the fund they manage lost money and most state employees went without raises amid the state’s fiscal crisis.
The staffers earned “incentive pay” because, while the system’s fund lost 13 percent in fiscal 2009 and 3 percent in fiscal 2008, it beat the market averages. The fund has since recovered part of its losses, and retirement system officials say such “incentive pay” is common in the public and private sectors.
Full story: Bonus pay stokes anger – AJC