The Oregon State Legislature is seeking $932,000 from the Emergency Board to cover bonuses for 14 investment officers.
The Oregon State Legislature is seeking $932,000 from the Emergency Board to cover bonuses for 14 investment officers.
The request for money comes at an awkward time, as the state is grappling with a $3.5 billion general fund shortfall and public employees around the state face the prospect of layoffs, furloughs and benefit cuts.
Yet Treasury officials insist the incentive pay is a critical piece of compensation for investment officers, necessary to attract and retain specialized staff who manage some $60 billion in pension and common school fund assets and to align the investment managers’ interests with the pension system’s beneficiaries.
Oregon’s in-house investment officers are among the best-paid state employees. Their base salaries in 2009 ranged from $114,000 to $258,000, averaging $163,000. The performance-based bonuses averaged $45,000, or 28 percent of that amount.
Read more at OregonLive.com.
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