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State retirement system managers get bonuses

Monday, April 6, 2009

Mo. retirement system managers get bonuses

JEFFERSON CITY, Mo. -- The 14-member staff of the Missouri State Employees Retirement System received almost $300,000 in bonuses, even as the pension fund lost almost $1.8 billion, according to the St. Louis Post-Dispatch. Chief investment officer Rick Dahl got the biggest payment, drawing $114,000 early this year. The next largest bonus was $29,400 for the system's hedge funds manager. Pension officials said the payments were based on Missouri's fund outperforming the market. Missouri Gov. Jay Nixon, whose office didn't know about the payments until told by the newspaper, called the bonuses "unconscionable."

-- From staff and wire reports

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There's more to this story in today's edition of the Daily American Republic. Our own Jason Crowell is quoted in that paper, and taxpayers and Southeast faculty and staff need to read this quote taken from the Poplar Bluff newspaper:

Board member Jason Crowell, a Republican state senator from Cape Girardeau, disagreed that the bonus policy needed to be changed.

"The overall fundamental understanding of why we made the decision hasn't changed in a down market or an up market," Crowell said. "We judge them by the job they do."

I hope Jason realizes that University employees have been told not to count on raises this year, and we fall under the MOSERS retirement system. We are facing budget cuts at Southeast, and some positions may be cut --- all this while Crowell supports these bonuses being paid while our retirement funds go down the drain? Say it ain't so...please!

-- Posted by NewsToMe on Mon, Apr 6, 2009, at 9:22 PM

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