Wayne Godsey editorial: Pension-Fund Bonuses

Wayne Godsey editorial:

KANSAS CITY, Mo. — Wall Street bankers aren’t the only ones who got big checks despite huge losses last year. The staff of the Missouri state employees retirement system received close to $300,000 in bonuses, even though the pension fund they manage lost almost $1.8 billion.Don’t blame the employees. Blame the pension board, which approved the bonus plan. These fund managers were well compensated when the pension fund was growing. Last year the state pension fund performed better than many other funds, but still lost nearly 24 percent. When informed of the bonuses, Gov. Jay Nixon called them unconscionable.

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