Assets decline, bonuses don’t (2003)

From Steve Ohlemacher’s article, Teacher pension losses don’t stop spending
Cleveland Plain Dealer, 06/08/03

[This is an attempt to put into prose form what originally appeared as a bar graph, which would appear too small to read in this blog. KBB]

Assets decline, bonuses don’t

While the State Teachers Retirement System (STRS) was losing billions from its pension portfolio, its investment staff and administrators received performance-based bonuses for meeting certain goals, such as outperforming a stock index. The STRS investment staff also is eligible for additional “discretionary” bonuses to help the pension fund “recruit and retain experienced, valued staff.” Bonuses may total no more than 115 percent of an employee’s salary.

Bonuses paid

(Year – Total amount awarded in bonus pay – Number of employees receiving bonuses)

’00 – $4.8 million – 290
’01 – $6.1 million – 345
’02 – $5.7 million – 395
’03 – $2.1 million – 105*

Top pay for 2001

(Employee – Base salary – Bonus – Total pay)

John Imboden $164,000 - $178,880 - $342,880
Elizabeth Lynch $154,000 - $171,342 - $335,342
Mary Ellen Grant $140,000 - $165,000 - $305,000
Stephen Mitchell $215,000 - $73,000 - $288,000
James Meeth $126,000 - $133,000 - $259,000

*Includes only performance-based incentives for the investment staff. Additional “discretionary” bonuses are scheduled to be released in July.

Source: State Teachers Retirement System of Ohio