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Pension fund bonuses under scrutiny

Agency lost money over review period

By Frank Phillips

 |  Globe Staff  

  November 08, 2011

At a time when few public employees are getting raises, the agency that manages the state’s pension fund have earmarked more than a quarter of a million dollars for staff bonuses, including a possible $33,000 payment to the executive director, according to internal documents. The bonuses, awarded through a performance-based compensation system adopted four years ago, are tied to a three-year period ending in June. During that time, the fund - which started at $50.6 billion - suffered deep losses before rebounding to $45.6 billion.

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