PA School Pension Fund Bonuses Ending
12.16.08 |
Pennsylvania's public school pension fund lost $1.8 billion this fiscal year. The loss did not stop investment staff members from receiving more than $854,000 in bonuses. The board of the Public School Employees Retirement System has now stepped in to put an end to that.
Board members say market conditions are forcing them to rescind the practice at the end of December. Governor Ed Rendell sent system officials a letter saying awarding the bonuses would be inappropriate given the fund's performance.
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