AUSTIN, Texas - The two largest public pension funds in Texas are set to pay $9.4 million in bonuses this year to managers overseeing investments for former state employees and teachers, a newspaper reported Monday.
The $23 billion Employees Retirement System of Texas’321,000 members include state workers and elected state officials. Currently, the fund is predicted to run out of money to cover promised pension benefits by 2052.
The Austin American-Statesman reported that a reduction in the state’s workforce has put the fund on shakier footing than the fund for public school and university employees, which will pay out more than $6.7 million in bonuses.
Taking home the largest bonus is Britt Harris, chief investment officer of the Teacher Retirement System of Texas, who stands to make an extra $374,000. That’s on top of his $480,000 salary.
Front Section, Pages 4 on 12/24/2013