Checking My Mass. State Pension Statement

Been a while since I looked, and not much has changed....  

UPDATE:  "A 46-year-old Medford man who oversaw a multimillion-dollar retirement portfolio for public employ­ees in Maynard was indicted Tuesday on charges of stealing more than $739,000 by writing 181 checks to himself from the retirement fund, authorities alleged."

"Massachusetts pension board to give big bonuses" by Frank Phillips  |  Globe Staff, August 10, 2012

The Massachusetts state pension agency is set to give a huge $815,000 performance bonus package to most of its 25-member staff, including a nearly $100,000 payout to its executive director, despite the fact that the fund sputtered through a fiscal year that ended with a slight loss in value.

Looks like theft to me.

The bonuses, which amount to nearly 20 percent of the entire 2012 staff payroll, will come on top of payouts last fall when the Pension Reserves Investment Management board awarded $267,328 in extra pay during a year when the fund also experienced a small loss.

Authorities rewarded for failure. That's so AmeriKan!

Executive director Michael G. Trotsky’s $98,000 performance bonus this year is the agency’s largest, boosting his annual salary to $343,000. Trotsky’s secretary, who makes $60,000 a year, will receive an additional $18,000.

What, they aren't getting paid enough to do their jobs? 

Where is your bonus for doing your job, average American worker?

The bonuses will kick in automatically, according to a 2007 plan that set annual benchmarks for the fund’s growth.

Under that system, pension fund employees can collect bonuses amounting to 30 to 40 percent of their salaries if they meet or exceed the benchmarks that are based on a rolling three-year period. ­Because the fund’s investments, particularly its stock assets, have strongly rebounded since the market crash in 2009, the bonuses continue to kick in this year, despite a small loss. In only one year since 2010, when the benchmarks were established, were the losses so large that no bonuses were distributed.

The pension board is believed to be the only Massachusetts agency to give large performance ­rewards. Its payouts have been particularly controversial in recent years, as public employees across the country face layoffs and see their salaries and benefits slashed....

Apparently not controversial enough since the same behavior continues.

In an interview Thursday, Trotsky strongly defended the bonus system and his pay hike, saying it is vital for the agency to retain experienced and competent staff....

As if there wouldn't be another qualified individual willing to do it for a little less.  

You know, the $elf-$erving $hit-$hovel has been so played, you f***s!!!!!!

The executive director, in his report to the board, will argue that the flat performance for the past year is “remarkable when put into perspective.’’ 

(Blog editor imply shakes his head at this offensive sophistry)

He cites the fact that the fund’s invest­ments in emerging equity and international markets took a beating. But he said a decision a year ago to reduce equity invest­ments and shift money into other areas protected the fund’s value from turbulent markets and allowed it to end the year without a more serious loss....

Some states — such as New York, which has a $150 billion pension fund — have no bonus system. That state pays the head of its fund a flat $300,000. In Maryland, the executive ­director makes $143,271 a year to oversee a fund of approximately $37 billion. The only person at that agency eligible for a bonus, however, is the chief investment officer.

“It’s a mixed bag,’’ said Keith Brainard, research director for the National Association of State Retirement Administrators. The Massachusetts system, he said, is a reasonable way to help ­retain a staff who might otherwise be lured to higher-paying jobs in the private sector.

“Clearly, if you can get public employees to add millions of dollars to a portfolio, it is a very valuable tool,’’ he said.

But Brainard said he was not aware of other instances in which pension fund performance bonuses are extended to the entire support staff, as they are in Massachusetts.

Trotsky countered that there are some public pension funds nationally that include support and admin­istrative staff in the payouts. He was unable to imme­diately supply examples, but said he feels strongly that the bonus money should be spread through the ranks.

“We are all on the same team, and we all have the same goal, that is to maximize fund performance for beneficiaries,’’ he said. “To separate the team into two different pay structures would be a cancer to morale and would divide a team that instead should be unified in pursuing the same goal.’’

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Correction: Because of a reporting error, this story misstated the performance of the fund in the previous fiscal year. The state pension fund gained value in the 2010-11 fiscal year.

They can't even get that right and we are supposed to believe them?

Also see:

Mass. treasurer wants second role for pension chief
State’s pension funds promise too much, report finds
Mass. pension board to examine bonus proposal
State pension fund board OK’s new bonus plan for investment staff
Former House speaker Finneran denied state pension

So they can give out larger bonuses?

"Mass. pension chief gives raises to 22 employees" by Beth Healy |  Globe Staff, April 25, 2013

The executive director of the Massachusetts state pension fund has given raises to 22 staffers, including several double-digit increases, following approval by the board in December to boost pay -- a move opposed by Treasurer Steve Grossman.

According to a letter from director Michael Trotsky to the board, a copy of which was obtained by the Globe, the two highest paid employes at the Pension Reserves Investment Management board after Trotsky will now earn $195,000 each. For chief operating officer Tom Hanna, that represents an 8.3 percent raise. General counsel Chris Supple will get an 18.2 percent raise....

Two staffers’ pay went up as much as 25 percent and 28.6 percent.

That's one hell of a raise in this age of austerity!

However, in all but three cases, the staff pay is at or below the median compensation for similar jobs at other pension funds, according to the letter.

Yeah, it's not as much as the other guy. That's an argument also used by corporate CEO looters. 

Trotsky, in an interview, said he was grateful to settle the pay matter. “I can’t pay Wall Street salaries,’’ he said. But “I’m interested in creating a compensation structure so I can attract and retain people and move forward.”

Until the next stock market dump that is completely out of his control.

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Related: Mass. state pension fund posts 12.7 percent gain

But you are still kicking in more to the pension and paying more for health benefits because of state budget shortfalls and insolvency.

Also see: Public pension funds in Mass. get failing grades

Gee, WHERE DID ALL the MONEY GO?!!!!