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Mo. retirement system ending bonuses for staff

Friday, January 22, 2010 | 12:00 p.m. CST; updated 1:52 p.m. CST, Friday, January 22, 2010

JEFFERSON CITY — Missouri's main government pension system will no longer give staffers bonuses or automatic cost-of-living raises.

The Missouri State Employees Retirement System board voted 8-1 Thursday to discontinue the bonuses and raises, although several board members said they don't want the workers to lose money.

The St. Louis Post-Dispatch reported Friday that MOSERS executive director Gary Findlay said the bonuses hurt the image of the retirement system.

The bonuses came under fire last year after the newspaper reported that the MOSERS investment staff received $300,000 in bonuses and the operations staff received $160,000 for 2008 — even though the system's portfolio lost $1.8 billion.

 


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Comments

Charlie Corollo January 22, 2010 | 2:08 p.m.

Hey, that's good. Now they know what its like for the rest of us in the private sector. Government and the school system is the only place I know where you can screw up and still keep your job.

(Report Comment)
Larry Bossaller January 22, 2010 | 3:49 p.m.

Bonus for "nonperformance" is the crazy thing I have heard of.....it is unethical and very sick to create a system for the "few" reward for Not do their jobs.....we do have a "class" system in the USA

(Report Comment)

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