Those who manage Virginia’s pension funds, often with mixed results, are paid 8 of the 10 highest nonacademic government salaries in Virginia. Among the top earners in the Virginia Retirement System, 10 make at least $200,00 annually — before lucrative bonuses as high as $260,000 are included, according to records obtained by The Washington Examiner.
Chief Investment Officer Charles Grant, who left the position in August, made $654,600 in fiscal 2011 when incentive payments are included, according to state records.
These well-compensated employees largely oversaw a pension fund that hemorrhaged $15 billion during the recession in recent years.
VRS officials argue that the salaries actually save taxpayers money because they would have to invest far more in employees on Wall Street to perform the same work. Wall Street firms still manage the majority of Virginia’s investment portfolio.
Not a single employee in the Maryland State Retirement and Pension System makes $150,000 a year, records obtained by The Examiner show. However, former chief investment officer Mansco Perry III earned $265,057 last year, according to state documents. Despite the lack of six -figure salaries, Maryland is actually forking over more money for Wall Street insiders to handle its investments. After collecting fees and performance incentives, the Wall Street alternative ultimately costs millions of dollars more than it would for state employees to handle investments internally.
