{"id":2478,"date":"2010-05-19T12:50:05","date_gmt":"2010-05-19T20:50:05","guid":{"rendered":"http:\/\/hodakvalue.com\/blog\/?p=2478"},"modified":"2010-05-19T13:54:53","modified_gmt":"2010-05-19T21:54:53","slug":"mosers-madness-revealed","status":"publish","type":"post","link":"http:\/\/hodakvalue.com\/blog\/mosers-madness-revealed\/","title":{"rendered":"MOSERS madness revealed"},"content":{"rendered":"<p>I&#8217;ve been following the bonus drama in Missouri as the MOSERS Board of Trustees channeled the envy and ignorance of the mindless mob in <a href=\"http:\/\/hodakvalue.com\/blog\/?p=1629\">denying their retirement plan managers their bonuses<\/a> just because the fund went down in 2008.\u00a0  Never mind that the bonus plan <em>approved by the Trustees<\/em> was rewarding managers for several years of outperformance, including during the disastrous 2008.\u00a0  Once the newspapers mentioned the word BONUS, the reptilian part of their brains reacted with:\u00a0 bonus = bad, and the board stripped the bonuses from their managers, <a href=\"http:\/\/hodakvalue.com\/blog\/?p=2151\">reneging on their deal<\/a>.<\/p>\n<p>The board subsequently commissioned a compensation study.\u00a0 The study told the board that even with the bonuses, the investment staff would only be getting <a href=\"http:\/\/www.plansponsor.com\/Study_Makes_a_Case_for_Increasing_MOSERS_Staff_Pay.aspx\">92 percent of median pay<\/a>.\u00a0 That&#8217;s below-median pay for above-average performance <strong><em>if <\/em><\/strong>they had gotten their bonuses.\u00a0 Via PLANSPONSOR:<\/p>\n<blockquote><p><em><span>The retirement system&#8217;s board of trustees commissioned the study  to help set new pay levels for next fiscal year, and a compensation  committee has reviewed the options. Committee chairman Bob Patterson  said members will vote by e-mail this week, and the recommendation will  go to the full MOSERS board in June, according to the Post-Dispatch.<\/span><\/em><\/p><\/blockquote>\n<p>So, if they follow traditional form, Missouri will end up paying their  fund managers a higher total compensation than they otherwise would have  by leaving the bonus plan intact, with none of that compensation in a  variable form that would advantage the fund and retirees by providing the proper incentives.<\/p>\n<p>I spoke to <span>Gary Findlay, <\/span><span>MOSERS Executive Director, when the bonus spat first broke out.\u00a0 He then believed that one could make the state agency work as well as a private fund.\u00a0 I think Gary is an honorable fool.\u00a0 On the other hand, it&#8217;s not like Goldman or any other private sector outperformer has been spared bonus envy.<br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;ve been following the bonus drama in Missouri as the MOSERS Board of Trustees channeled the envy and ignorance of the mindless mob in denying their retirement plan managers their bonuses just because the fund went down in 2008.\u00a0 Never mind that the bonus plan approved by the Trustees was rewarding managers for several years [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,21],"tags":[],"class_list":["post-2478","post","type-post","status-publish","format-standard","hentry","category-executive-compensation","category-politics"],"_links":{"self":[{"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/posts\/2478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/comments?post=2478"}],"version-history":[{"count":7,"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/posts\/2478\/revisions"}],"predecessor-version":[{"id":2485,"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/posts\/2478\/revisions\/2485"}],"wp:attachment":[{"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/media?parent=2478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/categories?post=2478"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/hodakvalue.com\/blog\/wp-json\/wp\/v2\/tags?post=2478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}