California State Employee To Be Paid More Than $800,000

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It’s Good Work, If You Can Get It

According to this story by Michael D. Morois, the California Public Employees’ Retirement System recently doubled bonuses to its staff, paying an aggregate of $7.7 million to some 130 employees. That averages out to just under $60,000 per employee. Of course averages can be misleading.  CalPERS’ Chief Investment Officer, will receive a bonus of over $320,000 in addition to his “half-million dollar base pay”.  Perhaps CalPERS can put this in perspective by disclosing the median of all compensation of all CalPERS’ employees and what  the ratio of the median of the annual total compensation of all employees to the annual total compensation of the Chief Investment Officer.

Where’s The CD&A?

There is no dearth of irony here.  CalPERS has been on the forefront of criticizing executive pay at private companies and recently issuing this press release “welcoming” the SEC’s proposed CEO pay ratio rule.  So, I have to ask.  Where’s the Compensation Discussion & Analysis?  Where is disclosure of the median?  Where is disclosure of the ratio?

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Allen Matkins Leck Gamble Mallory & Natsis LLP | Attorney Advertising

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