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Committee hears concerns after legislature-authorized in‑house investment pay plan moves forward
Summary
A bill would rescind authority that allowed the State Investment Board to create incentive compensation schedules. Supporters sought to revisit a recent policy that declassified about 19 of 34 Retirement & Investment Office positions for bonus eligibility; agency leaders and the State Treasurer defended the program as a tool to recruit and retain
Representative Mitch Ausley told the House Government and Veterans Affairs Committee he introduced House Bill 13‑48 to rescind the recently adopted incentive compensation framework for the State Retirement and Investment Office (RIO) and to require a fresh, broader legislative review.
Ausley said the prior legislature gave the State Investment Board authority to craft a compensation plan for in‑state fund managers but that the final policy went further than many legislators remembered. He said approximately 19 of 34 positions were made eligible for incentive compensation, including senior posts, and that some top officials who helped fashion the plan also advised consultants who recommended the plan. “There are approximately 20 positions that were declassified to be eligible for this new incentive compensation, including the chief investment officer and executive director… I do not believe that all of these… were intended by the last legislature to be in this new comp plan,” Ausley said.
Interim RIO executive director Jody Smith and Chief Investment Officer Scott Anderson testified in…
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