SACRAMENTO (AP) -- The country's largest public pension fund doled out six-figure bonuses and substantial raises to its top employees as its investment portfolio lost nearly a quarter of its value.
Board member Tony Olivera said the California Public Employees' Retirement System tried to reduce the bonuses but was under contractual obligations to pay them.
CalPERS' plunging value came as stock values tumbled around the world. California's economy suffered its worst decline in decades and basic state services faced severe budget cuts.
Virtually all of CalPERS' investment managers were awarded bonuses of more than $10,000 each, with several earning bonuses of more than $100,000 during the 2008-09 fiscal year. The cash awards were distributed as the fund lost $59 billion.
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