True to its reputation for doing everything in a big way, the state of Texas has been generous to the top investment executive of the $112.4 billion Teacher Retirement System of Texas, Austin.
T. Britton Harris IV, chief investment officer, earned a salary of $480,000 in 2011, but he made more from $565,792 in bonuses earned in 2009 and 2010, according to the pension fund. Mr. Harris is among the highest paid pension officials, according to Bloomberg research. Mr. Harris' total compensation in 2012 will be slightly lower at $900,752, including his annual salary and bonuses of $222,277 and $198,475 earned in 2010 and 2011, the fund said.
There are a number of large public pension plans where top executives earned far less than Mr. Harris.
William J. Estabrook, for example, earned a total of $231,614 in 2011. He is the outgoing executive director of the $12.4 billion Ohio Police & Fire Pension Fund, Columbus.
Similarly, Timothy M. Walsh, director of the New Jersey Division of Investment, Trenton, made $185,000 in 2011, according to data from Bloomberg. The division manages the assets of the $71.8 billion New Jersey state pension plans.
Better paid for her efforts in 2011 was Mary Ellen Grant, director of real estate assets of the $65.3 billion State Teachers' Retirement System of Ohio, Columbus, who earned $678,291. She oversees a staff of 35 that manages almost 90% of the fund's real estate holdings, spokesman Nick Treneff said.
This article originally appeared in the January 7, 2013 print issue as, "Texas Teachers CIO took home more than $1 million in 2011".