T. Britton Harris IV, newly appointed CIO for the $100 billion Teacher Retirement System of Texas, Austin, will be paid more than Texas Gov. Rick Perry.
Mr. Harris will earn $360,000 in base pay for the fiscal year ending Aug. 31, and $402,000 in base pay for fiscal 2008, confirmed fund spokesman Howard Goldman. Mr. Perry's annual salary is $115,345. Mr. Harris will also be paid more than Kathy Reissman, director-investments for the $22 billion Employees Retirement System of Texas, Austin, who has a base salary of $184,000, according to Ralph Salinas, human resources director.
Mr. Harris is also eligible to receive incentive compensation, according to Mr. Goldman. "The maximum that an employee can receive for a one-year performance period is 75% of base pay, paid out over a three-year period," he said in an e-mail. "For the chief investment officer to earn the full 75% incentive compensation, the TRS fund would have to earn $600 million over benchmarks."