The two top officials of the $7.8 billion Arizona Public Safety Personnel Retirement System, Phoenix, are the first and third highest-paid employees among 38,884 state workers.
Ryan Parham, chief investment officer, ranks first, with a base salary of $268,000 a year. James Hacking, administrator, is third, with a base salary of $234,000 a year.
By contrast, Gary Dokes, CIO of the much larger $33.4 billion Arizona State Retirement System, earns $194,250, the 14th highest in a state employee database.
Mr. Hacking, in an e-mailed response to questions from Pensions & Investments, said Mr. Parham's salary is below those of other top investment professionals at public pension plans. He said $270,300 was the median base salary paid to top investment professionals at 55 public pension funds participating in a 2013 survey by McLagan, a London-based compensation consultant.
Mr. Parham is scheduled to receive a $75,000 retention bonus on Sept. 19, following completion of his current employment term. That would bring his total compensation to $343,000. Mr. Parham received more than $514,646 in bonuses in the five years ended June 30, 2012, PSPRS documents show. PSPRS canceled bonus payments in 2013.
Mr. Dokes hasn't received any bonuses because there hasn't been such a program for investment staff, said David Cannella, a spokesman for the Phoenix-based Arizona State Retirement System. He noted a bonus program that will go into effect after June 30 for investment staff could make Mr. Canella eligible for a bonus for the first time.
Paul Matson, the Arizona State Retirement System's CEO, earns base pay of $232,451; he is in fourth place in the state employee database, behind Mr. Hacking. He has received a $60,000 bonus in each of the past two years, Mr. Cannella said.
The base salary information comes from the Arizona State Department of Administration. It excludes university employees.