CalPERS paid $9 million in staff bonuses in fiscal year 2014, up 14% from the previous year, compensation data sent by spokesman Joe DeAnda showed.
Investment staff at the $298.9 billion California Public Employees' Retirement System, Sacramento, received $8.7 million in bonuses in the year ended June 30.
Theodore “Ted” Eliopoulos, who was named interim chief investment officer during 2013 and was named permanent CIO this September, had the highest bonus of investment staff, receiving $305,810 in addition to his base salary of $412,039.
The rewards are based on three-year performance vs. a benchmark, as well as the earnings of each asset class and individual portfolios.
The pension fund also gave a total of $295,930 to five non-investment executives.
In fiscal year 2012, CalPERS gave employees and executives a combined $7.7 million in bonuses.
Separately, CalPERS announced in a news release it saved $116.4 million in its investment office during the last three fiscal years as a result of more internal management, a reduction in the number of consultants and “favorable terms on fees with external investment partners,” the news release said.
“Fiscal responsibility is one of our top priorities,” said Cheryl Eason, chief financial officer, in the news release. “We've been able to minimize program costs to the benefit of our members, employers and the fund.”
Bloomberg contributed to this story.