Recent state pension recipients continue to see cuts in payments, all the while the fund managers are raking in six figure BONUSES. Surprised?

Money redistribution always goes upward:

AP: Wisconsin's pension fund managers were given more than $8 million in bonuses as a reward for strong investment returns, nearly double what they received last year, according to records released to The Associated Press on Friday. The bonuses come as most retirees are about to see their pension payments decrease in May for the fifth year in a row due to effects of the 2008 recession. 

Six figures?

Chief Investment Officer David Villa is getting the largest bonus of nearly $421,000. Two managing directors, Bill McCorkle and Ron Mensink, were the next highest with bonuses of nearly $287,000 and about 282,000, respectfully.

Last year, the state's core fund, a diversified group of investments that includes benefits for all 167,000 retirees in the Wisconsin Retirement System, grew by 13.7 percent. While the state's investments grew, core fund investors will see a cut in benefits of 9.6 percent starting in May because pension payments are based on a five-year smoothing formula. Even in 2008, when core fund investments dropped by 26 percent, the board handed out $1.7 million in bonuses. State of Wisconsin Investment Board spokeswoman, Vicki Hearing said, "If we paid outside managers, it would cost more than three times the money to manage those same funds."

Some comfort and transparent distraction. It's funny, but if we didn't have these geniuses on the board, I wonder how many other geniuses would take the job for so much less with small or no bonuses. 

Walker to go after state Pension Plan: "I am currently not planning...However....."

No one is really so neive that they would think Scott Walker would want to leave the state pension plan alone?

jsonline: A report Monday gave Gov. Scott Walker and lawmakers this advice for keeping Wisconsin's $77 billion pension fund strong: Leave it alone.

Immediately, Walker said he was taking that advice: "I want to be very clear: I am currently not planning to make any substantial changes to the WRS. However, I will continue to work to ensure that the WRS is fiscally sustainable for both taxpayers and retirees."

Anybody think that sounds like he’s going to “leave it alone?” From WKOW: 

What’s at stake for workers: 

The report comes as some states facing financial challenges have moved away from traditional pensions, which guarantee a certain retirement level to employees, to models more like the 401(k) plans offered by private businesses, in which employers contribute to an investment plan for employees but don't guarantee results. 

Moving to an optional defined contribution plan would have the advantage for workers of being portable if they moved to jobs in the private sector and would give them more say over how their money is invested. But the report noted that defined benefit plans are better for the great majority of workers because assets in retirement funds are pooled and professionally managed.

Ah, so that’s why Republicans want to do away with defined benefits
 plans…who needs guarantees? 

Walker's Act 10 to cost Hard working Taxpayers $87 million.

"Laws should be examined more carefully before they're passed!"

That's according to the Secretary of the Department of Employee Trust Fund Robert Conlin.

I know, conservative voters won't give a hoot over laws rammed down their throats, if its got an "R" behind it. From WKOW: