Oregon Treasurer's fund managers get thousands in bonuses

by Michelle Cole
September 30, 2009

Eleven employees in the Oregon treasurer's office received bonuses in February ranging from $9,860 to $57,006.

The money was paid as a performance reward to investment managers who oversee the Oregon Public Employees Retirement Fund, the Common Schools Fund and other portfolios totaling about $60 billion.

. . . Last year, with the nation mired in recession, the Public Employees Retirement Fund was down 27 percent, which was not comforting to thousands of retirees but in line with other public pension systems. Based on the performance of the fund and other state funds, 11 of the 14 investment managers in the treasurer's office were paid a total of $475,000 in bonuses and related costs.

Oregon Treasurer Ted Wheeler calls for travel audit, agency reform

by Les Zaitz and Ted Sickinger
April 14, 2010

State Treasurer Ted Wheeler stepped up his efforts Wednesday to reform his agency in the wake of disclosures that employees have been traveling in luxury at the expense of the investment firms they oversee.

Wheeler has asked Secretary of State Kate Brown to evaluate travel undertaken last year by state investment officers.

He also said he will appoint a citizens panel to review the agency's travel policies and recommend changes. He said he would then ask the Oregon Government Ethics Commission to endorse a new travel policy.

Despite state ethics rules, Treasury officials golf regularly on duty

by Les Zaitz and Ted Sickinger
April 11, 2010

For years, the Oregon State Treasurer's office has had a laissez faire policy on staff participation in golf outings while on duty and traveling on state business.

Ron Schmitz, Treasury's chief investment officer, said such outings had been approved by the agency's senior executives and vetted by agency attorneys, despite state law that in some circumstances prohibits taking free outings.