The Associated Press reports that South Carolina Treasurer Converse Chellis lost a bid Friday to stall a $176,000 bonus payment to Bob Borden, the Palmetto State’s chief investment officer. The Retirement System Investment Commission voted 4-1 against delaying the payment, which Chellis had said didn’t fit well with ongoing budget cuts and state worker furloughs.
Still, by all accounts Borden has earned the bonus, an incentive tied to meeting investment targets – and one that is contained in his employment contract. Borden, who is responsible for investment decisions governing more than $25 billion in the retirement systems, is currently paid a base annual salary of $353,000.
According to the AP, Chellis said the state would have lost nearly $1 billion more without Borden’s work safeguarding the retirement investments.