SC Retirement Investment Board Won’t Stall Bonus

South Carolina Treasurer Converse Chellis won’t be able to hold off on paying a $176,000 bonus to the official who makes the state’s retirement investment decisions.

AP
Published: December 5, 2008
Updated: December 5, 2008

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COLUMBIA, S.C. (AP) - South Carolina Treasurer Converse Chellis won’t be able to hold off on paying a $176,000 bonus to the official who makes the state’s retirement investment decisions.

Chellis spokesman Scott Malyerck says the state Retirement System Investment Commission voted 4 to 1 today to pay Bob Borden the incentive pay.

The incentive pay is half Borden’s salary and is tied to meeting targets on investment returns.

Chellis asked to delay the incentive payment as the commission met Friday in Pinopolis.

Borden’s incentive payment comes as agencies prepare for layoffs and furloughs as the state deal with budget cuts expected to slash spending by at least 10 percent.