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Corrupt Pension Fund Doles Out Massive Bonuses … Again

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SIX-FIGURE BUREAUCRATS GET SIX-FIGURE BONUSES …

By FITSNEWS  ||  Poor South Carolina retirees … they keep getting lumps of coal in their stockings while the bureaucrats administering their underperforming pension fund keep “rewarding” themselves with massive bonuses (in addition to their already inflated salaries).

That trend continued again this year …

According to documents filed with the S.C. Budget and Control Board, pension fund bureaucrats have received another round of exorbitant one-time bonus payments on top of their existing compensation packages.

And the amounts are enough to make those who have to earn an honest living blow a gasket …

Hershel Harper, the fund’s chief investment officer, got a $200,000 bonus on top of his $306,000 salary.  Think that’s insane?  Last year Harper got a $300,000 bonus on top of his $300,000 salary.  David Phillips?  He got a $130,000 bonus on top of his $239,700 salary.  Geoffrey Berg?  He got $140,000 in addition to his $168,300 salary.

All told, more than $1 million in bonus payments were doled out …

Who got what?

Take a look …

NAME – Salary (BONUS) TOTAL

HERSHEL HARPER – $300,000 – $200,000.00 $506,000.00
DAVID PHILLIPS – $239,700.00 – $130,000.00$369,700.00
MICHAEL HITCHCOCK – $230,000.00 – $0.00 – $230,000.00
ROBERT FEINSTEIN – $223,524.00 – $0.00 – $223,524.00
ANDREW CHERNICK  – $171,000.00 – $0.00 – $171,000.00
GEOFFREY BERG – $168,300.00 – $140,000.00$308,300.00
BETTY BURN – $149,000.00 – $0.00 – $149,000.00
ADAM JORDAN – $147,900.00 – $35,000.00$182,900.00
MONICA HOUSTON – $145,860.00 – $0.00 – $145,860.00
SCOTT FORREST – $132,600.00 – $0.00 -$132,600.00
JON RYCHENER – $132,600.00 – $0.00 – $132,600.00
WEIYI NING – $128,000.00 – $82,000.00$210,000.00
ERIC ROVELLI – $127,500.00 – $55,000.00$182,500.00
LOUIS DARMSTADTER – $122,400.00 – $50,000.00$172,400.00
JAMES MANNING – $117,300.00 – $0.00 – $117,300.00
MICHAEL ADDY – $114,240.00 – $32,500.00$146,740.00
DANIEL VARAT – $112,200.00 – $0.00 – $112,200.00
BRYAN MOORE – $112,200.00 – $75,000.00$187,200.00
JOHN FARMER – $112,000.00 – $0.00 – $112,000.00
DOUGLAS LYBRAND – $110,959.00 – $6,000.00$116,959.00
DELORES DITTY – $107,100.00 $ 0.00 – $107,100.00
MARION GOLDSMITH – $99,000.00 $ 0.00 – $99,000.00
STEPHEN MARINO – $81,600.00 – $53,000.00$134,600.00
LORELEI GRAYE – $81,600.00 – $0.00 – $81,600.00
DAVID KING – $80,000.00 – $0.00 – $80,000.00
BRENDA GADSON – $80,000.00 –  $0.00 – $80,000.00
ASHLI ASLIN – $79,560.00 – $10,000.00$89,560.00
JAMES WINGO – $78,000.00 – $32,000.00$110,000.00
BRIAN WHEELER – $76,500.00 $0.00 – $76,500.00
JONATHAN BOYD – $73,440.00 – $45,000.00$118,440.00
LORRIE SMITH – $71,345.00 – $0.00 – $71,345.00
SHARI WAITES – $69,360.00 – $20,000.00$89,360.00
JOSHUA GREENE – $68,000.00 –  $0.00 – $68,000.00
JUSTIN YOUNG – $66,300.00 – $28,500.00$94,800.00
JORDAN DORCHUCK – $62,000.00 – $0.00 – $62,000.00
WILBURN CAMPBELL II – $61,200.00 – $11,000.00$72,200.00
KATHLEEN SHEALY – $59,825.00 – $0.00 – $59,825.00
BRITTANY STOREY – $52,000.00 – $0.00 – $52,000.00

Wow …

A couple things to bear in mind: First, as FITS readers are well aware income levels in South Carolina have plummeted in recent years.  Our state ranked No. 44 nationally last year – with the average household bringing in $44,163.  In other words every single person on this list makes more than that individually (not counting their benefits).  In fact, twenty-six of the thirty-eight people on this list make more than twice that amount individually (again, not counting benefits).

Also bear in mind that these “bonus” payments are in addition to raises already doled out to these employees.

And for what?  Running one of the nation’s most expensive, worst-performing pension funds?

Yup.

S.C. Treasurer Curtis Loftis has consistently opposed these bonuses – as well as the shameless self-serving behavior of the fund’s corrupt commissioners, led by Hugh Leatherman appointee Reynolds Williams.

Has governor Nikki Haley had his back?  Hell no …

In fact her appointee to the S.C. Retirement System Investment Commission (SCRSIC) led an effort to censure Loftis, and she’s been working behind the scenes to block an audit of this corrupt bureaucracy.

Unreal … maybe she really is the grinch who stole Christmas?

Anyway … as much as we’d like to say our efforts to expose this nonsense were working, clearly they aren’t.  In fact the worst could be yet to come.  Sources tell FITS that commission salaries are poised to double in 2015 once the recommendations from the SCRSIC salary committee are complete.  A staffer at RSIC told us this is how the “higher ups” control the “lower downs” – especially when it comes to covering up bad behavior.

“We could easily have million dollar employees by this time next year,” the staffer told FITS.

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