FOR IMMEDIATE RELEASE
December 20, 2016
Contact: Michael Fortney
PERA CEO Greg Smith receives another raise and large bonus
Despite poor performance and only increases in unfunded liability PERA approves raise and lucrative bonus for CEO.
Denver, CO—Today, Colorado Public Employees' Retirement Association (PERA), a pension plan with an almost $30 billion unfunded liability, approved an 3 percent increase to CEO Greg Smith's roughly $395,000 base salary and a 20 percent bonus, which comes out to an additional $79,000.
Treasurer Stapleton joined two other board members voting against the bonus and salary increase. However, the package passed 7-3 with 5 board members absent for the vote. This pay increase comes as Smith has resisted any changes to the plan that would help to shore up its ever increasing unfunded liability.
"It is unconscionable that Greg Smith will receive a 3 percent raise and 20 percent bonus for doing absolutely nothing to address PERA's growing unfunded liability," said Treasurer Stapleton. This bonus is not tied to any performance, he is getting an extra 20 percent for simply showing up and maintaining the status quo. This is prime example of all that is wrong with government."
Additionally, in accordance with his pay structure in the 3rd year of the contract, 2018, Smith is eligible to make an extra retention bonus of more than $200,000; bringing his total compensation to almost $900,000 in the third year of his contract.