Board Committee Takes Action on Performance Awards

On May 20, during the Staff Benefits Committee meeting of the Retirement Board, Executive Director Dr. Damon Asbury recommended that the performance compensation awards earned by eligible associates during 2002–2003 be paid.

After much deliberation, the board took three actions.

1. The Retirement Board voted 9-0 to formally terminate the Performance-Based Incentive Plan for non-Investment associates.
2. The Retirement Board voted 5-4 to not award the Performance-Based Incentive Plan payments to non-Investment associates for 2002–2003.
3. The Retirement Board voted 7-2 to award the Performance-Based Incentive Plan and Investment Associate Recognition and Retention Program payments for 2002–2003 for Investment staff.

As a result, approximately $2.1 million will be awarded to Investment associates. The remaining $1.7 million contained in Dr. Asbury’s recommendation will not be paid.

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