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MADISON, Wis. -Auditors are questioning the $13.3 million in bonuses given to managers of the state's pension fund last year.
The nonpartisan Legislative Audit Bureau's report Thursday calls on the state investment board to review its compensation policy and report to the Legislature by the end of the year.
The audit says the bonuses handed out last year were the highest ever by the board, resulting in overall compensation to pension fund managers and other employees that was 14 percent higher than the peer median group.
Michael Williams, executive director of the Wisconsin Investment Board, says in a written response to the audit that "experience shows that paying for performance has been a success."
The bonuses are based on investment performance. The board ended 2013 beating one-, three- and five-year benchmarks.
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