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Ties Surface in Pension Chief's Exit
Michael Syre of the Boston Globe reports, Pension chief says he’ll quit over pay:
Michael Travaglini, who as head of the state’s pension fund is among the highest-paid government employees in Massachusetts, plans to quit next month, citing as a reason efforts by legislators to limit what he and his staff can earn.
In his six-year tenure as executive director, Massachusetts Pension Reserves Investment Management ran one of the top-rated public pension funds in the nation — until last year, when losses from the financial crisis made it one of the worst.
Prior to that downturn, the pension fund’s high performance earned Travaglini a $64,000 bonus in 2008, on top of his $322,000 salary. But now he cites the legislative backlash to that bonus system as a factor in his decision to leave June 11 and go to work for a Chicago investment firm.
“The issue of incentive compensation here is back on the front burner,’’ said Travaglini, who will formally announce his resignation June 1. “If you need the context for my decision, it’s an entirely personal one. I have a wife and three children, and I’m going to provide for them.’’
Under the bonus system, which Travaglini helped to create three years ago, he can make as much as 40 percent more if the pension fund exceeds certain investment benchmarks on a three-year basis. Bonuses for other pension fund employees range from 30 percent to 40 percent.
Travaglini said two legislative proposals would limit such bonuses, and thus make it harder to attract and retain talent to run the state’s $44 billion pension fund. One would limit the ability of state workers to earn more than the governor, whose annual salary is $143,000. Another would block bonuses for the years in which the fund lost money, regardless of how it performed against its benchmarks.
“Someone else can hang around for that, but it’s not going to be Mike Travaglini,’’ said Travaglini.
“Most people will say, ‘Good riddance. If you want to make more money, go do it in the private sector,’ and that’s what I’m going to do. But there’s a real threat to not being able to recruit and retain competent people here.’’
He added: “People can vote with their feet, and that’s what I’m doing.’’
Travaglini also bristled at the campaign ads aimed at Timothy Cahill, the state treasurer and gubernatorial candidate who also serves as chairman of the Pension Reserves Investment Management board. The ads, financed by the Republican Governors Association, say the state paid out performance bonuses when the pension fund lost billions in 2008.
The ads, he said, are “false’’ and “irresponsible.’’
The bonuses were paid in September 2008 and were based on the fund’s performance for the three-year period that ended June 30, 2008. The Massachusetts fund ranked among the top 5 percent of comparable funds for that three-year period, according to Wilshire Associates, which rates pension fund returns.
But the one-year return for fiscal 2008 was not so great. Massachusetts lost 1.81 percent that year, but still placed among the top 20 percent for comparable funds for the one-year period.
Cahill did not respond to requests for comment.
The Massachusetts pension fund has performed relatively well under Travaglini’s leadership, which started in 2004. He earned double-digit investment returns in each of his first three years.
But the fund lost 23.9 percent in the fiscal year that ended in June 2009, its worst performance ever. The fund had more invested in equities than other pension funds during a period when global stock markets plummeted because of the credit crisis and banking failures.
For that one-year performance alone, the Massachusetts fund ranked in the 99th percentile of Wilshire’s ratings.
Travaglini — a veteran state operative whose brother Robert is a former state Senate president — will join Grosvenor Capital Management as a managing director for business development, pitching Grosvenor’s hedge fund investments to public pension funds.
Travaglini’s bonus plan for pension fund employees has been controversial from the start, when he initially advocated for an even richer arrangement. But it has had relatively little impact so far, with none being paid last year and none expected this year, Travaglini said.
The plan rewards his employees if the fund’s performance exceeds the returns of investment indexes that reflect the mix of the state’s pension assets. Employees could earn bonuses if the pension fund loses money in a given year, so long as its decline is less than the indexes. On the other hand, if the fund makes money, but not enough to match the indexes, employees do not get bonuses.
Travaglini said a bonus system based on relative performance, not on whether the fund earns an investment profit, is important to reward employees who add value rather than pursue excessively conservative strategies.
“If there’s no added value, there’s no bonuses,’’ Travaglini said. “My naive view is that relative performance was always going to be looked at. Now, in this environment, it’s not about relative performance.’’
Mr. Travaglini is wasting his time with US public pension funds. If he wants the big bonuses based on bogus benchmarks, he should try landing a job with a Canadian public pension fund. There's a reason why CPPIB's managers were smiling last year.
And this year is no different. I perused through the CPPIB's 2010 Annual Report, and right on page 73, we see total compensation doled out to CPPIB's senior management:
(click on image to enlarge)
As you can see, we pay our public pension fund managers big bucks in Canada. I can assure you David Denison, Mark Wiseman, Grame Eadie and Don Raymond make a lot more than the Prime Minister of Canada or any other public service or Crown Corporation employee (except, of course, for their cousins in Montreal, PSP Investments which are anxious to make as much).
Even better, their bonuses are based on four-year rolling returns, not three year rolling returns, ensuring a handsome payday even when the Fund gets whacked hard as it did in FY2009.
It gets even better. Neither CPPIB nor PSPIB clearly present their benchmarks for private markets. When pressed for an explanation as to why this is, PSP's president , Gordon Fyfe, gave a convoluted answer to NDP finance critic, Thomas Mulcair.
Back to Travaglini. While we grossly overpay our public pension fund managers here in Canada, in the US, they grossly underpay them, leaving public funds exposed to fraud and abuse. Travaglini's bonus system was reasonable (except for bonuses when the Fund loses money), but in the US, politics trumps reason. So they end up getting what they pay for - mediocre public pension fund managers delivering mediocre results.
But there is something else that concerns me in this whole Travaglini affair. Michael Norton of the Boston Herald reports, Ties surface in pension chief’s exit:
The Chicago-based hedge fund hiring Michael Travaglini away from the state pension management team survived the pension fund’s downsizing of its hedge-fund portfolio last fall and landed a major asset management contract under his watch, the State House News Service has learned.
Grosvenor Capital Management was one of five firms slated to manage the Pension Reserve Investment Trust board’s $3.2 billion in hedge-fund assets last fall.
The board, chaired by state Treasurer Tim Cahill, last October axed four hedge fund managers - The Blackstone Group, E.I.M, Strategic Investment Group and Crestline Investors Inc. - as it reduced its investments in hedge funds to 8 percent of all assets, down from 11 percent. It placed the remaining $3.2 billion with Grosvenor and four other firms: Arden Asset Management, K2 Funds, Pacific Alternative Asset Management Company and The Rock Creek Group.
Grosvenor emerged from the asset allocation shake-up with $616 million in PRIT funds under management, according to state pension fund documents.
In an April 6, 2010 letter to the treasurer and State Ethics Commission, Travaglini stated he would be discussing employment with Grosvenor and recused himself from further dealings with the firm. Travaglini, the fund’s director since 2004, earns $322,000 a year and is leaving June 11. The board will meet June 1 to discuss a succession plan, Cahill said in a statement yesterday.
This sort of stuff should never be allowed. There should be clauses barring senior pension fund managers from joining any fund they allocate money to for a minimum three year period. This is all part of pension governance 101, and it makes me sick to my stomach seeing this sort of nonsense going on time and time again.
Unfortunately, it also takes place here in Canada. In fact, I'd like to see the Auditor General of Canada stop fussing over over the expenses of members of Parliament, and start fussing over expenses at Canadian public pension funds, and closely examine ties between senior public pension fund managers and the private funds they allocate to.
The truth is that way too many shenanigans are routinely taking place and taxpayers deserve to know what the hell is going on at these large funds. As I've said repeatedly, financial audits are simply not enough. These public funds should be subjected to comprehensive performance, fraud and operational audits every year and the results of these independent audits should be publicly available. Amazingly, MPs' expense reports seem to be a more pressing concern!!!
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Everyone knows when they first are employed by a state agency that it is "until death do us part." Is he going to be allowed to violate that part of the deal? If only Teddy was still around to explain to him how to live up to obligations things would be different. The guy should be proud to be allowed to be a state employeed smuck.
“If there’s no added value, there’s no bonuses,’’ Travaglini said.
And the value is - where?
Good points/analysis Leo. The disconnect I'm having is trying to figure out why this guy wasn't already fired. Pretty sure he's not union, and he cost the taxpayers a bunch of money. Consider, this guy got paid $330K by the public because he's supposed to be the guy that sees through the marketing bullshit and does the right thing with their money. Clearly he epically failed at this, and the whole "nobody could see this coming" bullshit is just that, bullshit. My dad, who is an optometrist and has never taken an economics or finance course, saw the obviousness of this back in March of 2006, when he read a newspaper article our local paper stating that Americans had a negative savings rate for the first time since the Great Depression, and later in the article stating that people were buying stocks with their credit cards. Within a month he had completely divested from equities and put his money in a mix of TIPS, physical gold, and cash. His partner, who did not do this and was literally all in equities, lost half of his money.
Point being, my optometrist dad, who makes a third of what this guy makes (because, amazingly enough, he doesn't think he should charge more than a reasonable amount on appointments and eyeglasses/contacts), saw the bubble that this guy didn't. And that whole "providing for my family" bullshit, fuck that, my dad paid off his house when he was 45, because he took out a 15 year mortgage with 20% down and bought a reasonably sized ranch home in a decent suburb. Providing for your family means having the balls to say no to our hyperconsumerist culture. This guy needs to man the fuck up.
All pension parrots kept repeating "nobody saw this coming" after 2008. Some of the more "sophisticated" parrots quipped that this is a "20-sigma" event. Back in 2006, I did internal research on new asset classes that brought my attention to CDOs-squared and CDOs-cubed. I remember thinking to myself "WTF is this shit? Who is dumb enough to invest in this crap?". That's when I got really worried and told my boss and senior managers that we should be heavily short credit. They didn't like my "negative attitude" and fired me right after promoting me. I really should write a book on my entire life. The amount of bullshit I've seen and endured is unbelievable.
Excuse me, but 300-400k a year is not grossly underpaid, no matter what you do, even if it's shoveling manure. It's certainly more than enough for pushing money around to your friends and future employers. If you can't live well on that, there is something wrong with you. Clearly, there is something wrong with Travaglini.
Never met Travaglini, but he sounds like a wet cat here. If money was all that motivated him, then he should never have accepted the position at a US public pension fund. Keep in mind he is an exception - most heads of US public pension funds don't make a fraction of what he makes (albeit he claims to have produced top-tier results). At the end of the day, he managed to make his connections, meeting other heads of public pension funds, and I'm sure that's another factor that prompted Grosvenor to hire him (he can leverage off his connections to open doors). But the optics of him going to a fund that Mass PRIM invested hundreds of millions with stink. What does it say about public pension fund governance? That it's totally lacking. There needs to be tighter governance at these large funds.
"I'm going to provide for them..." What kind of things are not provided for with a base salary of $322,000?
This is a little-noted perversion of American capitalism in the last 40 years or so. Instead of holding stocks directly, most came to be held by institutions like pension and mutual funds. So, instead of the broad mass of investors making decisions, there was a much smaller group of individuals moving big blocks. These individuals could more readily be swayed, due to the inevitable conflict between their personal interests and their fiduciary duty to the beneficial owners of the managed assets.
Those beneficial owners were largely ordinary people who would seldom or never buy stocks, and so too uninterested or uninformed to challenge their fund's investment decisions (or fees paid to its managers). So on it went and will go until it hits a wall; the troubles thus far are mere potholes.
So he is moving his ability to scam to Chicago where such things go unimpeded. There is simply not enough space on ZH to list all the corruption in Chicago... and remember it starts at the VERY TOP public position in the USSA komrad.
Public pensions are a joke. Learn to look after your own future, take ownership of your own life.
<Public pensions are a joke> Man, you are a faging moron. Please see below.
Annual Pensions of Long Island Retired Teachers
No. Name Retirement
Date Service
Credit Employer Monthly
Pension Annual
Pension 1 Hunderfund, James H 2006-09-01 356 Commack $26,353.75 $316,245.00 2 Brande, Richard T 2006-09-01 353 Brookhaven-Comsewogue $24,222.43 $290,669.16 3 Brosnan Jr, William J 2006-07-01 360 Northport-East Northport $19,058.80 $228,705.60 4 Mc Donald, William J 2005-09-01 380 Floral Park-Bellerose $17,935.51 $215,226.12 5 Hirt, Richard I 2008-07-01 369 Locust Valley $17,923.02 $215,076.24 6 Goldstein, George A 2004-07-01 369 Sewanhaka $17,746.08 $212,952.96 7 George, John H 2006-09-01 398 North Tonawanda $17,150.79 $205,809.48 8 Watkins, Dodge R 2006-07-01 317 Haverstraw-Stony Point $17,107.19 $205,286.28 9 Brooks, Martin G 2007-07-01 342 Plainview-Old Bethpage $17,106.49 $205,277.88 10 Lichtenfeld, Robert V 2007-07-01 360 Katonah-Lewisboro $17,047.71 $204,572.52 11 Natale, Joseph L 2006-02-01 364 Suny College at New Paltz (28210), Warwick Valley $16,714.95 $200,579.40 12 Murphy, Edward J 1992-10-01 384 $16,493.24 $197,918.88 13 Weiss, Kathy G 2005-07-01 329 Baldwin $16,457.47 $197,489.64 14 Caramore, Thomas J 2005-10-01 354 Bellmore-Merrick $16,165.62 $193,987.44 15 Dennis, Bruce L 2004-07-01 333 Bedford $16,035.25 $192,423.00 16 Black, Leslie A 2006-07-01 369 Brentwood $15,843.65 $190,123.80 17 Freund, Sidney A 2006-08-01 340 Dobbs Ferry $15,825.79 $189,909.48 18 Colvin, Joan L 2007-07-01 392 Jericho $15,792.52 $189,510.24 19 Pereira, Lawrence F 2005-08-16 359 Massapequa $15,568.90 $186,826.80 20 Eisenberg, Carol D 2007-07-01 408 West Hempstead $15,532.16 $186,385.92 21 Maurer, Richard E 2008-01-02 330 Ardsley $15,524.55 $186,294.60 22 Pauline, Robert A 2002-09-01 353 $15,360.94 $184,331.28 23 Friedman, Jason P 2006-01-14 357 East Ramapo $15,049.51 $180,594.12 24 Segerdahl, Richard N 2004-07-01 360 Island Trees $15,010.20 $180,122.40 25 Chapman, Karen M 2004-07-01 308 Hewlett-Woodmere $14,813.98 $177,767.76 26 Vale, Ronald C 2007-07-01 468 Commack $14,703.91 $176,446.92 27 Tassone Jr, Frank A 2004-07-01 342 Roslyn $14,457.92 $173,495.04 28 Leitman, Stephen I 2005-08-01 356 Garden City $14,368.91 $172,426.92 29 Fauci, Linda E Kelly 2006-08-01 388 New Rochelle $14,235.85 $170,830.20 30 Singe, Anthony L 2006-04-01 272 Locust Valley $14,128.09 $169,537.08 31 Noble, Melvin S 2007-06-30 382 West Babylon $14,120.76 $169,449.12 32 Ruck, James A 2005-10-01 354 Sachem $14,071.27 $168,855.24 33 Mc Goldrick, Lawrence R 2007-09-29 352 Valley Stream #30 $14,042.68 $168,512.16 34 Langlitz, Harold N 1995-02-01 405 NYS Teachers Retirement System $14,026.97 $168,323.64 35 Uhlich, Myrna M 2003-07-01 333 $14,020.61 $168,247.32 36 Olivo, Terrence L 2004-08-01 361 Monroe-Woodbury $14,020.25 $168,243.00 37 Martin, Philip M 2005-07-01 396 Fayetteville-Manlius $14,018.06 $168,216.72 38 Benardo, Steven M 2007-02-02 358 Kiryas Joel Village $13,971.71 $167,660.52 39 McGuire, Kevin 2001-03-01 314 Half Hollow Hills $13,954.85 $167,458.20 40 Mc Cloat, Raymond A 2005-08-01 352 Harborfields $13,918.23 $167,018.76 41 Gagliano, Joseph P 2002-08-31 353 $13,872.07 $166,464.84 42 Gangemi, John G 2006-07-01 360 Nassau $13,825.06 $165,900.72 43 Manheimer, Robert 1995-11-01 364 $13,607.17 $163,286.04 44 Milliken, Edward J 1998-07-01 306 $13,603.65 $163,243.80 45 Dodge, Arnold E 2007-09-01 353 East Rockaway $13,586.45 $163,037.40 46 Spina, Peter A 1999-11-15 337 $13,483.08 $161,796.96 47 Smith, Helen B 2006-01-01 361 Suffolk 2 $13,435.53 $161,226.36 48 DiCesare Jr, Vito P 2006-07-01 369 Beacon $13,308.47 $159,701.64 49 Planz, Charles A 2006-07-22 338 Smithtown $13,259.44 $159,113.28 50 Billig, Martin L 2001-07-01 405 $13,251.49 $159,017.88 51 Coletti, Charles D 2006-07-01 362 Port Chester-Rye $13,234.61 $158,815.32 52 Kindelmann, Albert G 2007-06-30 351 Half Hollow Hills $13,142.07 $157,704.84 53 Groshans, Edwin G 2004-07-01 351 Great Neck $13,134.17 $157,610.04 54 Beni, Vincent T 2004-08-10 315 Irvington $13,113.47 $157,361.64 55 Bronzo, Robert J 2007-07-01 369 Brentwood $13,105.02 $157,260.24 56 Dillon, Robert R 2007-09-01 316 East Meadow, Suny College at New Paltz (28210) $13,073.92 $156,887.04 57 Nelson, Bert 1998-07-01 261 $13,022.81 $156,273.72 58 Bernhard, William P 2006-09-01 371 Babylon, Suny at Stony Brook (28050) $12,940.55 $155,286.60 59 Dadey, William J 2003-02-18 388 $12,920.83 $155,049.96 60 Zampolin, Roberta R 2005-07-01 327 Nyack $12,916.69 $155,000.28 61 Tedaldi, Christie R 2007-07-01 351 Brentwood $12,818.41 $153,820.92 62 Di Natale, John J 2007-07-01 329 Greenburgh, Haldane $12,663.78 $151,965.36 63 Chapman, Lee 2004-07-01 333 Baldwin $12,549.00 $150,588.00 64 DeRose, Mary N 2007-07-14 360 Kings Park $12,452.42 $149,429.04 65 Packman, Stanley H 2006-07-01 337 Eastern Suffolk 1 $12,450.11 $149,401.32 66 Schildkraut, Michael 2004-07-01 336 William Floyd $12,427.57 $149,130.84 67 Walter, Richard J 2008-02-01 363 Suny at Stony Brook (28050), West Babylon $12,379.23 $148,550.76 68 Schissler, Mark S 2002-07-01 324 $12,367.86 $148,414.32 69 Volp, Frederick D 2005-08-08 289 Cold Spring Harbor $12,356.02 $148,272.24 70 Scordo, Peter C 2006-07-01 333 Hauppauge $12,303.34 $147,640.08 71 Riggio, Russell V 2006-08-01 339 Nassau $12,286.06 $147,432.72 72 Ferenz, Peter H 2007-07-20 369 Mount Sinai $12,183.57 $146,202.84 73 Cataldo, John J 2003-07-01 333 Liverpool $12,172.69 $146,072.28 74 Connors Jr, Gerard E 2005-07-01 357 Sewanhaka $12,148.75 $145,785.00 75 Smith, Ronald 2003-07-01 348 $12,111.87 $145,342.44 76 Davis, Robert L 2006-07-01 370 Levittown, Suffolk 2, Suny at Stony Brook (28050) $12,107.30 $145,287.60 77 Hocker, Maureen A 2006-07-01 360 Bay Shore $12,093.73 $145,124.76 78 Desorbe, Brian M 2007-09-29 372 Amityville $12,067.44 $144,809.28 79 Polka, Walter S 2003-03-15 339 $12,034.47 $144,413.64 80 Lipari, Salvatore P 2004-07-01 486 Great Neck $11,994.70 $143,936.40 81 Gemmill, Warren H 2005-07-31 334 Bronxville $11,991.39 $143,896.68 82 Harrington, Cramer L 1999-08-01 349 $11,969.52 $143,634.24 83 Singleton, Joseph F 1995-01-14 330 Suffolk 2 $11,965.94 $143,591.28 84 Micciche, John P 2005-07-01 351 North Babylon $11,950.16 $143,401.92 85 Visconti, Victor J 2007-07-01 369 Middle Country, Suny College at Old Westbury (28200) $11,915.01 $142,980.12 86 Ratner, Jeffrey 2007-07-14 360 Jericho $11,911.45 $142,937.40 87 Wright, James A 2003-01-01 357 $11,900.65 $142,807.80 88 Tate, Sarah E 2005-10-01 345 Mamaroneck $11,889.48 $142,673.76 89 Tobin, James A 2005-07-01 360 Palmyra-Macedon, Suny College at Brockport (28150) $11,871.04 $142,452.48 90 King, Sherry 2006-04-13 292 Mamaroneck $11,857.61 $142,291.32 91 Miller, Joanna 2007-09-01 389 Great Neck $11,847.05 $142,164.60 92 Lalima, Salvatore J 2003-11-01 382 Suffolk County $11,798.53 $141,582.36 93 Murphy, John C 2003-07-01 369 $11,757.21 $141,086.52 94 Weissman, Martin S 2007-07-14 360 Jericho $11,751.81 $141,021.72 95 Sturm, Barnett 2005-07-01 338 Lakeland $11,698.55 $140,382.60 96 Perry, Frank 2004-10-01 320 Eastern Suffolk 1 $11,696.57 $140,358.84 97 Della Valle, Joan M 2005-06-30 344 Half Hollow Hills, Suny at Stony Brook (28050) $11,673.48 $140,081.76 98 Cala, William C 2006-07-01 342 Fairport $11,656.56 $139,878.72 99 Brodow, Richard L 2002-07-01 360 $11,639.00 $139,668.00 100 Mac Fadden, John E 2007-07-01 378 Saratoga Springs $11,628.92 $139,547.04 showing
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caconhma - It's OK to just post the link, really.
Wrong, public pensions are not a joke, what's a joke is the governance at these large plans. Crony boards stuffed with industry and political hacks, greedy pension fund managers looking to score big on their bonuses, and total lack of complete transparency.
As for your statement, "everyone fend for themselves", sounds nice coming from a trader, but in reality it's extremely difficult. I can count on one hand guys I know who started with nothing and amassed a fortune trading on their own. The great majority fail. It's simply foolish to think that teachers, police officers, firemen, nurses, and regular hard working people can "fend for themselves". In these markets, they will be slaughtered.
Maybe pension assets shouldn't be in the markets (or at least most markets) in the first place especially as taxpayers end up covering any public fund performance shortfalls. Large public plans are driven by politics and cronyism by definition, that's what they're there for. Since the pension payouts themselves are already guaranteed by taxpayers the managers are just gambling with how large that future taxpayer obligation will be...and creating jobs (with more guaranteed pensions) for their cronies in the process.
"...a veteran state operative..."
I think that means he is a Dem.
Move along, folks, nothing to see here.
Maybe it's code for 'fixer'. A lot of those seem to have been around to facilitate Wall Street's sale of toxic credit swaps to various cities and counties. In the TV show "The Wire", state senator Clay Davis is a typical example of the species.
Why doesn't he have to pay when he doesn't live up to his performance promises?
He a fast talker.
Looks like he made a nice career move of the revolving door type.