Investment officers at the California Public Employees’ Retirement System (Calpers), the largest public pension in the U.S., saw a 12 percent cut in their bonuses this year due to poor stock market performance that dragged down returns. Meanwhile, wages for the executive staff were frozen. According to Calpers data, the pension distributed $3.6 million in performance bonuses among 55 investment officers, down from $4.1 million last year. The sums are based on investment results over three years, including a 1 percent return last year and 21.7 percent a year earlier.

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