Democratic State Treasuer Janet Cowell is facing questions about why she gave top officials who manage the state's $75 billion pension fund big raises even as most state workers didn't get a salary bump.
From the Insider: Four top officials in the treasurer's investment management division, along with an attorney who works for the treasurer's office, received raises in the 10-percent range during the 2011-12 fiscal year, state personnel records show. Most rank-and-file state workers received no raises that year. A 2008 law, though, allows Cowell to tap pension fund dollars, without going through the appropriations process, to pay top pension fund managers.
A separate budget provision approved by legislators in 2011 froze state salaries, but allowed increases "for reallocations or promotions, in-range adjustments for job change, career progression adjustments for demonstrated competencies, or any other adjustment related to an increase in job duties or responsibilities." Increases over 10 percent had to be approved in advance by the Office of State Budget and Management.
Cowell spokeswoman Heather Strickland said none of the increases was due to a promotion, but that all fell within the exceptions allowed by the law. She declined to identify the specific reasons. According to state personnel records, investment directors Susan Carter and Jeff Smith saw their annual salaries rise nearly 10 percent during 2011-12, going from $210,000 to $230,000. The salary increases were effective Dec. 1, 2011. Portfolio manager Bradley Creel received a 10-percent raise, with his salary rising from $82,000 to $90,200, as did portfolio manager Arlene Jones-McCalla, whose annual pay rose from $85,000 to $93,500. Their increases were effective Aug. 11, 2011. Attorney Joyce Rutledge also received a 10-percent raise, with her pay going from $109,540 to $120,494. That increase was effective March 1, 2012. Strickland said the Office of State Personnel signed off on the raises for Creel, Jones-McCalla and Rutledge.
Comments
So, we needed a new law that would bypass appropriations?
August 21, 2012 - 8:56am — inandoh"A 2008 law, though, allows Cowell to tap pension fund dollars, without going through the appropriations process, to pay top pension fund managers."
The ol' law that bypasses the appropriation process...........
And these would be the same geniuses...
August 21, 2012 - 8:11am — pianoguythat bought the Facebook IPO? Incredible.
Other state salaries
August 21, 2012 - 8:09am — asphaltIf you really want to see abuse of salaries in the state, check out the latest for the presidents of the community colleges.
The rest of the story
August 21, 2012 - 7:46am — KingixolibWait till you hear about her connection to Mr. and Mrs Bowles and their connection to Facebook and that connection to the huge loss to the state employee pension fund.....and the campaign management for the afore mentioned Cowell.
We may understand more and more why North Carolina democrats belong in jail, not public office.