Long Term Plan Executive Summary Projected LTP Budget
13
FY 2019 FY 2024 FY 2029
INVESTMENT OFFICE BUDGET
Personal Services Number of Employees 34.25 36.25 34.25 Base
Compensation - Total Staff 5,717,652.94 7,649,141.62 9,398,134.75
Staff Attorney (1/4 FTE) & Interns 63,933.86 71,457.45
79,866.39 Investment Council 6,227.00 6,227.00 6,227.00 Flexibility
funds-Retirements & Resignations 158,589.75 177,252.23
198,110.86 Investment Incentive Maximum 9,931,509.11 13,509,864.94
16,628,238.06 Benefits 2,465,406.91 3,261,696.79 3,973,552.98 Total
Personal Services 18,343,319.57 24,675,640.02 30,284,130.05
Operating Expenses Contractual Services 1,860,368 2,012,565
2,221,791 Travel 85,000 95,003 106,182 Office Supplies &
Postage 9,000 10,059 11,243 Capital Assets 40,520 52,118 58,867
Total Operating Expenses 1,994,888 2,169,745 2,398,083
Total Investment Council Budget 20,338,208 26,845,385
32,682,213
ASSET SUMMARY * Internal Assets 11,928,456,969 14,711,908,915
18,154,490,944 External Assets 3,463,100,410 4,271,199,362
5,270,658,661 Total Assets 15,391,557,380 18,983,108,277
23,425,149,605
EXPENSE SUMMARY
Internal Expenses 20,338,208 26,845,385 32,682,213 External
Manager Fees 38,094,105 46,983,193 57,977,245 Total Expenses
58,432,312 73,828,578 90,659,458
UNIT COST SUMMARY **
Internal Expenses as % of Total Assets 0.095% 0.100% 0.098%
Total Expenses as % of Total Assets 0.343% 0.348% 0.346%
* Projections based on long-term assumed returns applied to
6/30/17 assets. Updated each June 30.**Unit Cost Summary uses
assumed average investment performance incentives
Note: FY 19 amounts differ from actual budget request. The LTP
includes an assumed 2.25% salary policy
LTP
MAKE SURE PROMOTION INCREASES COINCIDE WITH PROMOTION SCHEDULE
SPREADSHEETWhen copying fy29 info into into fy30 column, do not
copy the promotion schedule rows
in Aug 2018 - ASK MATT IF HE WANTS TO ADD FULL-TIME STAFF
ATTORNEY - WHAT YEAR? incr of 2 fte's for fy 22, 23 & 24, then
back down - for transition years as sr staff retires
SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC
SDIC SDIC SDIC SDIC SDIC
FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY
2020FY 2021FY 2022FY 2023FY 2024FY 2025FY 2026FY 2027FY 2028FY
2029FY 2030FY 2031FY 2032FY 2033FY 2034FY 2035
EXECUTIVE SUMMARY
INVESTMENT OFFICE BUDGET
Personal Services
Number of
Employees[28][28]303032.2532.2534.2534.2534.2534.2536.2536.2536.2534.2534.2534.2534.2534.25
Base Compensation - Total
StaffERROR:#REF!ERROR:#REF!4,010,6574,401,9184,864,2545,150,9945,394,7375,717,6536,046,3606,377,2406,895,7847,261,4307,649,1427,493,1247,943,6518,379,6638,888,9919,398,135
Staff Attorney (1/4 FTE) &
Interns22,06553,89162,52762,52763,93465,37266,84368,34769,88571,45773,06574,70976,39078,10979,866
Investment
CouncilERROR:#REF!35,86335,5825,9466,0646,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,227
Flexibility funds-Retirements &
Resignations140,431148,061151,022155,100155,100158,590162,158165,807169,537173,352177,252181,240185,318189,488193,751198,111
Investment Incentive
MaximumERROR:#REF!ERROR:#REF!3,261,1247,323,9468,018,6458,921,5539,461,3269,931,50910,538,65111,158,54911,790,20312,803,31513,509,86514,259,73713,921,30014,795,05515,638,83216,628,238
Benefits1,085,3123,261,1241,240,9791,890,6182,073,0442,227,6492,355,3282,465,4072,601,4242,739,6562,923,6763,121,6963,261,6973,351,3273,374,6473,563,4233,758,3603,973,553
Total Personal
ServicesERROR:#REF!ERROR:#REF!8,688,77313,792,55415,166,91916,524,04917,435,24418,343,32019,420,19220,514,32221,853,77323,435,90524,675,64025,364,72125,505,85327,010,24628,564,27030,284,130
Operating Expenses
Contractual - Investment
Services839,713946,400869,924983,5601,012,6861,056,5211,121,6211,234,2611,223,9941,249,2841,275,1431,301,5841,328,6191,356,2631,384,5291,413,4311,442,9831,473,201
Contractual - Administrative
Services787,147517,277564,891564,133583,206595,611604,502626,107637,166648,473663,274675,169683,945696,305708,944721,866735,079748,590
Travel65,70065,70085,00085,00085,00085,00085,00085,00086,91388,86895,22497,36795,00397,14099,326101,561103,846106,182
Office Supplies &
Postage12,73312,73312,73312,73312,73312,73312,7339,0009,2039,41010,18710,41610,05910,28510,51710,75310,99511,243
Capital
Assets28,24228,24248,50043,00047,19244,40040,52040,52047,29048,45349,64450,86652,11853,40254,71856,06757,45058,867
Total Operating
Expenses1,733,5351,570,3521,581,0481,688,4261,740,8171,794,2651,864,3761,994,8882,004,5652,044,4882,093,4732,135,4022,169,7452,213,3962,258,0342,303,6782,350,3542,398,083
Total Investment Council
BudgetERROR:#REF!ERROR:#REF!10,269,82115,480,97916,907,73618,318,31519,299,62020,338,20821,424,75722,558,81023,947,24625,571,30726,845,38527,578,11727,763,88629,313,92530,914,62432,682,213
ASSET SUMMARY
Internal
Assets6,743,999,5238,042,846,2179,447,833,73610,076,032,5889,844,732,39710,970,266,92011,439,205,78711,928,456,96912,438,909,13512,971,490,12213,527,168,67114,106,956,24414,711,908,91515,343,129,34716,001,768,86016,689,029,59017,406,166,74218,154,490,944
External
Assets3,159,083,4773,269,173,7793,601,660,3743,181,905,0283,108,862,8623,184,916,2023,321,059,7453,463,100,4103,611,296,2013,765,916,4873,927,242,5174,095,567,9424,271,199,3624,454,456,9074,645,674,8304,845,202,1395,053,403,2485,270,658,661
Total Retirement System
Assets7,882,686,0009,130,716,36510,602,389,49610,748,012,45910,501,680,86411,613,500,00012,136,107,50012,682,232,33813,252,932,79313,849,314,76814,472,533,93315,123,797,96015,804,368,86816,515,565,46717,258,765,91318,035,410,37918,847,003,84619,695,119,019
Total
Assets9,903,083,00011,312,019,99613,049,494,11013,257,937,61612,953,595,25914,155,183,12214,760,265,53115,391,557,38016,050,205,33616,737,406,60917,454,411,18918,202,524,18618,983,108,27719,797,586,25420,647,443,69021,534,231,72922,459,569,99023,425,149,605
EXPENSE SUMMARY
Internal
ExpensesERROR:#REF!ERROR:#REF!10,269,82115,480,97916,907,73618,318,31519,299,62020,338,20821,424,75722,558,81023,947,24625,571,30726,845,38527,578,11727,763,88629,313,92530,914,62432,682,213
Assumed Budget Expenditures (40% avg Inv Perf
Incnt)ERROR:#REF!ERROR:#REF!9,027,89810,480,18911,432,60612,226,67912,839,42713,556,97314,228,96614,939,75215,896,89616,829,20317,620,84917,841,56918,258,42319,211,86120,236,42921,328,452
External Manager
Fees35,855,59736,941,66440,482,66335,000,95534,197,49135,034,07836,531,65738,094,10539,724,25841,425,08143,199,66845,051,24746,983,19348,999,02651,102,42353,297,22455,587,43657,977,245
Total
ExpensesERROR:#REF!ERROR:#REF!50,752,48350,481,93451,105,22853,352,39355,831,27758,432,31261,149,01563,983,89167,146,91470,622,55473,828,57876,577,14378,866,30982,611,14886,502,06090,659,458
UNIT COST SUMMARY
Internal Expenses as % of Total
AssetsERROR:#REF!ERROR:#REF!0.079%0.117%0.131%0.129%0.131%0.132%0.133%0.135%0.137%0.140%0.141%0.139%0.134%0.136%0.138%0.140%
Internal Exp as % of Total Assets (with assumed avg Inv Perf
Incnt)ERROR:#REF!ERROR:#REF!0.069%0.079%0.088%0.086%0.087%0.088%0.089%0.089%0.091%0.092%0.093%0.090%0.088%0.089%0.090%0.091%
Total Expenses as % of Total
AssetsERROR:#REF!ERROR:#REF!0.389%0.381%0.395%0.377%0.378%0.380%0.381%0.382%0.385%0.388%0.389%0.387%0.382%0.384%0.385%0.387%
Internal Exp as % of Adjusted Long-Term Value Total
Assets0.088%0.088%0.093%0.094%0.095%0.096%0.096%0.098%0.100%0.100%0.097%0.096%0.096%0.097%0.098%
(with assumed avg Inv Perf Incentive)
PERSONAL SERVICES BUDGET
INVESTMENT OFFICER (SDIC recommended/Ex Brd
approved)Matt368,938386,647405,206424,656440,793460,629460,629479,054498,216518,145538,870560,425582,842606,156630,402655,618681,843709,117
% INCREASE IN
BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!368,938386,647810,412849,312881,586921,257921,257958,107996,4321,036,2891,077,7411,120,8501,165,6841,212,3121,260,8041,311,2361,363,686
ASST INVESTMENT OFFICER
ARBITRAGE/INT'LBrett233,092244,280256,006268,294278,489291,021291,021302,662314,769327,359340,454354,072368,235382,964398,283414,214430,783448,014
% INCREASE IN
BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!233,092244,280512,012536,588556,979582,043582,043605,324629,537654,719680,908708,144736,470765,929796,566828,428861,565
ASST INVESTMENT OFFICER FIXED INC /
DERIVATIVETammy199,430209,003219,035229,548238,271248,993248,993258,953269,311280,084291,287302,939315,056327,658340,765354,395368,571383,314
% INCREASE IN
BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!199,430209,003438,070459,097476,543497,987497,987517,906538,623560,168582,574605,877630,112655,317681,530708,791737,142
ASST INVESTMENT OFFICER FIXED INC / ALT
INVChris198,918208,466218,472228,959237,660248,354248,354258,288268,620279,365290,539302,161314,247326,817339,890353,486367,625382,330
% INCREASE IN
BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!198,918208,466436,945457,918475,319496,708496,708516,577537,240558,729581,079604,322628,495653,634679,780706,971735,250
SENIOR PORTFOLIO MANAGER-GLOBAL
EQScott*173,027181,332190,036199,158206,726216,029216,029222,942231,859241,134250,779260,810271,243282,092293,376305,111317,315330,008
% INCREASE IN
BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%3.20%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!173,027181,332380,072398,316413,452432,057432,057445,883463,718482,267501,558521,620542,485564,184586,752610,222634,631
SENIOR PORTFOLIO MANAGER-GLOBAL
EQSteve*173,027181,332190,036199,158206,726216,029216,029222,942231,859241,134250,779260,810271,243282,092293,376305,111317,315330,008
% INCREASE IN
BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%3.20%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!173,027181,332380,072398,316413,452432,057432,057445,883463,718482,267501,558521,620542,485564,184586,752610,222634,631
SENIOR PORTFOLIO MANAGER FIXED
INCOMESherry109,435114,688120,193131,972136,987143,151143,151148,877154,832161,026167,467174,166181,132188,377195,913203,749211,899220,375
% INCREASE IN
BASEERROR:#REF!4.80%4.80%9.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!109,435114,688240,386263,944273,974286,303286,303297,755309,665322,052334,934348,331362,264376,755391,825407,498423,798
SENIOR PORTFOLIO MANAGER/GLOBAL
EQUITYJan171,675179,915188,551197,602205,111214,341214,341222,914231,831241,104250,748260,778271,209282,058293,340305,074317,277329,968
% INCREASE IN
BASE5/94ERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!171,675179,915377,103395,204410,221428,681428,681445,829463,662482,208501,496521,556542,419564,115586,680610,147634,553
PORTFOLIO MANAGER - GLOBAL
EQMelissa170,611178,800188,551197,602205,111214,341214,341222,915231,832241,105250,749260,779271,210282,059293,341305,075317,278329,969
% INCREASE IN
BASE8/95ERROR:#REF!4.80%5.45%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!170,611178,800377,102395,205410,223428,683428,683445,830463,663482,210501,498521,558542,420564,117586,682610,149634,555
PORTFOLIO MANAGER/GLOBAL
EQUITYCandi166,304174,287184,744197,602205,111214,341214,341222,914231,831241,104250,748260,778271,209282,058293,340305,074317,277329,968343,166356,893371,169386,015401,456
% INCREASE IN
BASE7/00ERROR:#REF!4.80%6.00%6.96%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!166,304174,287369,488395,204410,221428,681428,681445,829463,662482,208501,496521,556542,419564,115586,680610,147634,553659,935686,333713,786742,337772,031
highlight-sr pf mgr
ASSOCIATE PORTFOLIO MANAGER - GLOBAL
EQDarci132,003158,404175,305191,420200,991212,447212,447222,914231,831241,104250,748260,778271,209282,058293,340305,074317,277329,968343,166356,893371,169386,015401,456417,514
% INCREASE IN BASE4/01
fy01ERROR:#REF!20.00%10.67%9.19%5.00%5.70%0.00%4.93%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!132,003158,404350,610382,839401,981424,894424,894445,829463,662482,208501,496521,556542,419564,115586,680610,147634,553659,935686,333713,786742,337772,031802,912
ASSOCIATE PORTFOLIO MANAGER - GLOBAL EQ
Arianna103,584120,716144,860173,976190,798207,635211,788220,259229,070241,104250,748260,778271,209282,057293,339305,073317,276329,967343,165356,892371,168386,014401,455417,513
% INCREASE IN BASE12/02
fy03ERROR:#REF!16.54%20.00%20.10%9.67%8.82%2.00%4.00%4.00%5.25%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!103,584120,716289,720347,951381,596415,270423,575440,518458,139482,207501,495521,555542,417564,114586,679610,146634,552659,934686,331713,784742,336772,029802,910
ASSOCIATE PORTFOLIO MANAGER - GLOBAL EQ Jeff
Riss, Laurie: Jarrod, Randy & Renae all read Jeff's line.
Formula for increases on Jeff's base
comp91,079108,693126,671151,813180,809199,414207,391217,760226,470235,529250,745260,774271,205282,053293,336305,069317,272329,963343,161356,888371,163386,010401,450417,508
% INCREASE IN BASE7/03
fy04ERROR:#REF!19.34%16.54%19.85%19.10%10.29%4.00%5.00%4.00%4.00%6.46%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!91,079108,693253,342303,627361,618398,828414,781435,520452,941471,059501,489521,549542,411564,107586,671610,138634,544659,925686,322713,775742,326772,019802,900
ASSOCIATE PORTFOLIO MANAGER - SMALL/MID
CAPJarrod91,079108,693126,671151,813180,809199,414207,391217,760226,470235,529250,745260,774271,205282,053293,336305,069317,272329,963343,161356,888371,163386,010401,450417,508
% INCREASE IN BASE1/04
fy04ERROR:#REF!19.34%16.54%19.85%19.10%10.29%4.00%5.00%4.00%4.00%6.46%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!91,079108,693253,342303,627361,618398,828414,781435,520452,941471,059501,489521,549542,411564,107586,671610,138634,544659,925686,322713,775742,326772,019802,900
ASSOCIATE PORTFOLIO MANAGER - GLOBAL EQ
Randy91,079108,693126,671151,813180,809199,414207,391217,760226,470235,529250,745260,774271,205282,053293,336305,069317,272329,963343,161356,888371,163386,010401,450417,508
% INCREASE IN BASE05/04
fy04ERROR:#REF!19.34%16.54%19.85%19.10%10.29%4.00%5.00%4.00%4.00%6.46%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!91,079108,693253,342303,627361,618398,828414,781435,520452,941471,059501,489521,549542,411564,107586,671610,138634,544659,925686,322713,775742,326772,019802,900
ASSOCIATE PORTFOLIO MANAGER - GLOBAL EQ
Renae91,079108,693126,671151,813180,809199,414207,391217,760226,470235,529250,745260,774271,205282,053293,336305,069317,272329,963343,161356,888371,163386,010401,450417,508
% INCREASE IN BASE01/04
fy04ERROR:#REF!19.34%16.54%19.85%19.10%10.29%4.00%5.00%4.00%4.00%6.46%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!91,079108,693253,342303,627361,618398,828414,781435,520452,941471,059501,489521,549542,411564,107586,671610,138634,544659,925686,322713,775742,326772,019802,900
ASSOCIATE PORTFOLIO MANAGER - SMALL/MID
CAPVacant91,079108,693126,671150,982174,782197,181201,800209,872218,267226,998236,077245,521255,341265,555276,177287,224298,713310,662323,088336,012349,452363,430377,968393,086
% INCREASE IN
BASEERROR:#REF!19.34%16.54%19.19%15.76%12.82%2.34%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!91,079108,693253,342301,964349,564394,362403,600419,744436,534453,995472,155491,041510,683531,110552,354574,449597,427621,324646,177672,024698,905726,861755,935
ASSOCIATE PORTFOLIO MGR - HIGH YLD/CONVERTIBLESRoss
Riss, Laurie: starting with Ross, use transition tables
below73,85284,967102,198119,378137,929164,673181,140195,632209,326223,979239,657256,433271,205282,053293,335305,069317,271329,962343,161356,887371,163386,009401,450417,508
% INCREASE IN BASE08/05
fy06ERROR:#REF!15.05%20.28%16.81%15.54%19.39%10.00%8.00%7.00%7.00%7.00%7.00%5.76%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!73,85284,967204,396238,756275,858329,346362,281391,263418,651447,957479,314512,866542,410564,106586,671610,137634,543659,925686,322713,775742,326772,019802,899
ASSISTANT PORTFOLIO MANAGER - GLOBAL
EQUITYLee67,31570,93081,64793,320111,311129,490145,029165,333188,479203,558217,807233,053249,367266,823293,335305,068317,271329,962343,160356,887371,162386,009401,449417,507
% INCREASE IN BASE05/07
fy08ERROR:#REF!5.37%15.11%14.30%19.28%16.33%12.00%14.00%14.00%8.00%7.00%7.00%7.00%7.00%9.94%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!67,31570,930163,294186,639222,622258,980290,058330,666376,959407,116435,614466,107498,734533,645586,670610,137634,542659,924686,321713,774742,325772,018802,898
ASSISTANT PORTFOLIO MGR-HIGH
YIELD/CONVERTIBLESDanielle67,31570,93081,64793,320111,311129,490145,029165,333188,479203,558217,807233,053249,367266,823293,335305,068317,271329,962343,160356,887371,162386,009401,449417,507
% INCREASE IN BASE05/07
fy08ERROR:#REF!5.37%15.11%14.30%19.28%16.33%12.00%14.00%14.00%8.00%7.00%7.00%7.00%7.00%9.94%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!67,31570,930163,294186,639222,622258,980290,058330,666376,959407,116435,614466,107498,734533,645586,670610,137634,542659,924686,321713,774742,325772,018802,898
highlight - sr pf mgr
RESEARCH ANALYST - HIGH YIELD/CONVERTIBLE
ARBAnne58,32864,20773,93284,504100,796112,589118,444129,104148,469169,255192,951219,964239,760257,743277,073297,854317,413330,078343,281357,012371,293386,145401,590417,654
% INCREASE IN BASE05/09
fy10ERROR:#REF!10.08%15.15%14.30%19.28%11.70%5.20%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%6.57%3.99%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUMERROR:#REF!58,32864,207147,865169,008201,592225,178236,888258,207296,939338,510385,901439,927479,521515,485554,146595,707634,825660,156686,562714,025742,586772,289803,181
RESEARCH
ANALYSTZachERROR:#REF!ERROR:#REF!53,00054,59060,59568,29078,67089,68397,755116,328129,124140,746153,413176,425201,124229,281261,381284,905306,273329,243353,937386,009401,449417,507
% INCREASE IN BASE09/14not hired until FY 15-so everything moved
back one
year11.00%12.70%15.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.06%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMactual FY15FY 15 actual amt s/b
54,590 - adjusted in FY 16
request109,180121,190136,579157,339179,367195,510232,656258,249281,491306,825352,849402,248458,563522,761569,810612,546658,487707,873772,018802,899
RESEARCH
ANALYSTLesykERROR:#REF!ERROR:#REF!53,00050,62055,68262,19767,29780,21891,44899,679118,618131,666143,516156,432179,897205,082233,794266,525290,512312,301335,723360,903401,449417,507434,207451,576469,639488,424507,961528,279
% INCREASE IN BASE06/15 fy16not hired until FY 15-so everything
moved back one
year10.00%11.70%8.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%11.23%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUM101,240111,364124,394134,594160,436182,897199,358237,236263,331287,031312,864359,794410,165467,588533,050581,025624,602671,447721,805802,898835,014868,414903,151939,277976,8481,015,922
RESEARCH
ANALYSTDaniel50,62055,68262,19767,29780,21891,44899,679118,618131,666143,516156,432179,897205,082233,794266,525290,512312,301335,723360,903401,449417,507434,207451,576469,639488,424507,961528,279
% INCREASE IN BASE06/15
fy1610.00%11.70%8.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%11.23%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUM101,240111,364124,394134,594160,436182,897199,358237,236263,331287,031312,864359,794410,165467,588533,050581,025624,602671,447721,805802,898835,014868,414903,151939,277976,8481,015,922
RESEARCH ANALYSTMatthew
Riss, Laurie: 98% of Dan/Lesyk.Close the gap at some
pointERROR:#REF!ERROR:#REF!53,00054,59160,95365,95178,61489,61997,685116,245129,032140,645153,303176,299200,981229,118261,195284,702306,055329,009353,685393,420409,157425,523442,544460,246478,656497,802517,714
% INCREASE IN BASE08/15
FY1611.65%8.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%11.23%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUM121,906131,902157,227179,239195,370232,491258,065281,291306,607352,598401,962458,236522,389569,404612,110658,018707,369786,840818,314851,046885,088920,492957,311995,604
RESEARCH ANALYSTMakenzie
Riss, Laurie: 96.2% of M. Carey's base comp - will need upward
adjustment at some point to stay ahead of any new
emplERROR:#REF!ERROR:#REF!53,00049,62858,63763,44575,62686,21493,973111,828124,129135,301147,478169,600193,344220,412251,269273,883294,425316,507340,245378,470393,609409,353425,727442,756460,467478,885498,041
% INCREASE IN BASE12/15
fy1618.15%8.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%11.23%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUM117,273126,890151,253172,428187,946223,656248,258270,602294,956339,199386,687440,823502,538547,767588,849633,013680,489756,940787,218818,706851,455885,513920,933957,771
RESEARCH
ANALYSTnewERROR:#REF!ERROR:#REF!50,62052,13953,70355,31461,50969,01382,26493,781102,221121,643135,023147,175160,421184,484210,312239,756273,322297,921320,265344,285370,106434,207451,575469,638488,424507,961528,279
% INCREASE IN BASEFY
2018ERROR:#REF!ERROR:#REF!3.00%3.00%3.00%11.20%12.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%17.32%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUM[note - 50,285
start]123,018138,026164,527187,561204,442243,285270,047294,351320,843368,969420,625479,512546,644595,842640,530688,570740,212868,414903,151939,277976,8481,015,922
RESEARCH
ANALYSTnewERROR:#REF!ERROR:#REF!50,62052,13953,70355,31461,50969,01382,26493,781102,221121,643135,023147,175160,421184,484210,312239,756273,322297,921320,265344,285370,106404,341420,515437,335454,829473,022491,943
% INCREASE IN BASEFY
2018ERROR:#REF!ERROR:#REF!3.00%3.00%3.00%11.20%12.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.25%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE
MAXIMUM123,018138,026164,527187,561204,442243,285270,047294,351320,843368,969420,625479,512546,644595,842640,530688,570740,212808,682841,029874,670909,657946,043
RESEARCH ANALYST
*new*50,62052,54454,90854,90857,10459,38961,76464,23571,42980,14395,531108,905118,706141,261156,799170,911186,293214,237244,231278,423317,402345,968371,916399,810429,795469,551488,333
% INCREASE IN BASEFY
20223.80%4.50%0.00%4.00%4.00%4.00%4.00%11.20%12.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.25%4.00%
INVESTMENT INCENTIVE
MAXIMUM142,858160,286191,061217,810237,413282,521313,599341,823372,587428,475488,461556,846634,804691,936743,832799,619859,591939,103
RESEARCH ANALYST
*new*50,62052,54454,90854,90857,10459,38961,76464,23571,42980,14395,531108,905118,706141,261156,799170,911186,293214,237244,231278,423317,402345,968371,916399,810429,795469,551488,333
% INCREASE IN BASEFY
20223.80%4.50%4.00%4.00%4.00%4.00%11.20%12.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.25%4.00%
INVESTMENT INCENTIVE
MAXIMUM142,858160,286191,061217,810237,413282,521313,599341,823372,587428,475488,461556,846634,804691,936743,832799,619859,591939,103
INVESTMENT
ACCOUNTANTCindy70,75074,90077,89683,00085,49087,79887,79889,77391,79393,85995,97198,130100,338102,595104,904107,264109,678112,145
% INCREASE IN
BASEERROR:#REF!5.87%4.00%6.55%3.00%2.70%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
INVESTMENT
ACCOUNTANTSami60,13863,66566,21272,21074,37676,38483,25887,62989,60191,61793,67895,78697,941100,145102,398104,702107,058109,467
% INCREASE IN
BASEERROR:#REF!5.86%4.00%9.06%3.00%2.70%9.00%5.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
INVESTMENT
ACCOUNTANTKrystal53,07856,17558,42266,40068,39270,23970,94176,79482,36184,21486,10988,04790,02892,05394,12496,24298,408100,622
% INCREASE IN
BASEERROR:#REF!5.83%4.00%13.66%3.00%2.70%1.00%8.25%7.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
INVESTMENT
ACCOUNTANTBrandy47,00049,37855,94562,25064,11861,54962,16564,80770,15475,24076,93378,66480,43482,24384,09485,98687,92189,899
% INCREASE IN
BASEERROR:#REF!5.06%13.30%11.27%3.00%-4.01%1.00%4.25%8.25%7.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
BUSINESS
MANAGERLaurie59,96361,76263,61566,15967,48369,30569,30570,86472,45974,08975,75677,46179,20480,98682,80884,67186,57688,524
% INCREASE IN
BASEERROR:#REF!3.00%3.00%4.00%2.00%2.70%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
ASST BUSINESS MGR /
ACCOUNTANTChrista30,02330,92431,85133,12533,78834,70144,10046,30547,34748,41249,50150,61551,75452,91954,10955,32756,57257,844
% INCREASE IN
BASEERROR:#REF!3.00%3.00%4.00%2.00%2.70%27.09%5.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
STAFF ATTORNEY (1/4
FTE)30,71038,51338,51339,38040,26641,17242,09843,04544,01445,00446,01747,05248,11149,193
% INCREASE IN BASE (incl 1/4 hlth & ret)
STUDENT
INTERN19,88420,48121,42422,06523,18124,01424,01424,55425,10725,67226,24926,84027,44428,06128,69329,33829,99830,673
% INCREASE IN
BASEERROR:#REF!3.00%4.61%2.99%5.06%3.59%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
INVESTMENT
COUNCIL7,8757,8755,7735,9466,0646,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,227
LONGEVITY
PAY6,8257,5088,3859,4519,83110,46011,41512,15513,37114,70816,17817,79619,57621,53323,68726,05528,66131,527
Unused comp money - accountants FY
201788,55564,78972,4639,895
BASE SALARY - INVESTMENT
POSITIONSERROR:#REF!ERROR:#REF!3,648,3304,009,3224,460,7764,730,6634,965,7555,269,3255,579,2755,895,1016,401,6576,754,9327,129,8686,960,6507,397,5287,819,4168,314,1198,808,107
BASE SALARY - ACCOUNTING, ADMINISTRATIVE &
LONGEVITY336,804362,326392,596403,477420,331428,982448,328467,085482,138494,126506,498519,273532,474546,124560,247574,872590,028
TOTAL STAFF BASE
SALARY34,584ERROR:#REF!4,010,6574,401,9184,864,2545,150,9945,394,7375,717,6536,046,3606,377,2406,895,7847,261,4307,649,1427,493,1247,943,6518,379,6638,888,9919,398,135
STAFF ATTORNEY (1/4 FTE) &
INTERNS22,06553,89162,52762,52763,93465,37266,84368,34769,88571,45773,06574,70976,39078,10979,866
INVESTMENT
COUNCILERROR:#REF!35,86335,5825,9466,0646,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,227
FLEXIBILITY FUND-RETIREMENTS &
RESIGNATIONS140,431140,431148,061151,022155,100155,100158,590162,158165,807169,537173,352177,252181,240185,318189,488193,751198,111
TOTAL INVESTMENT INCENTIVE
MAXIMUM1,085,3123,261,1243,261,1247,323,9468,018,6458,921,5539,461,3269,931,50910,538,65111,158,54911,790,20312,803,31513,509,86514,259,73713,921,30014,795,05515,638,83216,628,238
PERSONAL
BENEFITSERROR:#REF!ERROR:#REF!1,240,9791,890,6182,073,0442,227,6492,355,3282,465,4072,601,4242,739,6562,923,6763,121,6963,261,6973,351,3273,374,6473,563,4233,758,3603,973,553
TOTAL PERSONAL
SERVICESERROR:#REF!8,688,77313,792,55415,166,91916,524,04917,435,24418,343,32019,420,19220,514,32221,853,77323,435,90524,675,64025,364,72125,505,85327,010,24628,564,27030,284,130
% INCREASE IN PERSONAL
SERVICESERROR:#REF!ERROR:#REF!58.74%9.96%8.95%5.51%5.21%5.87%5.63%6.53%7.24%5.29%2.79%0.56%5.90%5.75%6.02%
*assume upper level retirements in '22 - 2 plateaued positions
promoted to higher level - entry level hired
STAFF ATTORNEY (1/4
FTE)37,50038,62539,78440,97742,20743,47344,77746,12047,50448,92950,39751,90953,46655,070
Must cover with health ins the first year as part time -
costless $10,980 forno ins provided
to SDIC of $8,622 fte cost. Retiree cost w/b 10,980health
insurance
26.500 cash
STATE SALARY
POLICY2.0%2.7%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
LTP SALARY INCREASES - INVESTMENT
POSITIONS1.8%1.8%0.0%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%
TRANSITION INCREASES - Inv Positions - New Hires in FY:
2006 (RS)10.00%4.00%3.00%3.00%3.00%3.00%1.75%
2008 )LM &
DM)12.00%10.00%10.00%4.00%3.00%3.00%3.00%3.00%6.00%
2010
(AC)7.2%5.2%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%2.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
2015
(ZN)7.2%8.2%15.2%10.0%5.0%15.0%7.0%5.0%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%5.25%0.0%
2016 (DE & LV) & (MC &
MS)7.2%8.2%15.2%10.0%5.0%15.0%7.0%5.0%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%5.25%0.0%
20187.2%8.2%15.2%10.0%5.0%15.0%7.0%5.0%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%5.25%0.0%
20227.2%8.2%15.2%10.0%5.0%15.0%7.0%5.0%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%5.25%0.0%
PROGRESSION SCHEDULE - Guide
RESEARCH ANALYST- 3 YEARS
ASSISTANT PORTFOLIO MANAGER - YEARS 4 & 5
ASSOCIATE PORTFOLIO MGR - YEARS 5 THROUGH 10
PORTFOLIO MANAGER - YEARS 11 THROUGH 15
SENIOR PORTFOLIO MANAGER - YEARS 16+
INCENTIVE SCHEDULE - IMPLMENTATION
PERCENT OF 1YR AGO BASE INV. INCENTIVE MAX :
INVESTMENT
OFFICERmc100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
ASSISTANT INVESTMENT OFFICERSbf, to,
cn100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
SENIOR PORTFOLIO MANAGERSsh,
ss100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
PORTFOLIO MANAGER-FIXED
INCOME/HESPsn50%50%50%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%
PORTFOLIO MANAGERSjz, mhw,
cc100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
ASSISTANT PORTFOLIO MANAGER (new
FY2002)dh100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (New
FY2003)ar100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY2004)je je rs df
rr100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY2006)as.
rs100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired May 2007)lm,
ds70%90%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired May
2009)ad30%50%70%180%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY
2015)zn60%100%140%180%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired May 2015)lv
de60%100%140%180%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY
2016)??60%100%140%180%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY
2018)??60%100%140%180%200%200%200%200%200%200%
INCENTIVE SCHEDULE - BUDGETED
PERCENT OF 1YR AGO BASE INV. INCENTIVE MAX
:100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
All incentive programs budgeted at 200% level
NUMBER OF EMPLOYEES (re health
benefits)2828303032.0032.0034.0034.0034.0034.0036.0036.0034.0034.0034.0034.0034.0034.00
BENEFITS - Base Compensation
Social Security
7.65%320,280348,528388,255411,176429,822454,900480,429506,133546,202574,583604,662593,155628,058661,860701,281740,699
Retirement6%240,639264,115291,855309,060323,684343,059362,782382,634413,747435,686458,948449,587476,619502,780533,339563,888
Unemployment
Insurance0.10%4,1874,5565,0755,3755,6195,9466,2806,6167,1407,5117,9047,7548,2108,6529,1679,682
Workers
Compensation0.05%2,0932,2782,5382,6872,8092,9733,1403,3083,5703,7553,9523,8774,1054,3264,5844,841
Health/Life
Insurance258,660254,100271,040275,904287,731287,980294,460301,085325,969333,303321,869329,111336,516344,087351,829359,746
Total Benefits -
Base825,860873,577958,7631,004,2021,049,6651,094,8591,147,0901,199,7761,296,6271,354,8391,397,3351,383,4841,453,5081,521,7051,600,2011,678,856
Health Insurance per
FTE8470.008,6228,4708,4708,6228,4708,4708,6618,8559,0559,2589,4679,6809,89810,12010,34810,581
2.25%
BENEFITS - Performance Incentive
Social Security
7.65%249,476560,282613,426682,499723,791759,760806,207853,629901,951979,4541,033,5051,090,8701,064,9791,131,8221,196,3711,272,060
Retirement6%195,667439,437481,119535,293567,680595,891632,319669,513707,412768,199810,592855,584835,278887,703938,330997,694
Unemployment
Insurance0.10%3,2617,3248,0198,9229,4619,93210,53911,15911,79012,80313,51014,26013,92114,79515,63916,628
Workers
Compensation0.05%1,6313,6624,0094,4614,7314,9665,2695,5795,8956,4026,7557,1306,9617,3987,8198,314
Total Benefits -
Incentives450,0351,010,7051,106,5731,231,1741,305,6631,370,5481,454,3341,539,8801,627,0481,766,8571,864,3611,967,8441,921,1392,041,7182,158,1592,294,697
TOTAL
BENEFITS1,275,8951,884,2822,065,3362,235,3762,355,3282,465,4072,601,4242,739,6562,923,6763,121,6963,261,6973,351,3273,374,6473,563,4233,758,3603,973,553
OPERATING EXPENSE BUDGET
Contractual - Investment Services
CONSULTING SERVICES
Consulting/Comp Analysis/Asset
Allocation/etc.30,00030,00030,00030,00030,00030,00030,00030,00030,67531,36532,07132,79233,53034,28535,05635,84536,65137,476
Consultant - Legal/Executive Search
Firm000000050,000100,000100,000100,000100,000100,000100,000100,000100,000100,000100,000
SUBTOTAL30,00030,00030,00030,00030,00030,00030,00080,000130,675131,365132,071132,792133,530134,285135,056135,845136,651137,476
INVESTMENT ACCOUNTING, PERFORMANCE, BENCHMARKING
BNY/Mellon Performance & Risk
Analysis20,00020,00020,00020,00010,00010,0008,0008,0008,1808,3648,5528,7458,9419,1439,3489,5599,7749,994
S&P
120012,00012,00012,00012,00012,00012,00013,00015,00015,33815,68316,03516,39616,76517,14217,52817,92218,32618,738
S&P
100002,0002,0002,0002,0002,0002,0002,0002,0452,0912,1382,1862,2352,2862,3372,3902,4432,498
S&P
U.S.10,00010,00010,00010,00010,00010,00011,00011,00011,24811,50111,75912,02412,29412,57112,85413,14313,43913,741
Citi
Index085,00085,000010,00014,10014,41714,74215,07315,41215,75916,11416,47616,84717,22617,614
Portia50,00050,00050,00062,00062,00062,00062,00063,00064,41865,86767,34968,86470,41471,99873,61875,27476,96878,700
SUBTOTAL92,00094,00094,000191,000181,00096,000106,000113,100115,645118,247120,907123,628126,409129,254132,162135,135138,176141,285
INVESTMENT DATABASES, NEWSFEEDS & QUOTE FEES
Bloomberg146,475132,111110,502112,800122,311124,362124,362124,362127,160130,021132,947135,938138,997142,124145,322148,592151,935155,353
Factset181,632188,022188,022205,700215,985235,180257,264257,264263,052268,971275,023281,211287,538294,008300,623307,387314,303321,375
Reuters Fundamental
Index25,46226,63028,58028,58045,36047,62847,62847,62848,70049,79550,91652,06153,23354,43055,65556,90758,18859,497
Quote Fees (incl Bloomberg/Factstet, NYSE, Sedol, Cusip,
OPRA)54,08645,12545,12545,12545,12557,18267,18272,18273,80675,46777,16578,90180,67682,49184,34786,24588,18690,170
Dow Jones News
Services34,80442,98442,98442,98442,98442,98451,00052,20053,37554,57555,80357,05958,34359,65560,99862,37063,77465,208
SUBTOTAL442,459434,872415,213435,189471,765507,336547,436553,636566,093578,830591,854605,170618,787632,709646,945661,502676,385691,604
INVESTMENT RESEARCH SERVICES
KDP High
Yield20,00020,00020,00020,00020,00020,00020,00000000000000
Stone McCarthy4,3054,3054,305000000000000000
GNA - Gimme
Credit25,00025,00025,00025,00025,00025,00025,00025,00025,56326,13826,72627,32727,94228,57129,21329,87130,54331,230
Credit
Sights39,90047,25066,95077,50079,82582,22082,22086,00087,93589,91491,93794,00596,12098,283100,494102,755105,067107,431
Reorg Research85,000
Indie Research - Insider
Score14,00017,64026,52526,52526,52526,52526,52526,52527,12227,73228,35628,99429,64630,31330,99531,69332,40633,135
Boyars Intrinsic
Value30,00030,00000015,00015,00015,00015,33815,68316,03516,39616,76517,14217,52817,92218,32618,738
Rystad Energy45,00000000000000
Morningstar
Equity44,00075,00075,00075,00075,00080,00080,00080,00081,80083,64185,52287,44789,41491,42693,48395,58697,73799,936
S&P Capital
IQ13,26014,23315,69215,69215,69239,69039,69065,00066,46367,95869,48771,05072,64974,28475,95577,66479,41181,198
Value
Line04,1004,1004,5154,7404,7504,7505,0005,1135,2285,3455,4655,5885,7145,8435,9746,1096,246
Management CV18,00000000000000000000
Flexibility - from Brokerage to Independent
Research66,789150,00083,13983,13983,139130,000100,000100,000102,250104,551106,903109,308111,768114,283116,854119,483122,171124,920
SUBTOTAL275,254387,528330,711327,371329,921423,185438,185487,525411,582420,842430,311439,993449,893460,016470,366480,949491,771502,836
TOTAL
CONTRACTUAL-INVESTMENT839,713946,400869,924983,5601,012,6861,056,5211,121,6211,234,2611,223,9941,249,2841,275,1431,301,5841,328,6191,356,2631,384,5291,413,4311,442,9831,473,201
Contractual - Administrative Expenses
Office
Rent101,542101,542129,125115,148120,554125,069125,069134,609134,609134,609134,609134,609134,609134,609134,609134,609134,609134,609
Bond/Liability
Insurance7,0207,0207,4107,4107,8007,8007,8008,1908,3748,5638,7558,9529,1549,3609,5709,78610,00610,231
Telephone10,00010,00010,00010,00012,00014,00018,00018,00018,40518,81920,37420,83320,11820,57121,03421,50721,99122,486
Office Equip Rental /
Maintenance6,0006,0006,0006,0006,0006,0566,0006,0006,1356,2736,4146,5586,7066,8577,0117,1697,3307,495
Bureau of Information & Telecomm
(BIT)40,00042,63943,33548,02856,23261,45465,30069,00070,55372,14073,76375,42377,12078,85580,62982,44384,29886,195
State Central
Services9,0008,7418,3519,51311,08611,69812,79912,79913,08713,38113,68313,99014,30514,62714,95615,29315,63715,989
Legislative
Audit37,13537,13555,70050,00051,50051,50051,50051,50052,65953,84455,05556,29457,56058,85660,18061,53462,91864,334
Attorney General's
Office16,00017,97018,50918,50918,50918,50918,50918,92519,35119,78720,23220,68721,15321,62822,11522,61323,122
Custodial Fees -
Global538,750250,500250,500263,025263,025263,025263,025271,000277,098283,332289,707296,226302,891309,706316,674323,799331,085338,534
Seminars / Educational
Programs33,50033,50033,50033,50033,50033,50033,50033,50034,25435,02437,91938,77237,44238,28539,14640,02740,92741,848
Business
Publications4,2004,2003,0003,0003,0003,0003,0003,0003,0683,1373,2073,2793,3533,4283,5063,5843,6653,748
TOTAL
CONTRACTUAL-ADMINISTRATIVE787,147517,277564,891564,133583,206595,611604,502626,107637,166648,473663,274675,169683,945696,305708,944721,866735,079748,590
CONTRACTUAL
TOTAL1,626,8601,463,6771,434,8151,547,6931,595,8921,652,1321,726,1231,860,3681,861,1601,897,7571,938,4171,976,7532,012,5652,052,5692,093,4732,135,2972,178,0632,221,791
OFFICE SUPPLIES AND
POSTAGE12,73312,73312,73312,73312,73312,73312,7339,0009,2039,41010,18710,41610,05910,28510,51710,75310,99511,243
CAPITAL ASSETS
Computer
Hardware17,44617,44615,73715,73714,86115,49510,75010,75016,85017,32817,81918,32518,84519,38019,93120,49721,07921,678
Office Equipment &
Books5,0405,0407,7632,2632,3313,9054,7704,7704,8774,9875,0995,2145,3315,4515,5745,6995,8285,959
Furniture and Fixtures
Acquisition5,7565,75625,00025,00030,00025,00025,00025,00025,56326,13826,72627,32727,94228,57129,21329,87130,54331,230
TOTAL28,24228,24248,50043,00047,19244,40040,52040,52047,29048,45349,64450,86652,11853,40254,71856,06757,45058,867
TRAVEL
Council Meeting
Travel8,0708,0708,0708,0708,0708,0708,0708,0708,2528,4379,1359,3409,0209,2239,4309,6429,85910,081
International
Travel15,15515,15515,72015,72015,72015,72015,72015,72016,07416,43516,80517,18317,57017,96518,36918,78319,20519,637
State
Travel2,4752,4752,4752,4752,4752,4752,4752,4752,5312,5882,8012,8652,7662,8282,8922,9573,0243,092
Seminar and Educational
Travel40,00040,00058,73558,73558,73558,73558,73558,73560,05761,40866,48367,97965,64767,12468,63470,17871,75773,372
TOTAL65,70065,70085,00085,00085,00085,00085,00085,00086,91388,86895,22497,36795,00397,14099,326101,561103,846106,182
TOTAL OPERATING
EXPENSES1,733,5351,570,3521,581,0481,688,4261,740,8171,794,2651,864,3761,994,8882,004,5652,044,4882,093,4732,135,4022,169,7452,213,3962,258,0342,303,6782,350,3542,398,083
% INCREASE IN OPERATING
EXPENSESERROR:#REF!-9.41%0.04%6.79%3.10%3.07%3.91%7.00%0.49%1.99%2.40%2.00%1.61%2.01%2.02%2.02%2.03%2.03%
TOTAL INTERNAL
EXPENSESERROR:#REF!8,785,31810,269,82115,480,97916,907,73618,318,31519,299,62020,338,20821,424,75722,558,81023,947,24625,571,30726,845,38527,578,11727,763,88629,313,92530,914,62432,682,213
% INCREASE IN TOTAL INTERNAL
EXPENSESERROR:#REF!ERROR:#REF!16.90%50.74%9.22%8.34%5.36%5.38%5.34%5.29%6.15%6.78%4.98%2.73%0.67%5.58%5.46%5.72%
COMPUTER ACQUISITION AND RETIREMENT SCHEDULE
ADDED992547777777777777
SCRAPPED OR RETIRED TO LOW END DUTY990537777777777777
ENDING NUMBER293030303235353737373737373737373737
COMPUTER HARDWARE/SOFTWARE PURCHASES
COMPUTERSERROR:#REF!ERROR:#REF!3,98410,2608,45412,03412,39512,76713,15013,54413,95114,36914,80015,24415,70216,17316,65817,158
PRINTERS, PROJECTORS,
MISCERROR:#REF!ERROR:#REF!2,2532,3202,3902,4612,5172,5732,6312,6912,7512,8132,8762,9413,0073,0753,1443,215
NETWORK SERVER, SOFTWARE,
WIRING,CARDSERROR:#REF!ERROR:#REF!3,7873,9014,0181,0001,0231,0461,0691,0931,1181,1431,1691,1951,2221,2491,2771,306
TOTALERROR:#REF!ERROR:#REF!10,02416,48014,86115,49515,93416,38616,85017,32817,81918,32518,84519,38019,93120,49721,07921,678
EXTERNAL FEES (Retirement Systems)
TOTAL EXTERNAL MANAGER FEES (Ret Systems)
Riss, Laurie: See Matt's pink note in Ext Mgr file for
justification on 1.1%
35,855,59736,941,66440,482,66335,000,95534,197,49135,034,07836,531,65738,094,10539,724,25841,425,08143,199,66845,051,24746,983,19348,999,02651,102,42353,297,22455,587,43657,977,245
FEES AS % OF EXTERNAL ASSETS1.14%1.13%1.12%
icsf10101: see Matt's pink note in mgmt fees folder to justify
using 110bp going forward - see note under external assets for
further expl
1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%
EXTERNAL MANAGER FEES BASED ON ADJUSTED EXT
ASSETS36,434,39636,225,98934,197,49132,406,52233,791,78335,237,04736,744,93938,318,20039,959,69341,672,40443,459,45445,324,09947,269,74149,299,93251,418,37853,628,952
ASSET SUMMARY
YEAR END ASSETS
INTERNAL
ASSETS6,743,999,5238,042,846,2179,447,833,73610,076,032,5889,844,732,39710,970,266,92011,439,205,78711,928,456,96912,438,909,13512,971,490,12213,527,168,67114,106,956,24414,711,908,91515,343,129,34716,001,768,86016,689,029,59017,406,166,74218,154,490,944
EXTERNAL
ASSETS3,159,083,4773,269,173,7793,601,660,3743,181,905,0283,108,862,8623,184,916,2023,321,059,7453,463,100,4103,611,296,2013,765,916,4873,927,242,5174,095,567,9424,271,199,3624,454,456,9074,645,674,8304,845,202,1395,053,403,2485,270,658,661
TOTAL
ASSETS9,903,083,00011,312,019,99613,049,494,11013,257,937,61612,953,595,25914,155,183,12214,760,265,53115,391,557,38016,050,205,33616,737,406,60917,454,411,18918,202,524,18618,983,108,27719,797,586,25420,647,443,69021,534,231,72922,459,569,99023,425,149,605
TOTAL RETIREMENT SYSTEMS ASSETS - FY
END7,882,686,0009,130,716,36510,602,389,49610,748,012,45910,501,680,86411,613,500,00012,136,107,50012,682,232,33813,252,932,79313,849,314,76814,472,533,93315,123,797,96015,804,368,86816,515,565,46717,258,765,91318,035,410,37918,847,003,84619,695,119,019
ADJUSTED LONG-TERM VALUE ASSETS
Riss, Laurie: Per Matt - changed haircut to zero on assets for
FY 16 year ending assets because using depressed return assumptions
already. For FY17 year ending assets, haircut assets by 7.5%haircut
7.5%
INTERNAL
ASSETS8,503,050,3628,638,872,1519,844,732,39710,147,496,90110,581,265,35311,033,822,69711,505,990,95011,998,628,36312,512,631,02113,048,934,52613,608,515,74614,192,394,64614,801,636,19515,437,352,37116,100,704,23616,792,904,123
EXTERNAL
ASSETS3,241,494,3373,293,271,7043,108,862,8622,946,047,4873,071,980,2643,203,367,8803,340,448,9863,483,472,7503,632,699,3293,788,400,3463,950,859,4104,120,372,6394,297,249,2184,481,811,9794,674,398,0044,875,359,262
TOTAL ADJUSTED
ASSETS11,744,544,69911,932,143,85412,953,595,25913,093,544,38813,653,245,61614,237,190,57614,846,439,93615,482,101,11316,145,330,34916,837,334,87217,559,375,15718,312,767,28519,098,885,41319,919,164,34920,775,102,24021,668,263,385
AVERAGE ASSETS
INTERNAL ASSETS -
AVG7,393,422,8708,745,339,9769,761,933,1629,960,382,49310,407,499,65811,204,736,35311,683,831,37812,183,683,05212,705,199,62913,249,329,39613,817,062,45814,409,432,58015,027,519,13115,672,449,10316,345,399,22517,047,598,16617,780,328,843
EXTERNAL ASSETS -
AVG3,214,128,6283,435,417,0773,391,782,7013,145,383,9453,146,889,5323,252,987,9733,392,080,0783,537,198,3063,688,606,3443,846,579,5024,011,405,2304,183,383,6524,362,828,1354,550,065,8694,745,438,4854,949,302,6935,162,030,954
TOTAL ASSETS -
AVG10,607,551,49812,180,757,05313,153,715,86313,105,766,43813,554,389,19114,457,724,32715,075,911,45615,720,881,35816,393,805,97217,095,908,89917,828,467,68818,592,816,23219,390,347,26620,222,514,97221,090,837,71021,996,900,85922,942,359,797
EXT ASSETS AS % OF TOTAL
ASSETS31.9%28.9%27.6%24.0%24.0%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%
ASSET GROWTH SUMMARY
TOTAL
ASSETSERROR:#REF!14.23%15.36%1.60%-2.30%9.28%4.27%4.28%4.28%4.28%4.28%4.29%4.29%4.29%4.29%4.29%4.30%4.30%
TOTAL RETIREMENT
SYSTEMSERROR:#REF!15.83%16.12%1.37%-2.29%10.59%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%
EXPENSE SUMMARY
INTERNAL EXPENSES -
BUDGETERROR:#REF!8,785,31810,269,82115,480,97916,907,73618,318,31519,299,62020,338,20821,424,75722,558,81023,947,24625,571,30726,845,38527,578,11727,763,88629,313,92530,914,62432,682,213
INTERNAL EXPENSES (with assumed 80% avg Inv Perf
Incnt)ERROR:#REF!7,741,3779,027,898
Riss, Laurie: actual budget spent
icsf10101: see Matt's pink note in mgmt fees folder to justify
using 110bp going forward - see note under external assets for
further expl
Riss, Laurie: Jarrod, Randy & Renae all read Jeff's line.
Formula for increases on Jeff's base comp
Riss, Laurie: 98% of Dan/Lesyk.Close the gap at some
point
Riss, Laurie: Total fees & ext mgmt weight - get from Tammy.
May then need to adjust fee percentage for ext mgrs and weight
percentage going forwardPer Matt - drop percentage of ext managed
assets by 1% each year until 28%
Riss, Laurie: starting with Ross, use transition tables
below
Riss, Laurie: 96.2% of M. Carey's base comp - will need upward
adjustment at some point to stay ahead of any new empl
Riss, Laurie: Per Matt - changed haircut to zero on assets for
FY 16 year ending assets because using depressed return assumptions
already. For FY17 year ending assets, haircut assets by
7.5%10,480,18911,432,60612,226,67912,839,42713,556,97314,228,96614,939,75215,896,89616,829,20317,620,84917,841,56918,258,42319,211,86120,236,42921,328,452
EXTERNAL MANAGER
FEES35,855,59736,941,66440,482,66335,000,95534,197,49135,034,07836,531,65738,094,10539,724,25841,425,08143,199,66845,051,24746,983,19348,999,02651,102,42353,297,22455,587,43657,977,245
TOTAL
EXPENSESERROR:#REF!45,726,98249,510,56145,481,14445,630,09747,260,75749,371,08451,651,07853,953,22456,364,83459,096,56361,880,45164,604,04266,840,59569,360,84672,509,08475,823,86579,305,697
TOTAL EXPENSES based on adjusted external
assets45,462,29446,706,17745,630,09744,633,20146,631,21048,794,02050,973,90553,257,95355,856,58858,501,60761,080,30363,165,66865,528,16468,511,79371,654,80774,957,404
(with assumed 80% avg inv perf incentive
UNIT COST SUMMARY (using average assets)
INTERNAL EXPENSES AS % OF INTERNAL
ASSETSERROR:#REF!0.119%0.117%0.159%0.170%0.176%0.172%0.174%0.176%0.178%0.181%0.185%0.186%0.184%0.177%0.179%0.181%0.184%
INTERNAL EXPENSES AS % OF TOTAL
ASSETSERROR:#REF!0.083%0.084%0.118%0.129%0.135%0.133%0.135%0.136%0.138%0.140%0.143%0.144%0.142%0.137%0.139%0.141%0.142%
INTERNAL EXPENSES AS % OF TOTAL ASSETS (with 40% avg Inv Perf
Incnt)ERROR:#REF!0.073%0.074%
Riss, Laurie: incl. actual budget expenditures
0.080%
Riss, Laurie: Includes actual budget expenditures
Riss, Laurie: 40% of incentive maximum of 200% --(leaves 60% of
max inc unspent
0.087%0.090%0.089%0.090%0.091%0.091%0.093%0.094%0.095%0.092%0.090%0.091%0.092%0.093%
TOTAL EXPENSES AS % OF TOTAL ASSETS (with avg
incnt)ERROR:#REF!0.431%0.406%0.346%0.348%0.349%0.341%0.343%0.343%0.344%0.346%0.347%0.347%0.345%0.343%0.344%0.345%0.346%
UNIT COST SUMMARY (using Adjusted Assets)
INTERNAL EXPENSES AS % OF TOTAL ASSETS (with assumed avg
incentives)0.088%0.088%0.093%0.094%0.095%0.096%0.096%0.098%0.100%0.100%0.097%0.096%0.096%0.097%0.098%
TOTAL EXPENSES AS % OF TOTAL ASSETS (with assumed avg
incentives)0.391%0.352%0.341%0.342%0.343%0.343%0.344%0.346%0.347%0.348%0.345%0.343%0.344%0.345%0.346%
ASSET GROWTH RATES
SDRS CONVENTIONAL (assume 6.5% plus .5%
premium6.25%6.25%5.25%5.25%5.25%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%
with -2.5% net contrib
CEMENT PLANT RETIREMENT FUND0.00%4.50%4.50%
(assume 4.5% return 4 yrs, then 6.75% return with -8.5% net
contrib)
DAKOTA CEMENT TRUST (7% less distribution of
4%)2.50%2.30%2.30%2.58%2.58%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
HEALTH CARE TRUST (7% - 4%
dist)3.50%2.30%2.30%2.58%2.58%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
EDUCATION ENHANCEMENT TRUST (7% - 4%
dist)3.10%2.10%2.10%2.50%2.50%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
SCHOOL AND PUBLIC LANDS FUND (7% less distribution of
4%)3.50%2.30%2.30%2.58%2.58%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
SOUTH DAKOTA CASH FLOW
FUND0.00%0.00%0.00%0.00%0.00%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%
TOTAL ASSETSfinal assetsassets 3/31/17
TOTAL SD RETIREMENT
SYSTEM7,835,186,0009,076,535,48310,602,389,49610,748,012,45910,501,680,86411,613,500,00012,136,107,50012,682,232,33813,252,932,79313,849,314,76814,472,533,93315,123,797,96015,804,368,86816,515,565,46717,258,765,91318,035,410,37918,847,003,84619,695,119,019
TOTAL CEMENT PLANT RETIREMENT
FUND47,500,00054,180,8820000000000000000
TOTAL DAKOTA CEMENT
TRUST236,725,000268,843,121302,362,265304,669,127294,571,755315,600,000325,068,000334,820,040344,864,641355,210,580365,866,898376,842,905388,148,192399,792,638411,786,417424,140,009436,864,210449,970,136
TOTAL HEALTH CARE
TRUST106,790,000121,106,711136,016,642137,183,496133,161,442142,600,000146,878,000151,284,340155,822,870160,497,556165,312,483170,271,857175,380,013180,641,414186,060,656191,642,476197,391,750203,313,502
TOTAL EDUCATION ENHANCEMENT
TRUST386,855,000441,011,625503,354,908513,013,957507,946,208553,000,000569,590,000586,677,700604,278,031622,406,372641,078,563660,310,920680,120,248700,523,855721,539,571743,185,758765,481,331788,445,770
TOTAL SCHOOL & PUBLIC
LANDS188,365,000222,342,174256,694,476263,348,658259,767,962285,600,000294,168,000302,993,040312,082,831321,445,316331,088,676341,021,336351,251,976361,789,535372,643,221383,822,518395,337,193407,197,309
TOTAL CASH FLOW
FUND1,101,662,0001,128,000,0001,248,676,3231,291,709,9191,256,467,0281,244,883,1221,288,454,0311,333,549,9221,380,224,1701,428,532,0161,478,530,6361,530,279,2081,583,838,9811,639,273,3451,696,647,9121,756,030,5891,817,491,6601,881,103,868
TOTAL SDIC
ASSETS9,903,083,00011,312,019,99613,049,494,11013,257,937,61612,953,595,25914,155,183,12214,760,265,53115,391,557,38016,050,205,33616,737,406,60917,454,411,18918,202,524,18618,983,108,27719,797,586,25420,647,443,69021,534,231,72922,459,569,99023,425,149,605
4.80%4.80%4.80%4.80%4.80%4.80%
INFLATION
ASSUMPTION4.80%4.80%3.00%3.00%3.00%3.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
Page &P8/2016
Exec Summary
SOUTH DAKOTA INVESTMENT COUNCIL
Long-Term Plan
Executive Summary
FY 2019FY 2024FY 2029
INVESTMENT OFFICE BUDGET
Personal Services
Number of Employees34.2536.2534.25
Base Compensation - Total
Staff5,717,652.947,649,141.629,398,134.75
Staff Attorney (1/4 FTE) &
Interns63,933.8671,457.4579,866.39
Investment Council6,227.006,227.006,227.00
Flexibility funds-Retirements &
Resignations158,589.75177,252.23198,110.86
Investment Incentive
Maximum9,931,509.1113,509,864.9416,628,238.06
Benefits2,465,406.913,261,696.793,973,552.98
Total Personal
Services18,343,319.5724,675,640.0230,284,130.05
Operating Expenses
Contractual Services1,860,3682,012,5652,221,791
Travel85,00095,003106,182
Office Supplies & Postage9,00010,05911,243
Capital Assets40,52052,11858,867
Total Operating Expenses1,994,8882,169,7452,398,083
Total Investment Council
Budget20,338,20826,845,38532,682,213
ASSET SUMMARY *
Internal Assets11,928,456,96914,711,908,91518,154,490,944
External Assets3,463,100,4104,271,199,3625,270,658,661
Total Assets15,391,557,38018,983,108,27723,425,149,605
EXPENSE SUMMARY
Internal Expenses20,338,20826,845,38532,682,213
External Manager Fees38,094,10546,983,19357,977,245
Total Expenses58,432,31273,828,57890,659,458
UNIT COST SUMMARY **
Internal Expenses as % of Total Assets0.095%0.100%0.098%
Total Expenses as % of Total Assets0.343%0.348%0.346%
* Projections based on long-term assumed returns applied to
6/30/17 assets. Updated each June 30.
**Unit Cost Summary uses assumed average investment performance
incentives
Note: FY 19 amounts differ from actual budget request. The LTP
includes an assumed 2.25% salary policy
Internal Expenses as % of Total Average
Assets0.090%0.095%0.093%
Total Expenses as % of Total Average
Assets0.343%0.347%0.346%
Transition incr
FY
15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35FY36FY37FY38FY39FY40FY41FY42
actual sal polactual sal polactual 0% sal pol
Normal LTP increases assuming a 2.25% salary policy - to be
adjusted each year to actual salary policy
FOR LTP INCREASES:Asst Portfolio Mgr - complete CFAAssoc PF
MgrPortfolio MgrSr Portfolio Mgr
Total LTP
increase11.00%12.70%16.75%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.50%4.00%
LTP
Increase1.80%1.80%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%
Transitional
Increase7.20%8.20%15.00%10.00%5.00%15.00%7.00%5.00%5.00%11.00%10.00%10.00%10.00%5.00%3.50%3.50%3.50%5.50%0.00%
Salary
Policy2.00%2.70%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
Hire - Year 012345678910111213141516171819
Example using $54,590 1st year ending
salary54,59060,59568,29079,72990,89199,071117,895130,863142,641155,479178,801203,833166,323189,608206,673222,173238,836256,749281,140292,386
with a hire in FY
201511.00%12.70%16.75%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%-18.40%14.00%9.00%7.50%7.50%7.50%9.50%4.00%
012345678910111213141516171819
2,00456789101112131415161718192021222325
2,0067891011121314151617181920212223242526
FY 2018FY19FY20FY21FY22FY23FY24FY25fy26
Ross, Lee & Danielle
Page &P8/2011
Promo Incr
Illustrative Promotional Increases as of FY 2014
Scenario
Yrs ExpSalary Title
050,476New FTE - Research Analyst
0.553,000Six-month probation
156,816
261,475
370,819Assistant Portfolio Manager
478,043
582,101
690,475Associate Portfolio Manager
796,989
8102,033
9107,339
10123,654Portfolio Manager
11136,267
12150,166
13165,483
14174,088
15179,659
16185,408
17191,341
18199,875Senior Portfolio Manager
NOTES
Per Matt and Brett on 5/12/16:
---Matthew will be 98% of Lesky/Dan's compensation going forward
until decision to adjust to same level
---Makenzie will be 96.2% of Matthew's compensation going
forward until decision to adjust to closer level
---Makenzie's 6 month probation is up 6/9/16. Her increase
effective 6/9/16 will consist of her probation increase (10%),
state salary policy (2.7%), and promotional increase of 5.45%,
for a total of 18.15%
Hire compensation 49,628 --- 18.15% increase on 6/9 to $58,637
(96.2% of MC's $60,953 FY 17 comp)