Michael Moline
Ash Williams, who manages investments for the Florida Retirement System among other funds, would draw a $70,000 annual pay raise under a recommendation approved Monday.
The pay hike, by the state’s Investment Advisory Council, needs the approval of the State Board of Administration, comprising the governor, chief financial officer, and attorney general.
If they go along, Williams would earn $525,000 in base pay, plus incentives. At present, he earns $455,000 in base pay.
Williams thanked the council members — each one an investment heavyweight — following the vote, crediting the overall compensation program for building and retaining a talented group of investment staff.
“The pension funds and the other funds that the SBA manages are performing well,” he said. “Their business models are consistent with best practices, and they’re ahead of their benchmarks.”
Williams performed well against his own benchmarks, according to a performance review conducted by Mercer (U.S.) Inc., a consulting firm. He scored 3.9 overall, on a 4-point scale.
The spike would rank Williams within the 75th percentile of his money manager peers, “which I think is a little less than appropriate because I think he’s been spectacular,” said Michael Price, who chaired the subcommittee that recommended the raise.
View the meeting agenda here (scroll down to Item 8).
Agency staff oversaw $1 billion in growth in the defined-benefits plan for state employees during the past year — for total assets worth $163.1 billion.
