Pension consultants get a $2.5 million cut in salary from retirement fund
NICHOLAS PENSION ADVISORS GET A $2,5M BONUS IN PENSIONS AND DISASTER FUNDS.
This morning, the Pension Advisory Group (PAG) released a report that confirms what everyone already suspected.
They’ve slashed the salary of their consultants from $1.8 million to $1,800.
The PAG said this was because they were “too busy” and didn’t have enough people to keep the salary steady.
They also said they’ve “not received a single compensation payment from any of their clients over the past five years.”
The Pension Advisory group also said their consultants were “very busy” but they were able to “focus on more important issues such as financial planning, retirement planning, and health and wellness.”
These cuts come as some of the best-known pensions and retirement funds have already lost billions of dollars due to a financial crisis.
Some of the pension funds have been forced to raise rates, while others have seen their returns slide.
We have been expecting this sort of pay cut for some time now, and we were glad that the PAG finally responded to the mounting pressure.
The fact that they are willing to accept such a reduction is a good sign that the crisis is being addressed and we are finally getting some relief from the pain of the financial crisis for our retirees.
(Thanks to reader @fry_david for the tip!)