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paid to retirees in state and local government agencies, he said.
• The system's good financial health means pension payments should increase by 3.1 percent on July 1, 2014, the maximum allowed by state law. When the system is fully funded, pension payments increase by 3.1 percent the following year. Because it was only 93 percent funded in June a year ago, benefit payments this July rose by only 2.1 percent.
• The legislative committee endorsed the Investment Council's proposed budget for next year, which includes a plan to give investment staff a chance to earn larger bonuses for good results that outperform industry averages. Investment staff now can earn bonuses of up to 100 percent of their base salaries. The change would allow them to earn performance bonuses of up to 200 percent of their base salaries.
• The bonus system is based on an assumption that investment staff will earn on average only 40-50 percent of the maximum bonus available. The change in the bonus system is needed to retain staff by getting their total pay closer to what they would earn if they worked for a private investment company, Bartels said.
• Based on last year's investment performance, the legislative committee also approved a $372,550 bonus for state Investment Officer Matt Clark to be added to his base salary for heading up the agency. The bonus amounts to about 96.4 percent of Clark's base salary of $386,647 in the last fiscal year.
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Unemployment rates rise in most US states in July
CHRISTOPHER S. RUGABER,AP Economics Writer
• WASHINGTON (AP) -- Unemployment rates rose in more than half of U.S. states in July and fewer states added jobs, echoing national data that show the job market may have lost some momentum.
• The Labor Department said Monday that unemployment rates increased in 28 states. They were unchanged in 14 and fell in eight states -- the fewest to show a decline since January.
• Hiring increased in 32 states in July compared with June, the fewest to report job gains in three months. Seventeen states reported job losses. California, Georgia and Florida reported the largest job gains, while New Jersey and Nevada lost the most.
• Nationwide, hiring has been steady this year but slowed in July. Employers added 162,000 jobs, the fewest since March. The unemployment rate fell to 7.4 percent, a 4 ½ -year low, from 7.6 percent.
• And while the job market has improved over the past 12 months, the gains appear to be benefiting southern and western states most of all.
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