South Carolina treasurer: stop investor’s bonus payment

South Carolina Treasurer Converse Chellis wants the state to hold off paying a $176,500 bonus to the man chiefly responsible for making the state’s retirement investment decisions.

Chellis spokesman Scott Malyerck said Wednesday that Chellis wants any bonus payment to Bob Borden delayed by the state’s Retirement System Investment Commission.

Chellis is a member of the commission.

Borden said his incentive pay is tied to meeting benchmarks, which helped the state retirement system earn an extra $1 billion.

He said his contract with the commission calls for the incentive when he beats goals.

Malyerck said Chellis is concerned about the bonus in the midst of agency spending cuts as state workers face furloughs and layoffs.