South Dakota lawmakers approved a pay raise and bonus plan for State Investment Officer Matt Clark that could push his total compensation above $1 million, despite concerns about recent investment performance.
The Legislature’s Executive Board voted 12–3 to approve the package. Clark’s salary will rise to about $656,800 starting July 1, and he remains eligible for a performance bonus of up to 200% of his salary, though he said that maximum is unlikely.
Some lawmakers questioned the decision, citing the state retirement system’s underperformance against benchmarks in recent years. Clark defended the compensation and his conservative investment strategy, saying it positions the state to avoid overvalued market risks.
Comments