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Michigan Treasury announces large pay increases for pension employees

LANSING (WKZO) -- The Michigan Treasury Department has awarded large salary increases to Chief Investment Officer Jon Braeutigam and eight others overseeing the state pension assets.

The CIO will now be paid 333-thousand dollars annually which is a raise of nearly 90-percent from his previous salary.  Overall the salary increases for the other employees averaged between 35-percent and 80-percent and puts them in line with those who work in a similar capacity in other states and in the private sector.

The pay increases drew criticism from union employees who have been forced to take pay cuts and contribute more of their pay for their health care plans.