COLUMBUS, Ohio (WCMH) – Money managers for the Ohio teachers’ pension fund are getting nearly $10 million in performance bonuses after a controversial vote by the State Teachers Retirement System’s governing board.

The board voted 9-2 to approve bonuses for about a hundred members of the investment staff, even though the pension fund lost $3 billion in the most recent fiscal year. Retired teachers told NBC4 they are outraged that their pension fund is losing money and that they have gone years without the promised annual cost of living increases while the people in charge of it are getting bonuses. The vote came one month before three new board members took office.

I think that’s why they pushed the vote for this month so that it was during the lame duck so that as they were going out they got the last vote in,” said Julie Sellers. “I think it was pretty much a snub to all of us. Our members spoke clearly that they want to change but today that did not happen.”

An STRS spokesman told NBC4 that the investors met performance benchmarks set by the board, and the bonuses are part of their compensation package. However, portfolio records show the fund went from about $94 billion to $91 billion in the past year.