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Employees of the State of Wisconsin Investment Board will receive a total of $9.8 million worth of bonuses this year, SWIB’s board of trustees said Friday.

That is 15 percent below the $11.6 million in incentive pay awarded last year, and it’s the smallest bonus pot paid since 2013. A record $13.8 million in bonuses was paid in 2017.

This year, no one will get a bonus of $400,000 or more. In 2018, four SWIB executives topped that amount; the biggest bonus was $529,576.

SWIB manages $110 billion of assets. The Wisconsin Retirement System (WRS) funds account for the lion’s share of that — $101 billion.

With the wobbly stock market late last year, the WRS’ primary Core Fund emerged with a preliminary annual return of minus 3.3 percent and the smaller Variable Fund had a preliminary return of minus 7.9 percent, as of Dec. 31, 2018.

But it is SWIB’s performance over the last five years that is considered in determining the incentive compensation payments.