MADISON, Wis. — Wisconsin pension fund managers and those who work directly with the state's investments will receive bonuses totaling $11.6 million this year, down from the record-high of nearly $14 million last year.

The State of Wisconsin Investment Board announced the bonuses Friday.

The highest bonus, topping out at nearly $530,000, went to managing director Charles Carpenter. The next highest, $507,500, was paid to chief investment officer David Villa. Michael Williamson, the investment board's executive director, was paid $450,000.

All but 10 of the board's 161 employees will receive bonuses, said SWIB spokeswoman Vicki Hearing. The exact amounts for each employee was still being finalized and wouldn't be released until next week, she said.

The board said the bonuses follow a pay-for-performance compensation model that is based on the employee's contribution to the overall success of the organization, trust fund performance and costs.

The board ended 2017 beating one-, three-, five- and 10-year performance benchmarks. Over the past five years, investment performance above market returns has added $759 million to the retirement system, the board said.

Last year the "Core Fund," a diversified group of investments that all retirees have some money in, saw 16 percent growth while "Variable Fund" investments rose by 23 percent.