Manager salary < Tech Individual Contributor?

This is the second time it had happened to me. I recently applied to two management positions: Senior BI Manager at Ameriprise Financial (Minneapolis) and Analytics Manager at Sears (Chicago). Both paying only $115K base + 10% bonus. That's lower than my current base which is ~130K (and 10% bonus) and I'm just a Lead BI developer at Target (Minneapolis) right now. Were those just outliers or is it more often? I understand Sears is not doing well but see no reason for AF.