Massachusetts Pension Reserves Investment Management Board, Boston, unanimously approved a 9.3% raise for Michael Trotsky, its executive director and chief investment officer, minutes from the $67 billion pension fund's November board meeting show.
This $40,000 raise brings Mr. Trotsky's annual salary to $470,000.
The new pay level will take effect Dec. 1. The board also agreed to give Mr. Trotsky his full annual bonus of roughly $185,000.
Board member Robert L. Brousseau said at the meeting that Mr. Trotsky "deserves a salary at least at the top quartile of his peer group … based on continued high achievement and outstanding performance," the minutes show.
Mr. Brousseau also cited the strength of MassPRIM's investment program, finance operations and legal operations as reasons to give Mr. Trotsky a pay raise.
MassPRIM returned 12.8% net of fees in the fiscal year ended June 30. It also outperformed the pension fund's benchmark by 79 basis points, equating to $479 million in added value.
The pension fund's annualized three-, five- and 10-year returns as of June 30 were 5.9%, 9.3% and 4.7%, respectively.