Twenty-two staff members at the Massachusetts Pension Reserves Investment Management Board, Boston, were given raises, according to a letter to the board from Michael Trotsky, executive director and chief investment officer, obtained by Pensions & Investments.
Among those receiving raises are Thomas Hanna, COO and CFO, with an 8.3% pay increase, and Chris Supple, deputy director and general counsel, an 18.2% raise.
Also receiving raises are Sarah Samuels, senior investment officer-public markets, with a 28.6% increase, and Scott Hutchins, senior investment officer-private equity, with a 25% hike.
In the letter, Mr. Trotsky wrote that the pension fund has not made any across-the-board staff compensation adjustments since 2006.
“After these adjustments are made, there will be no salaries that fall above the recommended ranges, several are still below the recommended ranges, and (with three exceptions) none are above the median,” Mr. Trotsky wrote.
The MassPRIM board in December approved a new compensation structure geared toward helping recruit and retain investment professionals. At the time, Mr. Trotsky said the new structure would save MassPRIM about $350,000 a year. Total staff compensation, including maximum bonuses, is less than 1.5% of total expenses on an annual budget of more than $300 million.
Steven Grossman, Massachusetts state treasurer and a member of the PRIM board, came out against the compensation structure when the board approved it, and “he's still opposed to it,” said Jon Carlisle, spokesman for Mr. Grossman. “His is one vote out of nine (board members), and he understands that the board passed the proposal, but he still opposes it.”
