Pension Director Will Make More Than Double Governor’s Salary
Michael Trotsky, Executive Director of the Massachusetts pension fund, will soon be paid a base salary of $360,000 a year, thanks to a 7-2 vote by the pension board in favor of giving Trotsky a $65,000 raise. Trotsky could also earn a 20 percent bonus on top of this sum, The Boston Globe reports.
Trotsky manages the state’s $60.7 billion public pension fund and has been credited with the fund’s strong returns last year. A former hedge fund manager, he took over the executive director role in 2010 — a role that expanded in 2012 to include Chief Investment Officer duties. Other high ranking officials in the city and state make far less — Boston Mayor Marty Walsh takes in $175,000 a year and Governor Deval Patrick, $151,800. But private-sector CEOs who work in fields comparable to Trotsky’s take in far more.
Though he praised Trotsky for his “outstanding performance,’’ outgoing State Treasurer and pension board chairman Steven Grossman voted against the raise, saying that current economic conditions call for more cautious spending.
“This is not an appropriate time for compensation to be increased by that magnitude,’’ he said.
News of Trotsky’s raise follows a report released Monday by a Special Advisory Commission that strongly recommended raises across the board for state elected officials, including a 22 percent pay bump for the state’s governor, to $185,000. Charlie Baker has been vocal about holding off discussion of potential pay hikes, including his own.
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