Steve Grossman blasts $65G raise for state pension chief

The salary of the state pension fund's executive director could catapult past $500,000 after its board yesterday gave him a $65,000 raise, prompting a warning from outgoing board chairman Treasurer Steve Grossman about the pay hike's optics amid financial unrest on Beacon Hill.

"We are ultimately spending taxpayer dollars and (it comes) at a time when cuts are taking place and budgetary belt-tightening is going on," said Grossman, who voted against boosting director Michael Trotsky's salary to $360,000, which, when combined with a bonus of up to 40 percent, could send his pay past a half-million dollars.

The state, Grossman noted, is trying to fill a $329 million budget gap, and the treasurer said he wanted to see a phased-in raise for Trotsky, who he still lauded for "outstanding" work.

Trotsky, who also serves as the $60.2 billion fund's chief investment officer, told the board that the fund's balance was up 9.4 percent in the year ending Oct. 31, but also warned of waves of market volatility amid the recent gains.

"We think this signals the late stage of the boom that we've been in for the past five years and we have prepared for," Trotsky said, according to the State House News Service.

A representative of Glen Shor, Gov. Deval Patrick's administration and finance secretary, was the only other board member to vote against Trotsky's raise.

Treasurer-elect Deb Goldberg said in a statement while a "significant raise" is well-deserved, the spike was "uncomfortable and not necessarily appropriate at this time."

Trotsky said in a statement he's "extremely proud" of the gains the fund has made.

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