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The Boston Globe

Business

Pension board OK’s contentious bonus pay plan

In a narrow 5-to-4 vote, the board of the Massachusetts state pension fund approved a compensation plan Tuesday that will increase bonuses for investment staff and introduce new hurdles for earning them, while rejecting others proposed by Treasurer Steve Grossman.

Michael Trotsky, the $50 billion fund’s executive director, said the new plan would give him the tools to compete for top hires — something the pension fund has long struggled with, and which contributed to a slew of vacancies this year. He also vowed to cut expenses elsewhere in his $300 million budget.

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