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Federated board approves CEO and CIO merit increases, renews custodian banking contract and clears consent
Summary
At its September meeting the Federated City Employees Retirement System Board unanimously approved 4% merit increases and five executive days each for the CEO and CIO, renewed custodian banking services for five years, and passed the consent calendar after closed session.
The Federated City Employees Retirement System Board on a unanimous voice vote approved a package of personnel and operational items including merit pay increases for its two senior executives and a five‑year renewal of custodian banking services.
The board voted to give CEO John Flynn a 4% merit increase and five additional executive days for the fiscal year. Trustee Avasti moved the motion and Trustee Abbott seconded; the motion passed unanimously. The board approved the same package for the chief investment officer (CIO) — a 4% merit increase and five executive days — on a motion by Trustee Abbott, seconded by Vice Chair Chandra, and again by unanimous vote.
The board approved a…
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