Execs At Contra Costa Pension Board Seek Raises

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MARTINEZ (KCBS) -Three top executives who oversee the Contra Costa County retirement system have asked for raises of four to six percent.

Approving salary increases now for the chief executive officer, chief investment officer and general counsel of the Contra Costa County Employees Retirement Pension Board would send the wrong message, said Supervisor John Gioia, one of the trustees.

“It’s just not needed at this time,” he said, noting that
county employees are facing pay cuts and higher pension contributions.

KCBS’ Dave Padilla Reports:

The Contra Costa Times reports a subcommittee of the retirement board has recommended CEO Marilyn Leedom receive a four percent raise to reward exemplary performance.

The retirement system is run independently from the county.

Gioia said times are much more difficult than 2007 when the Board of Supervisors voted to raise pay for all its members by 60 percent.

“Since then with the market downturn, we’ve all taken salary decreases,” he said.

The supervisors voluntarily lowered their pay in 2009, and Gioia said they would accept another three percent cut.

Pay for all three executives on the pension board has been the same since 2007. The trustees vote Wednesday on the pay increases.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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