Benjamin L. Cotton, an investment officer with the Detroit-based United Auto Workers’ Retiree Medical Benefits Trust, has been approved by trustees of the Pennsylvania State Employees’ Retirement System as its new chief investment officer, more than a year after the departure of longtime CIO James L. Grossman.
Cotton, who holds the Chartered Financial Analyst certificate earned by professional investment managers, was chosen in a special board meeting Wednesday. He called the job “a humbling responsibility.” The vote by the 15-member board to approve Cotton was nearly unanimous, with Sen. Katie Muth abstaining. Muth has abstained or opposed many board actions over the last two years, objecting to what she describes as the lack of transparency and slow pace of reform at the agency, which in 2021-22 endured a string of internal and outside investigations and dissent over the agency’s investment program.
It is absolutely ridiculous, while the state's minimum wage is $7.25 a hour.
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