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 five‑year renewal of its custodian banking services after the Investment Committee recommended the contract. Trustee Wagner moved the contract approval; Trustee Lindner seconded. Board members discussed the vendor market and implementation issues during the Investment Committee review before the vote; the motion passed on a unanimous voice vote.

Separately, the board voted to waive the “sunshine” deadline for two late attachments related to agenda items 5.c.5 and 1.6.c and later approved the consent calendar following a closed session with no reportable action.

Why this matters: The merit actions formalize compensation decisions the board described as recognition of “strong” first‑year performance. The custodian contract renewal secures core operational infrastructure used for custody, recordkeeping and settlement; the board said there are only a few providers in that market and recommended continuity.

What happened next: Staff will document the approved increases and the contract extension. Trustees asked staff to continue reporting on investment performance and to bring any material vendor risks to the board between meetings.

Votes at a glance
- Waive sunshine for late attachments (items 5.c.5 and 1.6.c): motion made and seconded; voice vote in favor; outcome — approved.
- Consent calendar: motion by Trustee Litton; second by Vice Chair Chandra; outcome — approved, unanimous.
- Custodian banking services contract (renewal / five‑year extension): motion by Trustee Wagner; second by Trustee Lindner; outcome — approved, unanimous.
- CEO merit increase and five executive days (FY): motion by Trustee Avasti; second by Trustee Abbott; outcome — approved, unanimous.
- CIO merit increase and five executive days (FY): motion by Trustee Abbott; second by Vice Chair Chandra; outcome — approved, unanimous.

Board remarks and process notes: Chair Horowitz opened the personnel discussion and trustees repeatedly praised the executives’ first‑year performance before moving to motions. Public comment on unrelated items took place earlier in the meeting and closed before these votes.