GERS Board Chairman Resigns in Protest of Administrator's Pay Increase From $180,000 to $250,000 Annually

The Government Employees' Retirement System, which this month received the first $158 million payment from the securitization deal, on Tuesday lost the chairman of its board, Nellon Bowry, who held the position for less than two years. Mr. Bowry left the chairmanship in protest of a $70,000 salary increase for Administrator Austin Nibbs. Mr. Nibbs in January 2021 announced his plan to retire from the position. However, the board has been unable to find a suitable replacement and has asked the long-serving administrator to stay until a new administrator is found. At the time, Mr. Nibbs was making $140,000, and as part of his decision to stay, the board increased his salary to $180,000 along with allowance for travel and housing. But during a Board of Trustees meeting held on Sept. 22, trustees went into executive session and voted to increase Mr. Nibb's salary to $250,000 — including the allowances for travel and housing — representing an increase of $70,000. Mr. Bowry during Tuesday'...