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Endowment Fund Investment Board seeks pay increases for senior investment staff
Summary
The Endowment Fund Investment Board requested compensation adjustments totaling about $100,000 to $200,000 to raise pay for two senior investment staff; the board says market comparisons and expanded responsibilities justify the ask while the governor's office cites state pay policy and DHR analysis in declining the full request.
The Endowment Fund Investment Board asked the Joint Finance and Appropriations Committee on Wednesday to approve pay increases for two senior investment staff, saying market comparisons and a rise in the fund's complexity justify the change.
Janet Jessup, budget and policy analyst with the Legislative Services Office, told the committee the Endowment Fund Investment Board manages land-grant endowments, the state insurance fund and other code-specified monies and that larger endowment balances appear in agency budgets rather than in the board's appropriation. "Where those endowment funds are appropriated is in the agencies," Jessup said as she laid out the board's budget profile.
Chris Anton, manager of investments for the Endowment Fund Investment Board, said the board supports the recommended increases from its compensation committee but had not…
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