Endowment Fund Investment Board seeks pay increases for senior investment staff

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 reached a final agreement with the governor's office and DHR when the budget letter was submitted. "The recommendations were made by our compensation committee and our board," Anton said, adding the board's representatives had met with the governor's office and DHR but had not finalized terms.

Thomas Wilford, chairman of the board, told the committee the enhancement request has a long history tied to market pay at hire and subsequent adjustments. "There's a long history on this enhancement. Enhancement goes back to the point when Chris Anton was hired," Wilford said, adding the board believes replacement pay would likely be higher than current levels.

Committee members pressed for specifics. Anton said the board requested roughly $100,000 in total compensation adjustments for two staff in its FY2026 submission, and clarified later that the largest portion of the request was intended for the deputy investment officer. "The largest increase is actually for Chris Halverson. The request was $54,800 and for me was $28,400," Anton said, noting Halverson has served about 16–17 years and now manages a far larger, more complex portfolio.

A representative of the governor's office who participated in the hearing said the administration reviewed the request with the Division of Human Resources and recommended compensation consistent with state pay policy. "Based on DHR's analysis, Mr. Halverson was close to policy rate for his pay grade," the representative said, adding the governor did not recommend the full compensation enhancement as submitted by the board.

Anton and Wilford emphasized the growth in assets and complexity since Halverson joined the staff: Anton told the committee the combined assets the board manages have grown from about $500 million in largely fixed income to about $5 billion across the endowment board and the state insurance fund. He also noted investment income generated since 2010: "Since 2010, we've generated $2,500,000,000 in investment income," Anton said, citing the board's internal tracking.

The committee did not take a formal vote during the exchange. Committee members said they wanted the board chair to remain available to answer further questions about market comparisons and turnover risk. "I think it would be beneficial for the committee to hear from your board chair that made this recommendation," Co-chair Horman said.

The hearing moved on after members asked for additional documentation and clarification from the board and the governor's office about comparators, recruitment risk and whether the requested increases have been negotiated.