Endowment Fund board asks for pay increases for two investment staff; governor does not recommend raises

The Endowment Fund Investment Board asked lawmakers for a compensation increase intended to raise pay for two senior investment staff, but the governor's FY2026 recommendation did not approve the requested raises.

The request appeared in the board's budget submission reviewed by the Joint Finance-Appropriations Committee. Janet Jessup, a budget and policy analyst with Legislative Services, told the committee the agency's FY2026 request "included $100,000 compensation to increase salaries for 2 of its staff members." She noted the governor's recommendation "does not include the compensation requested for staff, but in all the respects supports the request for general inflation and technical hardware."

Why it matters: The Endowment Fund Investment Board manages multiple long-term state funds, including land-grant endowments and money invested for the state insurance fund. Committee members pressed the board for detail because the proposed increases would be large relative to typical state pay adjustments and could affect recruitment and retention of senior…