Endowment Fund Investment Board seeks pay increases for two senior staff; governor declines full request

The Endowment Fund Investment Board asked the Joint Finance-Appropriations Committee on Oct. 24 to consider compensation adjustments intended to retain two senior investment staff, but the governor's budget recommendation did not include the proposed pay increases.

The request focuses on raising pay for two long-tenured investment staffers. "The largest increase of it would go to Mr. Anton," Board Chair Thomas Wilford told the committee, and the board highlighted what it described as substantial underpayment for the deputy investment role. Manager of Investments Chris Anton said the deputy, Chris Halverson, "is way below market" for comparable deputy chief investment officer roles and noted the office now manages roughly $5 billion in combined assets.

The Endowment Fund Investment Board, established in Idaho code and responsible for managing state land grant endowments and other statutorily directed investments, asked for a compensation enhancement the agency summarized in its budget request as $100,000 total to increase salaries for two staff members. At the hearing, Anton provided more granular figures: the board's request included about $54,800 for Chris Halverson and $28,400 for Anton himself, and the board's chair said the compensation committee and board unanimously backed the recommendations.

Why it matters: The Endowment Fund Investment Board manages funds that support beneficiaries across state agencies, including education and health providers. Board members told the committee they were seeking pay adjustments to reflect increased responsibilities and to avoid future turnover that they said could require paying higher replacement salaries. "The fund has changed dramatically," Anton said, noting a shift from a primarily fixed-income portfolio to a more complex mix supporting the endowment and state insurance fund.

What the governor proposed: A representative for the governor explained the administration reviewed the requests in consultation with the Division of Human Resources and did not recommend the requested compensation increases because the administration's analysis found the positions were close to the state's policy pay rates. "Mr. Halverson was close to policy rate for his pay grade," said the governor's representative, adding that state policy rates are not always competitive with private market levels.

Committee exchange and context: Committee members asked for the board chair to explain why the raises were proposed and whether turnover risk motivated the request. Wilford said the board's historical approach included phased adjustments and that market comparators show the deputy role is paid substantially less than comparable nonprofit and public fund positions. Anton said the board's responsibilities and the fund's asset size had grown substantially while some staff had remained at the same pay grade for many years.

What the record shows: Committee members did not take a formal vote during the hearing; the governor's budget recommendation excluded the requested salary increases but left other technical and inflationary requests intact. The hearing record includes the board's written request, the board chair's oral explanation of historical context for the enhancement, and the governor's office explanation that the request was inconsistent with state pay-policy comparators.

Looking ahead: Representatives from the Endowment Fund Investment Board said they would continue to engage with the governor's office and Division of Human Resources on the recommendation. The committee did not adopt a decision on the request during the hearing.