Endowment Fund board seeks pay raises for two investment staff; governor declines

The Endowment Fund Investment Board asked the Joint Finance-Appropriations Committee on Wednesday to approve additional compensation for two long‑time investment staff after the board’s pay‑study and compensation committee recommended raises.

Budget and policy analyst Janet Jessup of the Legislative Services Office told the committee the board’s FY2026 request included about $100,000 “compensation to increase salaries for 2 of its staff members,” plus modest inflation and one‑time hardware funding; she said the governor’s recommendation did not include the requested compensation increase.

Why it matters: Board leaders told the committee the staffing and pay changes respond to a much larger, more complex portfolio and to market comparisons that show key staff are paid below peers. Committee members sought explanation because the requested increase is sizeable compared with typical state employee adjustments.

Board and staff accounts Chris Antone (identified in the record as manager of investments for the Endowment Fund Investment Board) told the committee the board’s compensation recommendations were approved by its compensation committee and board and had been discussed with the governor’s office and the Division of Human Resources, but “they hadn’t reached a final agreement.” Antone said the board “had always stood behind those recommendations.”

Board chairman Thomas Wilford described the request as an item with a multiyear history tied to pay levels at hire and that the board fears a replacement would require higher pay. Wilford said the largest portion would go to Antone’s deputy, identified in the hearing as Chris Halverson, whom the board views as significantly underpaid compared with comparable nonprofit or governmental funds.

Clarifying numbers presented to the committee were inconsistent in places on the record. Jessup summarized the board’s FY2026 request as roughly $100,000 for two staff. During discussion, Wilford and Antone spoke about different totals: Wilford referenced a longer history and larger aggregate figures, while Antone later specified that the requested increases were about $54,800 for Chris Halverson and about $28,400 for Antone himself. The committee heard both characterizations; the governor’s budget summary shown to the committee did not include the compensation portion of the request.

Committee reaction and next steps Several legislators asked for additional context. Representative Manwaring asked whether the board had finalized its recommendation and Antone confirmed the board supported the increases but said talks with the governor’s office and DHR remained ongoing. Co‑Chair Horman asked the board chair to explain the rationale and whether the raises were intended to reduce turnover or match private‑sector pay; Wilford and Antone answered that both retention and market competitiveness were factors.

No formal action or vote occurred during the hearing. Jessup said the committee would consider the budget during its deliberations; the governor’s recommended budget currently omits the requested compensation enhancement.

Background and fiscal context Jessup reminded members the Endowment Fund Investment Board manages multiple funds including land‑grant endowments and funds used by other agencies; most of the board’s appropriation is personnel costs. Antone noted the Endowment Fund Investment Board and the state have generated significant investment income over time: “since 2010, we’ve generated 2,500,000,000 in investment income,” he said, and added Department of Lands investment activity has also produced substantial returns for beneficiaries.

Outlook The committee has not taken a vote. Any change to the governor’s recommendation would require explicit committee action during the budget process. The board said it will continue to work with the governor’s office and DHR on the compensation items.