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Endowment Fund board asks for targeted pay increases for two investment staff; governor declines
Summary
The Endowment Fund Investment Board sought roughly $100,000 to raise pay for two senior investment staff, citing market competitiveness and expanded portfolio complexity. The governor's budget did not include the requested compensation increases; state HR found pay near policy rates.
The Endowment Fund Investment Board asked the Joint Finance-Appropriations Committee on Thursday to approve roughly $100,000 in salary adjustments intended to retain two senior investment staff, saying market pay has outpaced their current salaries.
Janet Jessup, a budget and policy analyst with the Legislative Services Office, told the panel the board manages investments for state endowments and related funds and had requested compensation adjustments as part of its fiscal 2026 budget package.
The request drew questions from committee members about why the board sought a sizable increase for a small staff. Thomas Wilford, chairman of the Endowment Fund Investment Board, said the recommendation grew from a multiyear effort beginning when then-new hires were placed below market. "If we…
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