Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Finance Compensation topic
No spam. Unsubscribe anytime.
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 had to replace him someday, we would have to pay more than we're paying him," Wilford said, explaining the board's rationale for a substantial adjustment.
Chris Anton, manager of investments for the Endowment Fund Investment Board, described the scope of the fund's growth as context for the request. "We've gone from managing about $500,000,000 all in fixed income to managing a much more complex portfolio, and we're managing about $5,000,000,000 now," Anton said, arguing that the job's complexity has increased while pay has not.
Anton and Wilford said the board's compensation committee recommended increases and the board supported them. Anton said the board had discussed the proposals with the governor's office and the Division of Human Resources but had not reached final agreement with state HR.
A representative from the governor's office said state HR reviewed the request and concluded the staff were near the policy rate for their pay grades. "Mr. Halverson was close to policy rate for his pay grade and recognize that that may not be competitive with the private market," the agency representative said, explaining why the governor's budget did not include the requested compensation enhancements while acknowledging the board's concern about private-market competitiveness.
Committee members asked for the board chair to explain turnover risk and market pressures that prompted the request. Wilford and Anton described long tenures and historical under‑compensation for the two staff members in question; Anton said one deputy investment officer had been in the same pay grade about 17 years.
Jessup reiterated staff and budget book details for committee members and noted the board's request was part of the agency's enhancement package.
No formal vote occurred during the hearing. Committee members asked the board to provide additional documentation supporting market comparisons and to continue discussions with the governor's office and DHR.
The Endowment Fund Investment Board manages investment income for state endowments and related funds; the board's staff size and personnel costs account for the majority of the board's appropriated budget, officials told the committee.
The committee did not take an immediate action; the governor's recommendation omitted the requested compensation increases and committee members asked for follow-up information before considering changes.
