Endowment Fund board backs pay increases for two investment staff; governor declines

The Joint Finance Appropriations Committee on Wednesday heard that the Endowment Fund Investment Board asked the Legislature to approve additional compensation for two senior investment staff, a request the governor did not recommend.

The request was discussed during the committee's review of the Endowment Fund Investment Board budget. Janet Jessup, a budget and policy analyst with the Legislative Services Office, told the panel that "in 2026 the request for the agency included $100,000 compensation to increase salaries for 2 of its staff members." She added the governor's recommendation did not include the requested compensation.

The Endowment Fund Investment Board's investment manager, Chris Anton, told the committee the pay recommendations originated with the board's compensation committee and the board itself. "The recommendations were made by our compensation committee and our board," Anton said, adding that board representatives had met with the governor's office and Division of Human Resources but had not reached a final agreement. "Our board had always stood behind those recommendations."

Thomas Wilford, chairman of the board, described a history behind the request. Wilford said the enhancement goes back to when Anton was hired and that two long-serving investment staff have fallen behind market comparators. "The board's feeling is that if we had to replace [him] someday, that we would have to pay more than we're paying him," Wilford said.

Anton gave more detail on how the board envisioned dividing the requested increases. He said the largest single portion of the request was intended for his colleague Chris Halverson, whom Anton described as effectively serving as deputy chief investment officer with roughly 16–17 years in the position. Anton told the committee the board requested roughly $54,800 for Halverson and about $28,400 for Anton himself, figures he said were intended to bring pay closer to comparable positions outside state government.

Committee members asked whether the board had formally approved the proposal and whether the governor's office and DHR had agreed. Anton reiterated the board had recommended the increases but that negotiations with the governor's office and DHR were not settled when the budget was submitted. The governor's budget, Jessup noted, included general inflation and some technical hardware requests for the board but did not include the board's requested compensation increases.

The committee did not take a vote on the matter during the hearing. Discussion centered on whether the proposed increases were necessary to retain staff and how the requested amounts compared to state pay scales. Anton stated he had a conflict of interest in discussing the pay package in detail and deferred some questions to Wilford, who spoke on the board's rationale.

The Endowment Fund Investment Board manages investments for land-grant endowments, the state insurance fund and other statutory funds. Jessup noted the board's appropriation is primarily personnel: about 80% of the board's appropriated budget is for personnel costs and the board has had a high fill rate for positions in recent years.

The committee proceeded to other agenda items after the discussion.

Ending

Committee members did not announce action on the compensation request during the hearing. The governor's recommendation—excluding the compensation enhancements—remains the staff-reported starting point for any further committee deliberations.