Endowment Fund board asks JFAC to fund $100,000 pay package for two staff; governor did not recommend raises

The Joint Finance-Appropriations Committee heard Tuesday that the Endowment Fund Investment Board requested $100,000 in ongoing compensation to raise salaries for two staff members, but the governor’s FY2026 recommendation did not include that compensation increase.

Janet Jessup, budget and policy analyst with the Legislative Services Office, told the committee the board’s FY2026 request included “$100,000 compensation to increase salaries for 2 of its staff members,” and noted the governor’s recommendation “does not include the compensation requested for staff.”

The board’s investment manager, Chris Anton, told the committee the board’s compensation recommendations were developed by the board’s compensation committee and supported by the board, but that the board and the governor’s office had not reached a final agreement. “What I meant by that comment was that representatives from our board had met with the governor's office and representatives from DHR, and they hadn't reached a final agreement. So, our board had always stood behind those recommendations,” Anton said.

Thomas Wilford, chairman of the Endowment Fund Investment Board, described the request as part of a multi‑year effort dating to the initial hire of the board’s investment staff. “There's a long history on this enhancement. Enhancement goes back to the point when Chris Anton was hired. ... 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 and Wilford both identified a second staff member, identified in testimony as Chris Halverson, as significantly under market. Anton said Halverson “has been in the same pay grade the whole time” while the board believes the complexity and scale of the portfolio the staff now manage have increased substantially.

Jessup summarized the Endowment Fund Investment Board’s budget context for the committee: the board manages investments for state endowments and other funds and is primarily funded through dedicated endowment earnings funds; personnel is the largest share of its appropriation. She told lawmakers the board has historically had a high fill rate for positions and that the requested $100,000 was the compensation portion of the agency’s FY2026 package.

Committee members asked for the board chair to describe the rationale and for DHR and the governor’s office to weigh in; the governor’s representative said DHR’s analysis showed the deputy position cited was close to policy rate for its pay grade within state government even if not competitive with private markets. The committee did not take a vote on the request during the hearing.

The Endowment Fund Investment Board manages investments for state endowments and other statutorily specified funds; committee discussion emphasized the board’s long tenure, the growth in assets under management and the board’s position that retaining experienced investment staff reduces future replacement costs.