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Endowment Fund board backs pay raises for two senior investment staff; governor did not recommend increases
Summary
The Joint Finance-Appropriations Committee heard from the Endowment Fund Investment Board about staffing, long‑running pay‑gap concerns for two senior investment officers and a board request to increase compensation; the governor’s budget recommendation did not include the requested salary increases.
The Joint Finance-Appropriations Committee on Oct. 24 heard that the Endowment Fund Investment Board is seeking salary increases for two senior staff members and that the board stands behind the recommendation despite the governor declining to include the compensation adjustments in the executive budget.
Janet Jessup, budget and policy analyst with the Legislative Services Office, told the committee the Endowment Fund Investment Board manages investments for state endowments, the state insurance fund and other funds and that the board’s budget request for fiscal 2026 included compensation increases for two employees. "The request for the agency included $100,000 compensation to increase, salaries for 2 of its staff members," Jessup said in her overview. She also noted that because endowment dollars are appropriated in the recipient agencies, the Endowment Fund Investment Board's budget does not show the large endowment balances.
The board’s manager of investments, Chris Anton, told the committee the board’s compensation committee and board had…
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