Endowment Fund Investment Board seeks pay increases for two senior investment staff; governor does not endorse

The Endowment Fund Investment Board told the Joint Finance-Appropriations Committee on Oct. 24 that it is seeking $100,000 in ongoing compensation adjustments to raise pay for two senior investment staff.

The request was presented by Janet Jessup, budget and policy analyst with the Legislative Services Office, and explained in detail by Chris Anton, manager of investments for the Endowment Fund Investment Board, and Thomas Wilford, chair of the board. Anton and Wilford said the request is intended to address long-standing pay gaps and retention risks for two senior employees, including a deputy investment officer who has remained in the same pay grade for roughly 17 years while the fund's portfolio and complexity have expanded.

Why it matters: The Endowment Fund Investment Board manages investments that support multiple state beneficiaries, including higher education and other agencies. Board officials told the committee the fund now manages roughly $5 billion in combined assets for the endowment fund and the state insurance fund, up from about $500 million when some current staff first…