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 were hired.

Board rationale and history

Thomas Wilford, identified as chairman of the board, told the committee the enhancement request has a multiyear history tied to recruitment and compensation adjustments after key hires. "If we had to replace [Mr. Anton] someday, we would have to pay more than we're paying him," Wilford said, describing why the board supports the increase. Wilford said the largest portion of the requested package would go to Anton's position, but a larger increase is proposed for another senior staff member, identified in testimony as Chris Halverson.

Anton said Halverson functions as a deputy chief investment officer and is paid below market compared with peers at comparable public and nonprofit institutional funds. "He's way below the 25th percentile for his range," Anton said, adding that a comparable deputy chief investment officer outside state government "literally makes twice what Chris makes."

Governor's position and personnel context

Rebecca Wolfe (Bill Wolfe in the transcript), representing the governor's office and the Division of Human Resources, told the committee that DHR's analysis places Halverson close to the policy rate for his pay grade within state government, and that the governor's recommendation therefore did not include the requested compensation adjustments. Wolfe acknowledged the positions are likely not competitive with the private market but said the governor weighed consistency with state pay policy in declining the board's compensation request.

The Endowment Fund Investment Board's budget materials and testimony also documented past enhancements tied to staff raises, including a $40,000 transfer to personnel in 2022, additional small adjustments in subsequent years, and a 2026 request that included $100,000 for compensation increases among other technical requests. Board officials said the board has supported the recommendations but had not reached final agreement with the governor's office and DHR at the time the FY2026 budget was submitted.

Evidence and numbers cited

Anton told the committee the board manages an expanded portfolio and highlighted the board's record of investment income: "Since 2010, we've generated $2,500,000,000 in investment income," he said, adding that the Department of Lands has generated more than $700 million for beneficiaries. Jessup's budget summary noted that personnel comprises nearly 80% of the board's appropriated expenditures and that staff fill rates have been high.

What the committee heard and next steps

Committee members asked the board chair and DHR to explain the rationale, whether the increases respond to turnover risk or private-market competition, and how any award would be split between the two employees. Wilford and Anton outlined the board's compensation surveys and history; the governor's representative described DHR's centering of state pay policy. No formal action or vote on the compensation request occurred during the hearing.

Ending

Committee materials show the Endowment Fund Investment Board request remains unresolved in discussions with the governor and DHR. Board leaders told the committee they "accept what the governor recommends," while repeating their view that pay for the two senior staff members is below market and that any replacement would likely require higher pay.