Endowment Fund board asks for pay increases for two senior investment staff; governor did not recommend

The Endowment Fund Investment Board asked the Joint Finance-Appropriations Committee on Jan. 22 to approve compensation increases worth about $100,000 to raise salaries for two senior investment staff, board members and staff told the committee.

The request covered pay adjustments for the board—s two most senior investment staff and included small amounts for inflation and one-time hardware. Janet Jessup, budget and policy analyst with the Legislative Services Office, introduced the board—s budget and Christopher "Chris" Anton, the board—s manager of investments, and Thomas Wilford, board chair, answered committee questions about the pay request.

The board argued the raises are intended to bring long-tenured staff closer to market pay after the board—s portfolio and responsibilities grew significantly. "The recommendations were made by our compensation committee and our board," Anton told the committee, adding that board representatives had met with the governor—s office and the Division of Human Resources but had not reached a final agreement.

Board Chair Thomas Wilford said the enhancement reflects a multi-year history. "Enhancement goes back to the point when Chris Anton was hired. ... He was hired at a level that was below what was expected. And he was told that it would be made up over the years," Wilford said. On the relative share, Wilford said most of the requested dollars would go to Anton and that another long-serving investment professional—identified at the hearing as Chris Halverson—was also substantially underpaid compared with comparable positions outside state government.

Representatives of the governor—s office told the committee the governor did not recommend the compensation increase. A state official who identified herself as part of the governor—s budget team said DHR—s analysis showed the deputy investment officer was "close to policy rate for his pay grade," and that the governor—s recommendation aligned with state pay policy even if those pay levels were not competitive with the private market.

Anton and Wilford framed the request as retention and equity-driven. Anton told the committee the board—s portfolio has expanded from roughly $500 million in fixed income to about $5 billion combined across endowment and state insurance funds, increasing job complexity for staff who have not advanced in pay grade.

Committee members asked about turnover risk and private-market competition. Co-chairman Horman said it would be useful for the committee to hear directly from the board chair, and after Wilford spoke the committee asked for further detail on the proposal and how the requested dollars would be split.

No formal committee action or vote occurred during the presentation. The governor—s recommendation omitted the requested compensation increases while supporting other technical and inflation-related elements of the board—s request, including modest one-time hardware funding and general inflation adjustments.

The board and legislative analysts said they will continue to engage with the governor—s office and DHR on the request as the budget process continues.

Ending: The committee heard the Endowment Fund Investment Board—s rationale for the pay increases and clarified the governor—s position; the matter remained under review with no formal decision recorded during the hearing.