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State endowment board asks JFAC to approve pay increases for two staff; governor withheld recommendation
Summary
The Endowment Fund Investment Board requested $100,000 in total compensation increases for two investment staff to address pay gaps; the board backed the request but the governor did not recommend the raises, citing state pay policy and DHR analysis.
The Joint Finance-Appropriations Committee on an unspecified date heard from the Endowment Fund Investment Board about a proposal to increase compensation for two senior investment staff, a request the board approved but the governor did not recommend.
The Endowment Fund Investment Board manages investment assets for state endowments and other funds. Janet Jessup, a budget and policy analyst with the Legislative Services Office, told the committee the board’s FY2026 request included about $100,000 intended to raise pay for two employees and smaller amounts for general inflation and one-time hardware recommended by the Office of Information Technology.
Why it matters: the board oversees large investment pools that support beneficiaries across state agencies. Chris Antone (identified in the hearing as the board’s manager of investments) and board…
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