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State endowment investment board seeks pay increases for two senior staff; governor does not recommend
Summary
The Endowment Fund Investment Board asked the Legislature for roughly $100,000 in compensation increases for two senior investment staff; the governor's budget recommendation did not include the requested salary increases.
The Endowment Fund Investment Board asked the Joint Finance-Appropriations Committee on Tuesday to approve roughly $100,000 in additional compensation to raise pay for two senior investment staff, saying market pressure and expanded responsibilities justify the request. Janet Jessup, a budget and policy analyst with Legislative Services, introduced the board's budget details to the committee.
Why it matters: The Endowment Fund Investment Board manages billions in public endowments and other investments that support state agencies. Committee members pressed the board for details on recruitment and retention risks before considering additional taxpayer-funded salary increases.
The request and board rationale
Janet Jessup told the committee the Endowment Fund Investment Board manages investments for land-grant endowments and other funds and that personnel costs account for the majority of the board's appropriation. Chris Antone (identified in the hearing as the board's manager of investments) said the board's compensation committee and the full board recommended the increases; he told the committee the…
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