OLYMPIA, Wash. — Investment professionals at the $55.8 billion Washington State Investment Board may get some hefty increases in their pay packages.
The board approved substantial increases in the pay ranges for its 20-person investment staff after a study by R.V. Kuhns & Associates Inc., Portland, Ore., found the board's salary levels substantially lagged those of its peers across the country. Pay scales were also adjusted for the higher-than-average cost of living in the Olympia area.
The bottom line: The pay range for Chief Investment Officer Gary Bruebaker will be increased by 33%, effective June 15. Currently, Mr. Bruebaker is paid $142,392 a year, near the top of the $105,000 to $148,460 range now in effect. With the approved increase, that range will be boosted to $140,147 to $197,607.
Pay scales for other positions at the WSIB also were hiked:
-- The scale for the four senior investment officers was raised 18%, to $104,510 to $147,359.
-- The range for the system's 14 investment officers was increased 9%, to $64,555 to $91,022.
-- An assistant senior investment officer will earn pay $78,217 to $110,286; an assistant investment officer, $43,812 to $61,775.