Last week, the Midland Reporter-Telegram reported on the 15 highest-paid Texas state employees. They used data collected by The Texas Tribune as a part of their ‘Salaries Explorer’ obtained through information requests from the Texas State Comptroller.

Curiously, 11 of the top 15 highest-paid state employees, are employed through the Teacher Retirement System of Texas (TRS). According to the explorer, the agency employs 869 individuals and the median salary of an employee at the agency is $84,460. For comparison, according to ZipRecruiter, the average salary in Texas is $62,266 per year.

Of all 869 employees in the agency, 27 of them make more in salary each year than the Governor of Texas, who makes $153,750.

Digging a little further, in total 1,618 state employees across various state agencies make more per year in salary than the Governor of Texas.

Perpetual Rescue by State Legislature

 The Teacher Retirement System of Texas supports 1.8 million public education employees and retirees. It was established in 1975, and the solvency of its funds and benefits for those it serves has come under much scrutiny in the last few legislative cycles.

In 2019, during the 86th legislative session, the state legislature passed Senate Bill 12 in an attempt to put the pension system on a better financial footing, adjusting for the cost of living. Ultimately, they fell short of making systemic reforms that were needed to make such benefit increases consistently for their beneficiaries. The Reason Foundation analyzed the legislation which had the ultimate goal of ensuring actuarial soundness of the fund 30 years into the future.

In 2021, during a special legislative session of the 87th legislature, they passed legislation that provided what came to be known as a “thirteenth check” for TRS beneficiaries. Ultimately, it amounted to a one-time payment of up to $2,400 to offset the cost of living increases, costing taxpayers nearly $701.1 million.

Though the cost of living adjustments was made, recent legislation did not address the much-needed structural reforms for the TRS itself, therefore not reducing the unfunded liabilities for taxpayers.

Concerned taxpayers may be alarmed at the salaries of some of the Teacher Retirement System employees for instance, especially since they manage a fund that has continued to be problematic for taxpayers every legislative cycle.

Top 15 Highest Paid State Agency Employees

 Of the top 15 highest-paid Texas state employees, 11 of them are employed by the Teacher Retirement System of Texas.

Name: Michelle Le Beau

Job: Chief Scientific Officer

Agency: Cancer Prevention and Research Institute of Texas (CPRIT)

Salary: $608,850

 

Name: Jase Auby

Job: Chief Investment Officer

Agency: Teacher Retirement System

Salary: $550,000

*According to glassdoor, the median salary for a Chief Investment Officer is $201,576 per year, for comparison.

 

Name: Eric Lang

Job: Senior Managing Director

Agency: Teacher Retirement System

Salary: $414,999

*According to glassdoor, the median salary for a Senior Managing Director is $205,879 per year, for comparison.

 

Name: Kimberly Carey

Job: Investment Director

Agency: Teacher Retirement System

Salary: $408,000

*According to glassdoor, the median salary for an Investment Director is $179,685 per year, for comparison.

 

Name: Brian Guthrie

Job: Executive Director

Agency: Teacher Retirement System

Salary: $399,999

*According to glassdoor, the median salary for an Executive Director is $178,288 per year, for comparison.

 

Name: David Veal

Job: Director of Investments

Agency: Employee Retirement System

Salary: $395,000

 

Name: Mikhael Rawls

Job: Investment Manager

Agency: Employee Retirement System

Salary: $387,991

 

Name: Barney Timmins

Job: Chief Investment Officer

Agency: Texas Education Agency

Salary: $384,375

 

Name: Dale West

Job: Senior Managing Director

Agency: Teacher Retirement System

Salary: $380,000

*According to glassdoor, the median salary for a Senior Managing Director is $205,879 per year, for comparison.

 

Name: James Nield

Job: Senior Managing Director

Agency: Teacher Retirement System

Salary: $369,999

*According to glassdoor, the median salary for a Senior Managing Director is $205,879 per year, for comparison.

 

Name: Kathleen Hoffman

Job: Senior Managing Director

Agency: Teacher Retirement System

Salary: $369,999

*According to glassdoor, the median salary for a Senior Managing Director is $205,879 per year, for comparison.

 

Name: Emerson Halstead

Job: Investment Manager

Agency: Teacher Retirement System

Salary: $356,825

*According to glassdoor, the median salary for an Investment Manager is $139,845 per year, for comparison.

 

Name: Grant Walker

Job: Senior Director

Agency: Teacher Retirement System

Salary: $354,999

*According to glassdoor, the median salary for a Senior Director is $171,418 per year, for comparison.

 

Name: John Gilbert

Job: Senior Director

Agency: Teacher Retirement System

Salary: $354,999

*According to glassdoor, the median salary for a Senior Director is $171,418 per year, for comparison.

 

Name: Neil Randall

Job: Managing Director

Agency: Teacher Retirement System

Salary: $354,999

*According to glassdoor, the median salary for a Managing Director is $222,573 per year, for comparison.