News Story

State’s Pension Fund Managers Get The Big Bucks — Not The Governor

$438k for highest paid executive branch employee was a 7.9% increase from 2017

Four of the six highest-paid employees for the executive branch of the state of Michigan worked for the Treasury Department and were involved in handling the state’s investments.

Jon Braeutigam, senior chief investment officer, made $438,113 in 2018 as the executive branch’s highest-paid employee. Braeutigam received a $31,982 salary increase from 2017, a 7.9% increase.

Robert Brackenbury, senior deputy chief investment officer, was the executive branch’s second-highest paid employee at $382,460. Gregory Parker, a senior director of investments, made $295,793 and James Elkins, also a senior director of investments, made $295,553. They were the fifth- and sixth-highest paid employees in the executive branch, respectively.

The state of Michigan has $72.7 billion invested in stocks, bonds and other financial securities.

The salary information came from a Freedom of Information Act request sent to the state of Michigan.

The highest-paid state police trooper in 2018 made $129,262. The director of the state police, Kriste Etue, made $173,276. A registered nurse who worked for the Department of Corrections made $172,645. Another registered nurse working in the same department made $165,065. Pay rates for lawmakers are set by a state commission, and Gov. Gretchen Whitmer gets $159,300 annually.