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In 2021, state legislation established an In-State Investment program requiring a portion of Legacy Fund assets be invested in North Dakota and empowering the State Investment Board (SIB), as advised by the Legacy and Budget Stabilization Fund Advisory Board, to administer the program.

The SIB formed the North Dakota Growth Fund (NDGF) to advance innovation and private-markets investment by seeking investments that provide strong risk-adjusted returns and support North Dakota's growing entrepreneurial ecosystem (e.g., investment infographic). The NDGF is managed by 50 South Capital. 

The Legacy Fund's fixed-income investments help to encourage and attract financially strong companies to North Dakota through a certificate of deposit match program administered by the Bank of North Dakota (BND). Additional fixed-income investments are dedicated to supporting infrastructure loans available through BND.

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February 2024 SIB Board Meeting

Friday, February 23, 2024 at 08:30 am

Categories: SIB Meetings

March 2024 SIB Board Meeting

Friday, March 22, 2024 at 08:30 am

Categories: SIB Meetings

April 2024 SIB Board Meeting

Friday, April 26, 2024 at 08:30 am

Categories: SIB Meetings

May 2024 SIB Board Meeting

Friday, May 17, 2024 at 08:30 am

Categories: SIB Meetings

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Retirement and Investment Office issues statement on Legacy Fund Poll

Tuesday, February 13, 2024 at 04:00 pm

Categories: SIB News

RIO Executive Director Jan Murtha issued a statement in response to a North Dakota News Cooperative story by Michael Standaert and the accompanying poll conducted by WPA Intelligence regarding North Dakota’s Legacy Fund.


RIO recognized for financial reporting

Tuesday, November 14, 2023 at 02:00 pm

Categories: TFFR Member News, TFFR Employer News, SIB News

RIO has been awarded the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada.


Institutional investment experts appointed to State Investment Board

Thursday, September 7, 2023

Categories: SIB News

Gov. Doug Burgum has appointed Peter Jahner of Bismarck and Prodosh Simlai of Grand Forks as institutional investment representatives on the North Dakota State Investment Board.


SIB approves Legacy Fund investment policy, projects increase in earnings

Friday, July 21, 2023 at 01:00 pm

Categories: SIB News

The State Investment Board (SIB) approved an investment policy today that provides North Dakota’s Legacy Fund with the potential to produce greater returns.


Institutional investment experts sought for State Investment Board

Monday, June 19, 2023

Categories: SIB News

Legislation passed during the recent session added two institutional investment experts to the State Investment Board. Interested parties are encouraged to complete  an application on the North Dakota Boards and Commissions' website.


SIB approves changes to Legacy Fund Investment Policy

Thursday, December 15, 2022 at 11:00 pm

Categories: SIB News

The North Dakota Retirement and Investment Office Executive Director Jan Murtha announced the North Dakota State Investment Board (SIB) voted to approve changes to the Legacy Fund Investment Policy Statement at their meeting today.  


RIO Press Release - Deputy Executive Director/Chief Retirement Officer Position Filled

Tuesday, July 19, 2022 at 11:00 am

Categories: TFFR Member News, TFFR Employer News, SIB News

The North Dakota State Retirement and Investment Office is pleased to announce that the position of Deputy Executive Director/Chief Retirement Officer has been filled. After an extensive candidate recruitment, the agency offered the position of Deputy Executive Director/Chief Retirement Officer to Chad Roberts. Mr. Roberts began in his new role on July 11th, 2022. 

Read the full Press Release


RIO Press Release - Chief Investment Officer Position Filled

Tuesday, January 11, 2022 at 03:00 pm

Categories: TFFR Member News, TFFR Employer News, SIB News

The North Dakota State Investment Board is pleased to announce that the position of Chief Investment Officer has been filled.  At its meeting on December 15, 2021, the State Investment Board offered the position of Chief Investment Officer at the North Dakota Retirement & Investment Office (RIO) to Scott Anderson.  Mr. Anderson is scheduled to begin his new role the week of January 17, 2022.

Read the full Press Release 


RIO Press Release - Executive Director Position Filled

Monday, November 22, 2021 at 04:00 pm

Categories: TFFR Member News, TFFR Employer News, SIB News

The North Dakota Retirement and Investment Office (RIO) announced today that the Executive Director position has been filled.

Official Press Release


RIO is seeking a Chief Investment Officer (CIO)

Wednesday, September 22, 2021 at 01:50 pm

Categories: SIB News

We are seeking a Chief Investment Officer (CIO) with a high level of ethics and commitment to transparency. ND RIO, is an agency of the State of North Dakota and was assembled to capture administrative and investment savings in the management of two state programs: the retirement program of the Teachers’ Fund for Retirement (TFFR) and the investment program of the State of Investment Board (SIB).

SIB is the oversight board for NDRIO, the TFFR Board is responsible for the administration of the TFFR benefits program.  ND RIO has traditionally been led by a CIO/Executive Director.  As the investment program has grown dramatically, the SIB made the decision to bifurcate the Chief Investment Officer role from the Executive Director responsibilities.  

The CIO will report to the Executive Director and is responsible for administering the investment program of SIB.

Responsibilities and Preferred Qualifications please view the Position Specifications.

ND RIO has retained EFL Associates for this important search. To apply please send your resume to Lauren McElderry, of EFL Associates, at lmcelderry@eflassociates.com.


State Investment Board Press Release

Friday, August 6, 2021 at 10:30 pm

Categories: SIB News

Fargo, N.D. - 50 South Capital Advisors, LLC, the general partner of the newly-formed North Dakota Growth Fund (NDGF or the Fund), recently launched its interactive website for the Fund. The Fund was created, with the support of the State Investment Board, to further advance innovation and private markets investments in the state by seeking investments that provide strong risk-adjusted returns and support the growing entrepreneurial ecosystem in the state.

Read the full Press Release 


Retirement and Investment Office Press Release

Friday, June 25, 2021 at 01:30 pm

Categories: SIB News

The North Dakota Retirement & Investment Office (RIO) has issued a Request for Proposal (RFP) for Executive recruitment services to identify and evaluate qualified candidates to fill the position of Chief Investment Officer – Executive Director. The solicitation period closes Friday, July 16, 2021 at 10:00 AM CT.

Read the full Press Release 


State Investment Board Press Release

Tuesday, June 15, 2021 at 04:41 pm

Categories: SIB News

BISMARCK, ND – The North Dakota State Investment Board (SIB) convened today to accept the resignation of Executive Director and Chief Investment Officer David Hunter effective June 22, 2021. The SIB thanked Mr. Hunter for his years of dedication and service to the State and investment program. Vice Chair Dr. Rob Lech applauded Mr. Hunter for his commitment to due diligence and a growth oriented leadership.

Read the full Press Release 


State Investment Board Press Release

Monday, June 14, 2021 at 03:56 pm

Categories: SIB News

BISMARCK, NORTH DAKOTA, JUNE 14, 2021 – The State Investment Board (SIB) of North Dakota recently formed the North Dakota Growth Fund {1889 Growth Fund L.P.}. The Fund was created to further advance innovation and private markets investments in North Dakota by seeking investments that provide strong risk-adjusted returns and support the growing entrepreneurial ecosystem in the state.

Read the full Press Release 


RIO Press Release - Executive Director/Chief Investment Officer Resignation

Wednesday, May 26, 2021 at 04:00 pm

Categories: TFFR Member News, TFFR Employer News, SIB News

The North Dakota Retirement and Investment Office (RIO) announced today that Executive Director and Chief Investment Officer David Hunter is resigning his position effective June 22, 2021.

Official Press Release


March 2021 SIB Investment Newsletter

Wednesday, March 10, 2021 at 02:11 pm

Categories: SIB News

The March 2021 Vested Interest is now available.  Please review the information regarding SIB Client Investment Information and Board Updates.


October 2020 SIB Investment Newsletter

Friday, November 6, 2020 at 05:10 pm

Categories: SIB News

The October 2020 Vested Interest is now available.  Please review the information regarding SIB Client Investment Information.


SIB Press Release - Legacy Fund Investment

Monday, September 28, 2020 at 03:00 pm

Categories: SIB News

State Investment Board raises Legacy Fund “In-State Investing Commitment” to a record high of $400 million with a new $100 million funding commitment

Bank of North Dakota to expand in-state loan program from $300 million to $400 million


May 2020 SIB Investment Newsletter

Wednesday, June 3, 2020

Categories: SIB News

The May 2020 Vested Interest is now available.  Please review the information regarding TFFR and PERS Net Investment Returns.


Important Office Information Regarding COVID-19

Thursday, April 2, 2020

Categories: TFFR Member News, TFFR Employer News, SIB News

ATTENTION: Visiting Our Office

Due to public health concerns related to the coronavirus outbreak (COVID-19) and Governor Burgum’s executive order, the ND Retirement and Investment Office (RIO) is closed to public visitors until further notice.


Teachers’ Fund for Retirement (TFFR) and State Investment Board (SIB) client services remain fully functional, but will primarily be delivered by electronic means. Our staff is transitioning to working remotely to avoid disruptions for TFFR members and SIB clients. We will continue to administer critical retirement and investment program operations, claims processing, and retiree payroll functions.


Please contact us by phone (1.800.952.2970 or 701.328.9885) or email us at rio@nd.gov. Thank you for your patience and support. Stay safe!

Top 5 Things to know about TFFR regarding COVID-19

TFFR Employer Reporting FAQs regarding COVID-19


October 2019 SIB Investment Newsletter

Tuesday, October 15, 2019 at 03:30 pm

Categories: SIB News

The October 2019 Vested Interest is now available.  Please review the information regarding TFFR and PERS Investment Returns in Fiscal 2019 & a State Investment Board Member Update.


SIB Press Release - Legacy Fund Investment

Tuesday, August 27, 2019 at 02:46 pm

Categories: SIB News

State Investment Board puts Legacy Fund investments to work for North Dakotans, makes changes to further improve performance

Board increases loan fund for new businesses by $100M, adopts best practice for defining Legacy Fund earnings


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