Tuesday, November 14, 2023 - 02:00pm Categories:
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BISMARCK, N.D. – The North Dakota Retirement and Investment Office (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 (GFOA). RIO received the certificate for its annual comprehensive financial report (ACFR) for the fiscal year ended June 30, 2022.

“This is the 25th consecutive year that the Retirement and Investment Office has received the Certificate of Achievement, an affirmation of the agency’s mission to provide our client funds with prudent and transparent investment services and North Dakota educators with responsible benefits administration,” said Executive Director Jan Murtha.   

The ACFR includes a complete review of the financial, investment, and actuarial conditions of the programs managed by RIO – the State Investment Board (SIB) and the Teachers’ Fund for Retirement (TFFR). The SIB is responsible for almost $20 billion in investments including the assets of North Dakota’s Legacy Fund and 27 pension and insurance client funds. More than 25,000 educators participate in TFFR’s pension program; approximately 11,800 are active members employed by public schools and state institutions.

“Consistently receiving the Certificate of Achievement represents a significant accomplishment by the Retirement and Investment Office,” said Chief Financial/Operating Officer Ryan Skor. “It is the highest form of recognition provided in governmental accounting and financial reporting.”

To be recognized with the certificate, the government must publish an easily readable and efficiently organized report. The ACFR must satisfy both generally accepted accounting principles and the applicable legal requirements.

RIO’s ACFR was judged by an impartial panel to meet the high standards of the program, which per the GFOA includes demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the report.

GFOA advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 21,000 members and the communities they serve.