BISMARCK, ND – The North Dakota Retirement and Investment Office (RIO) welcomed Adam Otteson as its new Chief Financial and Operating Officer (CFOO), effective Sept. 22, 2025.
As CFOO, Otteson oversees RIO’s middle- and back-office operations, leads financial, accounting, and investment operations functions, and guides budgeting, audits, payroll, and strategic fiscal planning.
“Adam’s proven leadership and financial expertise will strengthen the Retirement and Investment Office’s ability to serve North Dakotans with transparency, accountability, and efficiency,” said Jodi A. Smith, RIO executive director. “His experience in managing complex financial operations and guiding teams through audits, compliance, and strategic planning will be invaluable as RIO continues to enhance its operations.”
A Certified Public Accountant with more than a decade of leadership experience in revenue compliance, internal controls, and financial operations, Otteson previously oversaw annual revenues exceeding $500 million and safeguarded an $8 billion investment portfolio for the North Dakota Department of Trust Lands.
“I am honored to join the Retirement and Investment Office and contribute to its mission,” said Otteson. “I look forward to working with the team to strengthen financial operations, enhance efficiency, and ensure the long-term sustainability of the pension and investment programs the agency manages.”
RIO serves as the investment manager for the North Dakota State Investment Board’s $24 billion investment program which includes the assets of the North Dakota Legacy Fund and 28 government pension and insurance client funds. RIO also administers the Teachers’ Fund for Retirement, ensuring secure and sustainable retirement benefits for North Dakota’s public school educators.