BISMARCK, N.D. – The State Investment Board (SIB) has appointed Jodi A. Smith as the permanent executive director of the North Dakota Retirement and Investment Office (RIO). The decision was made during a special SIB meeting on June 3, 2025.
“Jodi brings a strong track record of leadership and a deep understanding of fiduciary responsibility—qualities that will serve North Dakota well as we continue strengthening the long-term performance, transparency, and integrity of our investment programs,” said Gov. Kelly Armstrong, SIB chair. “We were fortunate to have Jodi serve as the agency’s interim executive director, and we are pleased to appoint her to the position permanently.”
As executive director, Smith is responsible for overseeing RIO’s operations, including the coordination of all SIB activities and the administration of the Teachers’ Fund for Retirement (TFFR).
The SIB oversees a $24 billion investment portfolio, including the assets of the North Dakota Legacy Fund and 28 government pension and insurance client funds. TFFR serves over 25,000 participants, including approximately 11,800 active members employed by public schools and state institutions.
“Over the past five months, Jodi has demonstrated her strengths as a respected communicator and collaborative leader with a deep commitment to sound governance and public service,” said SIB Vice Chair and TFFR Board President Dr. Rob Lech, who chaired the hiring committee. “We’re confident that the Retirement and Investment Office will thrive under her leadership.”
Smith brings more than two decades of leadership experience in finance, operations, and strategic planning across public and nonprofit sectors. She has managed multi-billion-dollar budgets and investment portfolios and implemented fiscal controls and IT systems that improved efficiency, transparency, and stakeholder outcomes.
“I’m honored to serve the State of North Dakota in this role, guiding the Retirement and Investment Office’s mission of delivering prudent and transparent investment services and providing responsible benefit administration for North Dakota educators,” said Smith. “I look forward to working with the State Investment Board and the Teachers’ Fund for Retirement Board of Trustees, the Retirement and Investment Office team members, and our stakeholders to build on the agency’s strong foundation.”
Smith was appointed interim executive director on Jan. 3, 2025, following the resignation of Jan Murtha, which was announced at an SIB meeting on Nov. 22, 2024. As RIO’s permanent executive director, Smith will earn a salary of $244,536.
Prior to joining RIO, Smith served as the director of lands and compliance for the Metro Flood Diversion Authority. She held the position of commissioner of the North Dakota Department of Trust Lands from November 2017 to March 2022, and in that role she served on the SIB.