BISMARCK, ND - 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 (IPS) at their meeting today.
The Legacy & Budget Stabilization Fund Advisory Board (Advisory Board) met Dec. 6 and finalized changes to the IPS recommended by their consultant RVK to further implement H.B.1425. H.B. 1425, passed during the 2021 North Dakota Legislative Session, created an in-state investment program using Legacy Fund dollars. The IPS must be approved by both the Advisory Board and SIB to implement.
“SIB responded swiftly to the recommendations from the Advisory Board. The actions of the Boards reflect the priorities of the legislators who represent the people of North Dakota,” Murtha said.
Background: The Legislative Assembly passed House Concurrent Resolution No. 3054 in 2009, which placed the question of creating the Legacy Fund on the 2010 general election ballot. North Dakota voters approved the measure which created a perpetual source of state revenue from the finite national resources of oil and natural gas. The Legacy Fund was created as Article X, Section 26, of the Constitution of North Dakota.
As of Oct. 31, the Legacy Fund is over $8.1 billion.
Retirement and Investment Office administers the investment program overseen by the State Investment Board with total assets under management of approximately $18 billion as of Oct. 31.
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