State Investment Board (SIB)

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The State Investment Board (SIB), established under NDCC § 21-10, oversees the investment of assets for approximately 30 client funds, including some of the state’s largest funds—the Legacy Fund, the Public Employees Retirement System, the Teachers’ Fund for Retirement, and Workforce Safety & Insurance.

In addition to funds identified in state statute, the SIB may provide investment management services to other state agencies, institutions, and political subdivisions. By pooling their assets, participating funds benefit from economies of scale and lower investment costs.

All funds under the SIB follow the Prudent Investor Rule, with investments managed exclusively to meet each fund’s objectives. Its activities are administered by the North Dakota Retirement and Investment Office.

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Board Members

	Kelly Armstrong, Chair, Governor Governor Armstrong took office as the 34th governor of North Dakota on December 15, 2024. The Governor is an ex officio member of the SIB. His current term in office ends in December of 2028.
	Dr. Rob Lech, Vice Chair, TFFR Trustee Dr. Rob Lech represents TFFR on the SIB. Dr. Lech is the Superintendent of Jamestown Public Schools and represents school administrators on the TFFR Board. He was appointed to the TFFR Board in 2013 and his current term ends June 30, 2025.
	Thomas Beadle, State Treasurer Treasurer Beadle is an ex officio member of the SIB. His current term in office ends December 31, 2028.
	Glenn Bosch, Legacy & Budget Stabilization Fund Advisory Board (LBSFAB) Representative Bosch represents the LBSFAB and has been serving in the House since 2017.
	Joseph Heringer, Land Commissioner Commissioner Heringer, ND Department of Trust Lands, is an ex officio member of the SIB. Commissioner Heringer has served on the SIB since March 2022.
	Jerry Klein, Legacy & Budget Stabilization Fund Advisory Board (LBSFAB) Senator Klein represents the LBSFAB and has been serving in the Senate since 1997.
	Cody Mickelson, TFFR Trustee Mr. Mickelson represents TFFR on the SIB. Mr. Mickelson is a teacher for Jamestown Public Schools. He was appointed to the TFFR Board in 2018 and his current term ends June 30, 2026.
	Adam Miller, PERS Trustee Adam Miller represents PERS on the SIB. He was elected to the PERS Board in July 2017. His current term on the PERS Board expires June 30, 2027. Mr. Miller represents active state employees on the PERS Board.
	Joe Morrissette, Director, Office of Management & Budget Mr. Morrissette, Office of Management & Budget, is an ex officio member of the SIB. Mr. Morrissette has served on the SIB since October 2023.
	Art Thompson, Director, Workforce Safety & Insurance Mr. Thompson, Workforce Safety & Insurance, is an ex officio member of the SIB. Mr. Thompson has served on the SIB since November 2022.
	Gerald Buck, PERS Trustee Mr. Buck represents PERS on the SIB. He was appointed to the PERS Board in October 2023. His current term on the PERS Board expires June 30, 2028.
	Pete Jahner, Institutional Investment Professional Pete Jahner is the president of Kirkwood Bank & Trust. He was appointed to the SIB in August 2023. His current term on the SIB expires June 30, 2026.
	Dr. Prodosh Simlai, Institutional Investment Professional Dr. Prodosh Simlai is the economics & finance department chair at UND. He was appointed to the SIB in August 2023. His current term on the SIB expires June 30, 2028.