State Investment Board (SIB)

Medium

The State Investment Board (SIB) has statutory responsibility for the administration of the investment program of several funds including the Teachers' Fund for Retirement, the Public Employees Retirement System, the Workforce Safety & Insurance Fund and the Legacy Fund. The SIB also maintains contractual relationships for investment management with certain political subdivisions. This web page was created to provide a centralized location to view SIB board members, board meeting information and governance.

For any questions, comments, suggestions or to request meeting materials and meeting minutes not posted online, please click here.

Medium

Overview

The State Investment Board (SIB) is established in Chapter 21-10 of the North Dakota Century Code (NDCC)

The SIB has statutory responsibility for the administration of the investment programs of several funds including the Public Employees Retirement System (PERS), The Teachers' Fund for Retirement (TFFR), the Workforce Safety & Insurance Fund, and the Legacy Fund. The SIB also maintains contractual relationships for investment management with certain political subdivisions. The 13-member Board includes the Lt. Governor, State Treasurer, Executive Directors of Workforce Safety & Insurance and the Office of Management & Budget, Land Commissioner, two representatives of PERS, two representatives of TFFR, two representatives of the Legacy & Budget Stabilization Fund Advisory Board, and two members with experience in institutional investments.

All funds invested under the direction of the State Investment Board (SIB) follow the 'Prudent Investor Rule.' Investments are managed exclusively in the interest of meeting the funds' individual objectives. Professional investment managers, consultants and custodians are retained to assist in the implementation of the investment program. The Retirement and Investment Office (RIO) assists the SIB in carrying out its responsibilities for investment program administration.

Investment Process

The ND State Investment Board believes that an investment program must be built and managed like any good business, with a clear statement of mission, overall objectives, roles and responsibilities, and policies and guidelines. Major issues include:

Asset allocation targets:

Setting appropriate benchmarks.
Finding the right managers.
Monitoring the program.
Searching for appropriate new opportunities.

To ensure rigorous attention to all aspects of the investment program, the SIB follows an established investment process. This process involves three phases:

Investment policy development/modification.
Implementation/monitoring.
Evaluation.

Fundamental Investment Beliefs

Asset allocation is the primary driver of investment returns, but the prudent use of active management is an important contributor towards ensuring our clients attain their stated investment objectives. SIB clients generated $200 million of incremental income via the prudent use of active investment management for the five years ended June 30, 2020.

Strategic Investment Plan

Reaffirm the organizational commitment to our current governance structure including a persistent awareness to the importance of continuing board education.
Enhance transparency and understanding of our core goals and beliefs.
- Remain steadfast in our commitment to the prudent use of active investment management.
- Expand awareness to downside risk management which is essential to achieving our long-term investment goals.
- Given actual and projected growth of SIB client assets and the heightened public awareness of the Legacy Fund, align our investment platforms to promote greater clarity and efficiency in reporting and implementing client investment policies.
Expand RIO's influence and ability to create positive and sustainable change by developing relationships with existing clients, organizations and legislative leaders.
- Enhance community outreach to build upon public awareness and confidence.
- Develop concise presentations which highlight our overall risk, return and cost control framework including our progress towards attaining our long-term goals.
Heighten employee engagement by promoting an open and collaborative work environment while encouraging employee participation in staff meetings, offer more opportunities to impact RIO's change initiatives and improve overall compensation levels.
- RIO's ability to continue to deliver strong results is dependent on the combined efforts of our highly valuable team members.
Enhance our existing risk management tools and processes by developing a more robust risk management framework utilizing proven risk management solutions with a focus on portfolio construction and downside risk management (or "stress test" scenarios).
- A robust risk management framework provides a foundation to understand downside risks and our ability to withstand market corrections in varying stress test scenarios.
Evaluate and expand the efficient use of technology in our investment program activity including risk management, compliance monitoring, client satisfaction surveys, website design and communications in order to increase overall efficiency and effectiveness.

Board Members

	Tammy Miller, Chair, Lt. Governor A Brocket, N.D. native, Lt. Gov. Tammy Miller is a certified public accountant and former CEO and board chair of Fargo-based Border States Electric. Miller was sworn in as lieutenant governor on January 3, 2023, and previously served as chief operating officer in the Governor's Office from April 2020 through December 2022.
	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, 2024.
	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.
	Susan Sisk, Director, Office of Management & Budget Ms. Sisk, Office of Management & Budget, is an ex officio member of the SIB. Ms. Sisk has served on the SIB since July 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.
	Vacant, PERS Trustee
	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.