BISMARCK, ND – The Retirement and Investment Office (RIO) announced today that at its May meeting, the State Investment Board (SIB) approved the Investment Policy Statements of three new clients - the Water Projects Stabilization Fund, the Opioid Settlement Fund, and the State Historical Society of North Dakota (SHSND) Endowment Funds.
The SIB is responsible for the investment of the assets of the funds identified in state law including the investment of the assets of the Water Projects Stabilization Fund and Opioid Settlement Fund.
The SHSND Endowment Funds were added as a contracted client. With the approval of the ND Industrial Commission, the SIB may provide investment management services to, and manage the money of, any agency, institution, or political subdivision of the state. By entrusting its assets to the SIB, the endowment funds benefit from the cost savings of being pooled with the assets of other government funds.
"We are pleased to welcome these new clients to the State Investment Board," said RIO Executive Director Jan Murtha. “The Retirement and Investment Office will manage these funds with the utmost care to ensure the specific investment goals and requirements of each client are met.” The SIB is responsible for the administration of the State of North Dakota’s investment program. RIO coordinates SIB activities.
Each SIB client has a client fund board or advisory board that is responsible for establishing the asset allocation and investment policies specific to their fund. The asset allocation and investment policies must be established in an investment policy statement approved by both the client and the SIB.
The Water Projects Stabilization Fund supports the planning and construction expenses of water-related projects. The Opioid Settlement Funds must be used for opioid remediation and align with approved usages as identified in the settlement agreement. SHSND Endowment Funds are used exclusively for special projects carried out for the benefit of the public by the State Historical Society of North Dakota.
With the addition of these new clients, the SIB now oversees the assets of 31 client funds. The combined assets of the SIB’s client funds exceed $21 billion.