The proposed bill aims to provide an appropriation for the retirement and investment office in North Dakota, covering expenses for the biennium from July 1, 2025, to June 30, 2027. It includes adjustments to salaries and wages, operating expenses, and a new contingency fund. Notably, the bill amends the North Dakota Century Code by increasing the target allocation for fixed income investments from seven hundred million to seven hundred fifty million dollars, and it raises the cap for infrastructure loans to political subdivisions from one hundred fifty million to two hundred million dollars. Additionally, it introduces a new incentive compensation program for full-time equivalent investment positions, which must be approved annually by the state investment board and is contingent on performance benchmarks.

Furthermore, the bill mandates that the retirement and investment office report to the appropriations committees of the seventieth legislative assembly regarding the agency's plan to internally manage fifty percent of the investments under the control of the state investment board. This report will include details on budget impacts, estimated cost savings from reduced external investment manager fees, and the implementation timeline. The bill also specifies that any amounts paid under the incentive compensation program are considered compensation rather than personal profit for employees, ensuring accountability and transparency in the management of state funds.

Statutes affected:
Prepared by the Legislative Council staff for Senator Bekkedahl: 21-10-11
Prepared by the Legislative Council staff for Senator Cleary: 21-10-11, 54-52.5-04
Prepared by the Legislative Council staff for Senate Appropriations - Human Resources Division Committee: 54-52.5-04