Bill Summary – FastDemocracy

0950.01000
     Sixty-sixth
     Legislative Assembly                        HOUSE BILL NO. 1368
     of North Dakota
     Introduced by
       Representatives Kempenich, Brandenburg, Kreidt, Pollert
       Senators Dotzenrod, Klein, Wardner
  A BILL for an Act to amend and reenact sections 21-10-01 and 21-10-11 of the North Dakota
  Century Code, relating to membership of the state investment board.
  BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA:
     SECTION 1. AMENDMENT. Section 21-10-01 of the North Dakota Century Code is
  amended and reenacted as follows:
     21-10-01. State investment board - Membership - Term - Compensation - Advisory
  council.
      1.     The North Dakota state investment board consists of the:
             a.   The governor, the;
            b.   The state treasurer, the;
            c.   The commissioner of university and school lands, the;
            d.   The director of workforce safety and insurance, the;
            e.   The insurance commissioner, three;
            f.   Three members of the teachers' fund for retirement board or the board's
                 designees who need not be members of the fund as selected by that board, two;
            g.   Two of the elected members of the public employees retirement system board as
                 selected by that board, and one;
            h.   One member of the public employees retirement system board as selected by
                 that board; and
            i.   One member of the legacy and budget stabilization fund advisory committee, as
                 selected by that committee, to serve as a nonvoting member.
     2.     The director of workforce safety and insurance may appoint a designee, subject to
            approval by the workforce safety and insurance board of directors, to attend the
            meetings, participate, and vote when the director is unable to attend. The teachers'
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           fund for retirement board may appoint an alternate designee with full voting privileges
           to attend meetings of the state investment board when a selected member is unable to
           attend. The public employees retirement system board may appoint an alternate
           designee with full voting privileges from the public employees retirement system board
           to attend meetings of the state investment board when a selected member is unable to
           attend.
      3.   The members of the state investment board, except elected and appointed officials
           and the director of workforce safety and insurance or the director's designee, are
           entitled to receive as compensation one hundred forty-eight dollars per day and
          necessary mileage and travel expenses as provided in sections 44-08-04 and
          54-06-09 for attending meetings of the state investment board.
   2.4.   The state investment board may establish an advisory council composed of individuals
          who are experienced and knowledgeable in the field of investments. The state
          investment board shall determine the responsibilities of the advisory council. Members
          of the advisory council are entitled to receive the same compensation as provided the
          members of the advisory board of the Bank of North Dakota and necessary mileage
          and travel expenses as provided in sections 44-08-04 and 54-06-09.
    SECTION 2. AMENDMENT. Section 21-10-11 of the North Dakota Century Code is
 amended and reenacted as follows:
    21-10-11. Legacy and budget stabilization fund advisory board.
     1.   The legacy and budget stabilization fund advisory board is created to develop
          recommendations for the investment of funds in the legacy fund and the budget
          stabilization fund to present to the state investment board.
     2.   The goal of investment for the legacy fund is principal preservation while maximizing
          total return.
     3.   The board consists of two members of the senate appointed by the senate majority
          leader, two members of the house of representatives appointed by the house majority
          leader, the director of the office of management and budget or designee, the president
          of the Bank of North Dakota or designee, and the tax commissioner or designee. The
          board shall select a chairman and must meet at the call of the chairman.
     4.   The board shall report at least semiannually to the budget section.
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      5.   Legislative members are entitled to receive compensation and expense
           reimbursement as provided under section 54-03-20 and reimbursement for mileage as
           provided by law for state officers. The legislative council shall pay the compensation
           and expense reimbursement for the legislative members.
      6.   The legislative council shall provide staff services to the legacy and budget
           stabilization fund advisory board.
      7.   The staff and consultants of the state retirement and investment office shall advise the
           board in developing asset allocation and investment policies.
      8.   The board shall develop a process to select a member of the board to serve on the
          state investment board in a nonvoting capacity.
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Statutes affected: 
INTRODUCED: 21-10-01, 21-10-11
Enrollment: 21-10-01, 21-10-11