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NEWS | FOR IMMEDIATE RELEASE | Feb. 13, 2023
Retirement and Investment Office issues statement on Legacy Fund Poll
BISMARCK, ND – Retirement and Investment Office Executive Director Jan Murtha issued the following statement today in response to a North Dakota News Cooperative story by Michael Standaert and the accompanying poll conducted by WPA Intelligence regarding North Dakota’s Legacy Fund.
“The North Dakota Retirement and Investment Office (RIO) manages the Legacy Fund’s assets by following an Investment Policy Statement (IPS) that identifies the fund’s investment goals and objectives. The current IPS includes an asset allocation policy that reflects the requirements of state law, was selected by the Legacy and Budget Stabilization Fund Advisory Board and approved by the State Investment Board (SIB) in July 2023.
The Legacy Fund’s asset allocation policy includes an allocation to an in-state investment program with investments in both in-state fixed income and in-state equity. State statute (i.e., NDCC § 21-10-11) targets these investments at $700 million and $600 million respectively. This is accomplished through the In-state Infrastructure Loan and MATCH programs managed by Bank of North Dakota and the North Dakota Growth Fund managed by 50 South Capital. The Infrastructure Loan Fund provides low interest loans to political subdivisions and MATCH provides low interest rates to encourage and attract financially strong companies to North Dakota. The North Dakota Growth Fund makes targeted investments in companies and private funds based in North Dakota.
All Legacy Fund investments are identified in monthly performance reports posted on the fund’s webpage, www.rio.nd.gov/legacy-fund, that currently go back to Fiscal Year 2021. Information about the in-state investment program is available online at www.rio.nd.gov/in-state-investment-program. Actuarial, financial and investment reports, and SIB meeting packets and minutes are also readily available on the agency’s website, www.rio.nd.gov.”
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