A bill related to an incentive compensation program for the North Dakota Retirement and Investment Office received a do-pass recommendation from the Senate Appropriations Committee. The bill includes a plan for the agency to report to the appropriations committees about internally managing 50% of investments. There was opposition to the bill from Senators Cole Conley and Sean Cleary. The incentive compensation program aims to attract and retain talented investment professionals and ensure high investment returns. Amendments were made to the bill regarding the eligibility of fiscal staff for bonuses and capping incentives at 75% of an investment position’s salary. The program allows for the top two officials at the office to earn up to 100% of their salaries as incentives. Concerns were raised about the structure of the program and the potential for excessive bonuses. The bill also aims to monitor the program over the next few years. The RIO executive director emphasized the need for the program to benefit the state and incentivize good investment performance.
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