ND HB1063

Amends section 21-10-02.1 to clarify that governing bodies must establish investment policies including rate of return objectives, liquidity requirements, acceptable risk levels, asset allocation goals, and performance evaluation procedures.

Requires asset allocation and any subsequent changes for each fund to be approved by both the governing body of that fund and the state investment board by January 1st of each year.

Amends section 21-10-06 to change the State Investment Board's role from being "charged with the investment of" funds to "shall invest" the funds under its management.

Removes the National Guard tuition trust fund from the list of funds under the State Investment Board's management and adds a new category allowing funds under contract with the board pursuant to subsection 3.

Authorizes the State Investment Board to provide investment services to any state agency, institution, or political subdivision under written contract and allows the board to charge fees for these services, with revenue deposited in the state retirement and investment fund.