ND SB2022

Appropriates $11,979,984 in special funds to the retirement and investment office for the 2023-25 biennium, including $8,910,047 for salaries and wages and $2,869,937 for operating expenses, with 34 full-time equivalent positions authorized.

Exempts investment and fiscal operations positions of the state retirement and investment office from the state employee classification system to allow for specialized compensation structures.

Establishes an incentive compensation program for investment and fiscal operations employees that may provide payouts only when risk-based performance of internally managed investments exceeds policy benchmarks.

Exempts $9,000,000 in pension administration system project funds appropriated in 2019 from spending restrictions, with any unexpended funds available through June 30, 2025.

Requires the retirement and investment office to report to legislative management on the incentive compensation program status, including total incentives paid and payout ranges for eligible positions.