State Investment Board will transition to new leadership for 2025

The State Investment Board (SIB) recognized outgoing leadership at its meeting today, extending its appreciation for two board members and the Retirement and Investment Office's (RIO) executive director for their impactful work on behalf of North Dakota citizens.

The board passed resolutions of appreciation for both Lt. Gov. Tammy Miller and Office of Management and Budget (OMB) Director Susan Sisk thanking them for their dedication and service to the board, agency and its programs in advance of their transition out of state government with the outgoing Burgum administration. Miller has chaired the board since January 2023 and Sisk has served on the board since June 2023.

At the SIB meeting, RIO Executive Director Jan Murtha also announced that she will be transitioning to philanthropic and private sector opportunities. Her last day with the agency will be Jan. 3, 2025.

"It has been my honor to serve the people of North Dakota. By spearheading efforts to bring transformative change to the agency's retirement and investment programs, we've improved performance outcomes that will benefit Teachers' Fund for Retirement members, State Investment Board client funds, and North Dakota's economy for years to come," said Murtha. "While I leave to pursue my own professional aspirations, I'm confident that the Retirement and Investment Office's highly skilled team will continue to exceed service expectations."

Murtha has served as RIO's executive director since November 2021, guiding the agency through significant milestones and demonstrating unwavering commitment to the agency's mission to provide prudent and transparent investment services for SIB's client funds and supporting North Dakota public school educators with responsible benefit administration.

"Jan has provided outstanding leadership for both the State Investment Board and Retirement and Investment Office, building a world-class investment organization with talent from across the nation that will help sustain the growth and success of the SIB client funds and benefit North Dakota taxpayers and our economy well into the future," Miller said. "Thanks to Jan's leadership and her team's commitment to excellence, RIO is well-positioned to continue driving board priorities through the transition of state and agency leadership."

During the Burgum administration the investments overseen by SIB doubled, growing from $11.6 billion in 2017 to $23.6 billion today, this includes almost $4 billion of growth during Murtha's tenure.

"Jan was the right person in the right place at the right time to lead the State Investment Board and the Teachers' Fund for Retirement through the evolutionary changes needed to position the programs for the future," said Dr. Robert Lech, SIB vice chair and Teachers' Fund for Retirement (TFFR) board chair. "We're sad to see her leave but understand and support the pursuit of her professional goals."

Murtha initiated the creation and implementation of a strategic plan for RIO and successfully represented the board and agency in pursuing program initiatives with the state legislature. She oversaw an agency relocation and reorganization, and guided significant enhancements to program scope, technology-enabled processes and communications strategy. Under her leadership engagement survey scores consistently show RIO team members as exceeding the state average.

The SIB appointed a search committee to identify an interim executive director and Murtha's replacement. A special SIB meeting will be scheduled after Dec. 14 in coordination with the incoming Armstrong administration to appoint the interim executive director and the new SIB Chair.

The governor and the OMB director are members of the SIB by state statute. Preceding governors have delegated the position to the lieutenant governor.

The investments overseen by SIB include the assets of the North Dakota's Legacy Fund and 28 government pension and insurance client funds. The TFFR board of trustees is responsible for the administration of a pension program that serves more than 25,000 participants, approximately 11,800 who are active members currently employed by public schools and state institutions. RIO coordinates both activities.

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