1.    The governing body of each fund enumerated in section 21-10-06 shall establish policies on investment goals and objectives and asset allocation for each respective fund. The policies must provide for:

Terms Used In North Dakota Code 21-10-02.1

  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49

a.    The definition and assignment of duties and responsibilities to advisory services and persons employed by the board.

b.    Rate of return objectives, including liquidity requirements and acceptable levels of risk.

c.    Long-range asset allocation goals.

d.    Guidelines for the selection and redemption of investments.

e.    Investment diversification, investment quality, qualification of advisory services, and amounts to be invested by advisory services.

f.    The type of reports and procedures to be used in evaluating performance.

2.    The asset allocation and any subsequent allocation changes for each fund must be approved by the governing body of that fund and the state investment board. The governing body of each fund shall use the staff and consultants of the retirement and investment office in developing asset allocation and investment policies.