North Dakota’s Senate approves Retirement and Investment Office budget

North Dakota’s Senate approved the Retirement and Investment Office budget 44-3 on April 2, rejecting amendments that would have restricted performance bonuses to investment staff only. The $3.5 million budget includes salary increases and an additional auditor position. The approved bill increases infrastructure loans to political subdivisions by $50 million to $200 million. Critics like Sen. Cleary argued against allowing fiscal operations staff to receive bonuses up to 100% of salary, calling them “excessive.” Supporters noted maximum bonuses would require exceeding investment benchmarks by $132 million.