BISMARCK, ND (KXNET) — Governor Kelly Armstrong has been elected chairman of the State Investment Board during a special meeting Friday. The State Investment Board is responsible for administering a $23 billion investment portfolio for several North Dakota funds including the Teachers' Fund for Retirement, the Public Employees Retirement System, the Workforce Safety & Insurance Fund, the North Dakota Legacy Fund and and 28 government pension and insurance client funds. While the governor is a member of the State Investment Board by state law, historically that role has been delegated to the lieutenant governor. However, Armstrong decided to actively serve on the board. During its meeting January 3, the board also voted to offer the position of interim executive director of the North Dakota Retirement and Investment Office to Jodi Smith. Smith is the director of lands and compliance for the Fargo-based Metro Flood Diversion Authority. She previously served as commissioner of the North Dakota Department of Trust Lands from November 2017 to March 2022, a role that included serving on the State Investment Board. The move by the board comes following the resignation of former Executive Director Jan Murtha, announced at the November 22, 2024 meeting of the board. An executive search committee has been formed to find a permanent replacement for Murtha. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Today's Top Stories SIGN UP NOW