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Committee discusses investment policy, in‑state limits and pooling of state accounts; RIO to review IPS
Summary
Legislators and Retirement and Investment Office staff discussed statutory and IPS limits on in‑state investments, per‑investment caps and the operational tradeoffs of pooling client accounts. RIO said it will review the IPS and return recommendations in a future meeting.
Committee members and Retirement and Investment Office staff reviewed the Legacy Fund’s investment policy statement and the statutory framework for in‑state investments and discussed whether to alter caps, pacing and account pooling.
Jody Smith, executive director of the Retirement and Investment Office, reviewed the statute and the IPS constraints the office must observe. Lance Zitlow (portfolio manager) and others summarized policy language the committee cited in discussion: the statute and IPS set a 3 percent policy target (historical allocation language also appears in statute) and the IPS currently restricts…
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