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Advisory board approves revised Legacy Fund investment policy reflecting constitutional changes and counsel from RVK
Summary
The Legacy and Budget Stabilization Fund Advisory Board unanimously approved a revised investment policy March 31, 2026, aligning policy with other funds and constitutional changes cited in House Concurrent Resolution No. 3033 (2023); RVK advised clarifying the in-state "infrastructure" definition to reduce concentration risk.
The Legacy and Budget Stabilization Fund Advisory Board on March 31 approved a revised investment policy for the Legacy Fund to align with other funds and incorporate constitutional changes the minutes identify as House Concurrent Resolution No. 3033 (2023).
Jim Voytko, senior consultant with RVK, Inc., presented a review of the Legacy Fund’s investment policy and said RVK concluded the in-state investment policy aligns with desired outcomes but warned the fund could face pressure to pursue riskier investments to increase biennial distributions. Voytko also flagged potential concentration risk because in-state investments may receive funding from multiple state sources that are not centrally tracked, and he recommended clarifying the definition of "infrastructure" to distinguish public-use assets from commercial projects.
Scott Anderson of the Retirement and Investment Office presented proposed revisions intended to provide consistency with other investment policy statements and to reflect the constitutional changes referenced in House Concurrent Resolution No. 3033 (2023), which voters approved in November 2024, as noted in the minutes.
Representative Glenn Bosch moved to approve the revised investment policy; Representative Keith Kempenich seconded. Representatives Jonathan Warrey, Glenn Bosch, and Keith Kempenich; Senator Jerry Klein; and Citizen Members Thomas Beadle, Brian Kroshus, and Joe Morrissette voted "aye." No negative votes were cast.
Why it matters: the revised policy clarifies how the Legacy Fund will evaluate in-state investments and seeks consistency with other funds and the state constitution as amended. RVK’s recommendation to clarify the infrastructure definition aims to reduce untracked concentration risk across state-funded in-state projects.
Next steps: the board approved the revisions. Minutes do not record specific implementation dates or additional reporting requirements for tracking in‑state concentration risk.
