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Advisory board recommends pausing new Bank of North Dakota CD Match investments pending cost-benefit analysis
Summary
The Legacy and Budget Stabilization Fund Advisory Board voted March 31, 2026, to recommend that the Bank of North Dakota consider pausing new investments under its CD Match Program and asked the Retirement and Investment Office to coordinate a cost-benefit analysis with RVK, Inc., after staff reported the program averaged about $280 million — below a statutory $400 million threshold.
The Legacy and Budget Stabilization Fund Advisory Board voted March 31 to recommend that the Bank of North Dakota consider pausing new investments under its Certificate of Deposit (CD) Match Program and that the Retirement and Investment Office coordinate with RVK, Inc., to carry out a cost-benefit analysis.
At the meeting in the Harvest Room of the State Capitol in Bismarck, Scott Anderson, chief investment officer for the Retirement and Investment Office, reported that investments under the Bank of North Dakota’s CD Match Program averaged approximately $280 million over the past two years, which he said is below the statutory minimum threshold of $400 million. Anderson also reported the Legacy Fund balance and recent returns earlier in the presentation.
Representative Glenn Bosch moved the board recommend the pause and a cost-benefit review; 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 CD Match Program is one of several in-state investment mechanisms that can affect how state funds are deployed. Board members raised concerns about compliance with statutory thresholds and whether the program delivers sufficient return or public benefit relative to in-state concentration risks. The recommendation does not compel the Bank of North Dakota to stop investing but advises the bank and directs staff review.
What was presented: during a broader status update, Anderson said the Legacy Fund had a balance of $13.97 billion and a fiscal-year-to-date return of 10.6 percent through Jan. 31, 2026, versus a 10.0 percent benchmark; he said the Budget Stabilization Fund held $978 million with a 3.1 percent fiscal-year-to-date return versus a 2.6 percent benchmark. Anderson also reported the Internal Investment Management Program produced fee savings of $8.9 million for the fiscal year to date.
Next steps: the board’s action asks the Bank of North Dakota to consider pausing new CD Match Program investments and asks the Retirement and Investment Office to coordinate a cost-benefit analysis with RVK, Inc. The recommendation is advisory; the minutes do not record whether the Bank of North Dakota has agreed to pause or when the requested analysis will be completed.
Votes and movers: the motion recommending the pause was moved by Representative Glenn Bosch and seconded by Representative Keith Kempenich; the roll call vote was unanimous in favor.
