RIO earns financial reporting recognition

BISMARCK, ND - North Dakota Retirement and Investment Office (RIO) has earned the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) for its Annual Comprehensive Financial Report for the fiscal year ending June 30, 2024. This marks the 27th consecutive year the agency has received the award.

"Continued recognition by the Government Finance Officers Association is a testament to the Retirement and Investment Office's commitment to prudent and transparent investment management, and to providing responsible benefit administration for North Dakota educators," said Executive Director Jodi A. Smith.

To receive the certificate, governments must publish financial reports that are clearly written, well-organized, and meet both generally accepted accounting principles and legal requirements. Each report is reviewed by an impartial panel to ensure it demonstrates the program's "spirit of full disclosure," providing users the information they need to evaluate the government's financial health.

RIO's report includes a detailed review of the financial, investment, and actuarial conditions of the programs it administers: the State Investment Board (SIB) and the Teachers' Fund for Retirement (TFFR).

The SIB oversees the investment of more than $24 billion in assets, including the Legacy Fund and 28 pension and insurance client funds. TFFR serves over 25,000 participants, including 12,000 active members employed by public schools and state institutions.

The GFOA established the COA program in 1945 to encourage state and local governments to go beyond minimum reporting standards, fostering transparency and accountability in public finance. Today, GFOA serves more than 21,000 government finance professionals across the United States and Canada.