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North Dakota Investment Board Delays Action on $1.3 Million in Employee Bonuses

By Bill Dubensky Nov 24, 2025 | 6:08 AM

Jodi Smith. (Photo by Michael Achterling/North Dakota Monitor)

 

(North Dakota Monitor) – The North Dakota State Investment Board delayed approval of roughly $1.3 million in bonuses to 12 Retirement and Investment Office employees intended to reward strong performance of the state’s investment funds.

Seven of the bonuses exceed $100,000, with the top one exceeding $293,000. If the bonuses are ultimately accepted, it would be the first time the agency awards them.

Bonus pay is common in other states’ investment programs, said Retirement and Investment Office Executive Director Jodi Smith, though the agency didn’t implement the pay structure until 2024.

It introduced the new compensation plan to encourage investment managers and other staff at the Retirement and Investment Office to bring in more money for the state. The Legislature gave the agency the authority to create the pay program in 2023.

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