The Board is comprised of nine Members appointed by the Governor.
The Governor selects one of the nine Members as the Chairperson.
Members must be confirmed by the State Senate.
The Board also includes two non-voting Legislative Liaisons, from different political parties.
Members serve four year terms.
The term of five Members must run concurrent with the gubernatorial term.
The remaining four Members are appointed in the middle of the Governor’s term.
The Board currently meets six times per year or as determined by the Chairperson.
No, Members may only be removed by the Governor for cause.
Members serve until a successor is appointed.
One Member must also serve on the Public Employees’ Retirement Board.
One Member must also serve on the Teachers’ Retirement Board.
One Member must be an attorney.
Other Members represent: The Financial Community; Small Business; Agriculture; and Labor.
Members will provide a balance of professional expertise and public interest and accountability, who are informed and experienced in the subject of investments.
One Member must also serve on the Public Employees’ Retirement Board.
One Member must also serve on the Teachers’ Retirement Board.
One Member must be an attorney.
Other Members represent: The Financial Community; Small Business; Agriculture; and Labor.
Members will provide a balance of professional expertise and public interest and accountability, who are informed and experienced in the subject of investments.
At least five Members must be present to conduct business.
At least five Members must approve any substantive action taken by the Board.
The Chairperson may make and second motions and vote.
Members receive $50.00 per day when carrying out official duties.
Members are also reimbursed for travel expenses.
Notice of the meeting date, location and agenda are posted on the Board’s web site.
The agenda must set aside a time for public comment.
The Board may not make a substantive decision unless the item is on the agenda.
Board meeting minutes are also posted on the Board’s web site.
The Investment Program charges a fee to the accounts it invests.
The Legislature sets the total fee the Board may charge these accounts.
The Bond Program charges a spread to borrowers over the bond interest rate.
The legislature reviews but does not set or approve the spread.
The Board administers the Unified Investment Program.
The Board administers the “Build Montana” program.