SDIC Board

loren koepsell, chair **

Assistant Professor-Business Admin
Augustana University
Sioux Falls  

Jeffrey L. Nelson, v-chair **

East River Electric Power Co-op, retired

Paul Bisson * **

Wells Fargo, retired

Greg kulesa *

President ANZA, Inc.

Mary howard

Howard Group of Baird
Sioux Falls

Ryan Brunner

Commissioner of School & Public Lands
State of South Dakota


State Treasurer
State of South Dakota

travis almond

Executive Director
South Dakota Retirement System

* Denotes member of Audit Committee
** Denotes member of Compensation Committee


  • The SDIC Board consists of eight voting members.
  • South Dakota law stipulates that, "The members of the state investment council shall be qualified by training and experience in the field of investment or finance."
  • Five members are chosen by the Executive Board of the Legislative Research Council, a bipartisan board composed of members from both houses of the Legislature.
  • Three members serve ex officio: the State Treasurer, the Commissioner of School and Public Lands and the Executive Director of the South Dakota Retirement System.


  • Appoint and evaluate the State Investment Officer
  • Develop investment policy and establish asset allocation guidelines
  • Monitor implementation of the investment process
  • Oversee the audit process through the SDIC Audit Committee
  • Comply with and monitor Code of Ethics and Personal Investing Guidelines
  • Approve annual budget and long-term plan