The 1969 Legislature created the Nebraska Investment Council to provide for centralized investment of state funds.

The Council establishes investment strategies for all funds and guidelines for specific portfolios. It determines the allocation of funds among managers. It selects external managers and consultants, subject to gubernatorial approval. The Council also implements any other policies that it deems desirable on the State Investment Officer, staff and external managers.

The State Investment Officer is selected by the Council, subject to approval by the Governor and the Legislature, and can be removed by the Council at any time. The State Investment Officer makes recommendations to the Council concerning the activities of the organization, implements Council decisions and selects staff to assist in the activities of the organization.

On December 31, 2006, the Council managed assets totaling approximately $13.8 billion. During the past 11 years, assets have more than tripled from $3.7 billion to $13.8 billion.

The Council has five voting members plus the State Treasurer and the Public Employees Retirement Systems’ Executive Director. The five voting members are appointed by the Governor and confirmed by the Legislature. They serve five-year staggered terms. The Governor selects the chairperson.

The Council meets approximately six times a year. Voting members receive $75 per meeting plus expenses.