1. The board is charged with the investment of the following funds:
a. State bonding fund.
b. Teachers' fund for retirement.
c. State fire and tornado fund.
d. Workforce safety and insurance fund.
e. National guard tuition trust fund.
f. Public employees retirement system.
g. Insurance regulatory trust fund.
h. State risk management fund.
i. Budget stabilization fund.
j. Health care trust fund.
k. Cultural endowment fund.
l. Petroleum tank release compensation fund.
m. Legacy fund.
2. Separate accounting must be maintained for each of the funds listed in subsection 1. The moneys of the individual funds may be commingled for investment purposes when determined advantageous.
3. The state investment board may provide investment services to, and manage the money of, any agency, institution, or political subdivision of the state, subject to agreement with the industrial commission. The scope of services to be provided by the state investment board to the agency, institution, or political subdivision must be specified in a written contract. The state investment board may charge a fee for providing investment services and any revenue collected must be deposited in the state retirement and investment fund.