Gov. Daugaard Signs New Retirement Design Into Law

 

 

            Office of Gov. Dennis Daugaard

500 E. Capitol Ave.

Pierre, S.D. 57501

605-773-3212

www.sd.gov

 

 

 

FOR IMMEDIATE RELEASE:  Tuesday, February 23, 2016

CONTACT:  Tony Venhuizen or Kelsey Pritchard at 605-773-3212

 

 

Gov. Daugaard Signs New Retirement Design Into Law

 

PIERRE, S.D. – Gov. Dennis Daugaard today signed into law Senate Bill 13, a bill to establish a new retirement benefit structure for future public employees who are members of the South Dakota Retirement System.

 

“South Dakota’s Retirement System is consistently among the best-funded retirement systems in the nation,” said Gov. Daugaard. “I’m proud we are adopting reforms now from a position of strength. We are taking on this issue now so the benefits of our future teachers, professors, state employees, and county and city employees remain secure.”

                    

At its December board meeting, the SDRS Board of Trustees unanimously approved a new retirement design for new public employees who begin work after June 30, 2017. The reforms received unanimous approval from both the state House and Senate.

 

The new design accommodates longer life expectancies, adds variable hybrid benefits and eliminates inequitable subsidies. Those who fall under the new design will not be subsidizing members of the current design. Both designs will be self-sustaining.

 

The changes will not affect current employees and those already retired, and do not require additional contributions from employees or employers.

 

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