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Gov. Daugaard Signs Retirement System Bills





 

 

            Office of Gov. Dennis Daugaard

500 E. Capitol Ave.

Pierre, S.D. 57501

605-773-3212

www.sd.gov

 

 

 

FOR IMMEDIATE RELEASE:  Thursday, February 9, 2017

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

 

EDITORS/NEWS DIRECTORS:  For video from the Governor on HB 1016, visit news.sd.gov/media.aspx and click on “Video” under “Governor Dennis Daugaard.”   

 

Gov. Daugaard Signs Retirement System Bills

 

PIERRE, S.D. – At his weekly press conference today, Gov. Dennis Daugaard announced that he has signed House Bill 1016, a retirement system measure, into law.

 

“HB 1016 is another measure to strengthen our state’s retirement system,” Gov. Daugaard said. “While other states adopt unreasonable earning assumptions or use outdated mortality tables, South Dakota thinks ahead about how to maintain the solvency and reliability of our retirement system. I applaud the SDRS Board for bringing this bill and our legislators for their favorable consideration.”

 

HB 1016 changes the method by which retirees’ cost of living adjustment is calculated. The bill requires cost of living adjustments to reflect what is affordable and needed based on actual earnings and inflation. The measure also requires more immediate attention to plan problems.

 

“Under current law a problem has to exist for several years in a row before the law requires the board to make a recommendation for change to improve the situation. The new law will require immediate recommendations if the plan is not 100 percent funded or if the contribution doesn’t meet the actuary is recommending,” said the Governor.

 

In addition to House Bill 1016, the Governor signed into law three other measures pertaining to the state’s retirement system:

 

HB 1017 – An Act to revise the definition of compensation for purposes of the South Dakota Retirement System, to provide a penalty for falsely reporting compensation, and to update references to the Internal Revenue Code.

 

HB 1018 – An Act to revise the computation of final average compensation for benefits relating to the South Dakota Retirement System.

                    

HB 1019 – An Act to revise certain provisions relating to the salary of the executive director of the South Dakota Retirement System.

 

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