2017 Legislative Session
The SDRS Board of Trustees recently changed the economic assumptions used to project the future costs of the system to recognize lower inflation and investment return expectations. These changes were made to provide the most realistic estimate of future SDRS costs. As a result, the fixed, statutory contributions are not projected to be sufficient to fund the current benefit structure. By law, the Board is required to recommend changes to bring SDRS back into actuarial balance. As such, the Board is recommending legislation during the 2017 Legislative Session to modify the cost-of-living adjustment (COLA) and calculation of final average compensation (FAC).
For more information:
Legislative Changes Letter
Managing SDRS for Sustainability
The Board of Trustees submitted the following bills during the 2017 Legislative Session:
|HB 1016||An Act to revise the methodology for calculating the cost of living adjustment for South Dakota Retirement System benefits, to revise reporting conditions, and to provide uniform terminology.||Current Status|
|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.||Current Status|
|HB 1018||An Act to revise the computation of final average compensation for benefits relating to the South Dakota Retirement System.||Current Status|
|HB 1019||An Act to revise certain provisions relating to the salary of the executive director of the South Dakota Retirement System.||Current Status|
For additional information on the current Legislative Session, visit the South Dakota Legislature website at www.sdlegislature.gov.
SDRS Proposed Legislation
SDRS Funded Status Report to Governor/Legislature
Fiscal Impact Notes