SDRS Supplemental Retirement Plan & Special Pay Plan
SDRS Supplemental Retirement Plan: The SDRS Supplemental Retirement Plan (SRP) is a personal retirement savings option available to SDRS members and any person providing services to the state or a political subdivision of the state for which compensation or contractual payment is paid by an SDRS-participating employer. The SDRS-SRP allows participants to save additional dollars for retirement on either a pre-tax or after-tax (Roth) basis.
The SDRS-SRP is managed by SDRS through a contract with Nationwide Retirement Solutions, Inc.
SDRS Special Pay Plan: The SDRS Special Pay Plan (SPP) is an additional retirement plan funded by an eligible employee's special pay (termination pay), which is compensation other than regular salary or wages accumulated by an employee and converted to a lump-sum amount at the employee's termination of employment. Special Pay may include unused annual leave, unused sick leave, or other lump-sum special pay that is eligible for contribution into the SDRS-SPP. Under the SPP, an eligible member's lump-sum special pay is permanently exempt from Social Security taxes and free from Federal income taxation until the funds are withdrawn from the Plan.
To be eligible for the SDRS-SPP, each of the following provisions must apply:
- An employee of the State of South Dakota, Board of Regents, or other employer who has elected to participate;
- An employee who is age 55 or has reached the first day of the calendar month prior to the employee's 55th birthday; and
- An employee who is receiving special pay of $600 or more.
The SDRS-SPP is managed by SDRS through a contract with Nationwide Retirement Solutions, Inc.
For additional information regarding the SDRS-SRP & SPP, please visit the SDRS-SRP website, www.srp457.com, or contact the SDRS-SRP office.
SDRS-SRP Contact Information:
SDRS Supplemental Retirement Plan
222 E. Capitol, Suite 1
Pierre, SD 57501
Phone: 605-224-2230 (Pierre office)
1-800-959-4457 (Customer Service in Ohio)