SDRS is Your Source for Information on Your SDRS Benefits
South Dakota Retirement System (SDRS) members are often contacted by outside vendors wanting to advise them on their retirement accounts. Many of these financial companies provide legitimate advisory services, but others falsely represent themselves as SDRS or affiliated with SDRS. Listed below are some facts to help you determine if a solicitation is from SDRS.
How to know it is SDRS:
- SDRS will never call or email to request confidential or personal information. However, if you have recently contacted our office or initiated a process or change, SDRS may respond as necessary.
- Emails from SDRS will always have @STATE.SD.US in the email address.
- SDRS materials will have the SDRS logo, list our website (https://sdrs.sd.gov/), or include our toll-free phone number (1-888-605-SDRS).
- SDRS will never charge a fee to speak with one of our representatives or to attend an SDRS event, such as individual counseling sessions, group workshops or forums, or employer training sessions.
If you receive a call from someone claiming to be an SDRS representative requesting personal information, do not provide the information and hang up immediately. Likewise, if you receive an email or text, do not reply. Please notify SDRS at 1-888-605-SDRS (7377) or 1-605-773-3731. We also recommend that you provide the phone number or email address and a description of the call or message to the Attorney General's Office, Division of Consumer Protection, at 1-800-300-1986 or 1-605-773-4400.
If you are unsure if an email or other communication is from SDRS, please call our office toll-free at 1-888-605-SDRS (7377).
Before selecting a financial advisor, do your research
Even though SDRS can provide all the information you need to know about your SDRS account, SDRS staff is not permitted to offer personal financial advice. SDRS encourages members to meet with trusted financial advisors who are aware of their unique financial situations and goals. Selecting a financial advisor requires research because not all advisors are legally obligated to make recommendations that are in your best interest. Here are some questions you might consider as you evaluate advisors:
- What credentials does the advisor have? Are they considered a fiduciary?
- How is the advisor compensated?
- Does the advisor offer services that you need?
- How will the advisor communicate with you?
- Will you work directly with a specific advisor or multiple representatives?
- Does the advisor have defined benefit/pension members as clients?
Other than Nationwide Retirement Solutions (NRS), who administers the SDRS Supplemental Retirement Plan (SRP), SDRS does not work with or endorse any external vendors for financial planning services.
Groups that appear to work with SDRS
SDRS works with many stakeholder groups to advocate on behalf of our members and retirees. It is important to note that while these organizations are comprised mostly of SDRS members, retirees, and employer associations, they are otherwise not affiliated with SDRS and operate independently of SDRS.
If any of these organizations promote a health, dental, or vision plan, examine these offerings carefully and note that SDRS does not administer or promote any such plans.
Official SDRS Channels
To communicate with our membership where and how they want to receive information from us, we share information about SDRS on our various social media channels. Aside from contacting the SDRS office directly, you can use these channels to obtain current and correct information about the system and your benefits. Our current official channels include:
- SDRS website: https://sdrs.sd.gov
- SDRS Facebook page: https://www.facebook.com/SouthDakotaRetirementSystem
- SDRS YouTube channel: https://www.youtube.com/channel/UC6iWTBqxkrSsITuEYMAfDNQ
- SDRS Supplemental Retirement Plan website: https://www.srp457.com
Protect your personal information
SDRS is diligent about protecting your personal information. To limit the use of Social Security numbers in SDRS-related correspondence, please remember to use your SDRS ID number provided on your SDRS ID card. This helps keep your personal information secure.