Chapter 3-12C of the South Dakota Codified Laws
To responsibly manage a financially sustainable system within fixed resources and prepare our members for retirement.
South Dakota Retirement System
The 17 member Board consists of two elected teacher members; two elected state employee members; an elected participating municipal employee member; an elected participating county employee member; an elected participating classified employee member; an elected participating Class B Public Safety member; an elected justice, judge, or magistrate judge; an elected county commissioner of a participating county; an elected school district board member; an elected municipal official of a participating municipality; an elected retiree; an elected faculty or administrative member employed by the board of regents and not subject to the provisions of Chapter 3-6A; two Governor's appointees: one head of a principal department established pursuant to SDCL 1-32-2 or one head of a bureau under the office of executive management and one individual from the private or public sector; a ex-officio nonvoting representative of the state investment council
Term of Appointment:
Elected members serve 4-year terms expiring on a staggered schedule; Governor's Appointees serve at the pleasure of the Governor
Frequency of Meetings:
Regular board meetings are held quarterly.
Are Members Allowed to Call into Meetings:
Toll-Free: 1-888-605-SDRS (7377)
To responsibly manage a financially sustainable system withing fixed resources and prepare our members for retirement.
To be a model retirement system that is fully funded, delivers benefits that meet our long-term benefit goals, and provides members the foundation to achieve financial security during retirement.
LONG-TERM BENEFIT GOALS
Retirement Income from SDRS
Lifetime income from SDRS of at least 50 percent of Final Average Compensation (FAC) at normal retirement for career members with credited service of at least 30 years for Class A members, 25 years for Class B Public Safety members, and 20 years for Class B Judicial members.
Proportionate lifetime income from SDRS for members who participate in SDRS for less than a career.
Additional Member Savings
SDRS will educate members of the need for additional savings and will encourage members to accumulate personal savings of at least 100 percent of annual pay at retirement to provide retirement benefits in addition to those provided by SDRS and Social Security.
Total Retirement Income
Educate, advise, and encourage members to plan for retirement by establishing a total retirement income goal based on their unique circumstances and considering benefits available from SDRS, Social Security, and personal savings.