Chapter 3-12 of the South Dakota Codified Laws
Plan, implement, manage, and efficiently administer financially sustainable retirement income programs within the fixed resources available in accordance with fiduciary responsibilities and sound public policies.
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
Are Members Allowed to Call into Meetings:
Toll-Free: 1-888-605-SDRS (7377)
To plan, implement, manage, and efficiently administer financially sustainable retirement income programs within the fixed resources available in accordance with fiduciary responsibilities and sound public policies.
Provide members and their families the opportunity to achieve financial security at retirement, death, or disability by delivering appropriate and equitable lifetime benefits, and promote, encourage, and facilitate additional member savings for retirement.
LONG-TERM INCOME REPLACEMENT GOALS
Provide lifetime retirement income replacement of at least 55 percent of final average compensation for career employees with a cost of living adjustment during retirement that provides partial inflation protection.
Encourage members to establish an individualized lifetime retirement income goal that will enable them to maintain their standard of living in retirement. This will typically require lifetime income replacement of at least 85 percent of final average compensation (with at least partial inflation protection during retirement), including income from SDRS, Social Security, and personal retirement savings of at least one year's compensation at retirement.