Managers of the State’s retirement fund presented their annual report to the South Dakota Legislature today. Retirement officials say the conservative approach has paid off through the recession.
Rob Wiley is the Executive Director of the South Dakota Retirement System. He says South Dakota is faring better than other states across the country.
“SDRS remains one of the most solid pension plans in the U.S. Every liability that is associated with the plan itself is covered by the ongoing contributions that are made by the members and the matching contributions of the employer,” says Wiley.
Wiley says South Dakota’s pension plan management is prudent by design. He adds that the retirement system is in place to ensure that people who have been public servants have the financial ability to maintain their standard of living in the future. Wiley says the average retirement benefit in the SDRS is eighteen thousand dollars per year.