The South Dakota Retirement System on Tuesday approved a 3.1 percent cost of living increase for its retirees after strong investment earnings during the past fiscal year.
The vote came during a joint meeting in Sioux Falls between the board and the Legislature's Retirement Laws Committee. Officials say the system ended its latest financial year with $1.6 billion more than it had a year ago. The 26 percent gain in assets during the 12-month period means the system was fully funded as of June 30, the annual date for measuring the system's financial condition. That allowed to board to increase pension payments by 3.1 percent next July.
The system has more than 70,000 members, and most are still working. It includes employees of state government, cities, counties and school districts.