PIERRE, S.D. (AP) — The South Dakota Retirement System's assets dropped slightly in the past year after modest investment gains were offset by the cost of paying benefits to retirees.
State Investment Officer Matt Clark says his office earned $142 million on a return of 1.9 percent in the year that ended June 30. But he says after benefits were paid to retirees, the value of the Retirement System's assets dropped by about $90 million during the year.
However, Retirement System director Rob Wylie says South Dakota's system in much better shape than public retirement systems in most other states. He says the South DakotaRetirement System's $7.8 billion in assets means it is nearly fully funded to cover future benefit payments.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
