PIERRE, S.D. (AP) — The South Dakota Retirement System's assets have grown to an all-time high after earning 12.4 percent on investments through the first seven months of the financial year, an official said Monday.
The system's assets peaked at about $8.2 billion in 2007 and then plummeted during the national recession, but those assets have now grown to more than $8.5 billion. That's up from $7.8 billion at the start of the financial year July 1, a gain of roughly $700 million after taking into account investment gains and benefits paid to retirees.
"We've worked our way back, but it was a hard road," said Rob Wylie, executive director of the Retirement System, noting that the system had some big losses and big gains in some recent years.
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