Retirement System Senate Bill (Audio)
By Jenifer Jones
South Dakota Senators passed a bill that aims to correct funding issues in the South Dakota Retirement System. Senator Corey Brown of Gettysburg says currently those in the retirement system are guaranteed a cost of living adjustment of just over three percent, regardless of how well the system or market is doing. Senator Brown says Senate Bill 20 changes that.
"When the system is not funded well, it will take that COLA adjustment down to 2.1 percent per year," Brown says. "And then, as the system becomes better funded it will return to the original 3.1 percent."
Brown says the goal is to minimize the effect on current benefits, and make sure changes apply to all members equally.
A second bill passed the Senate floor that eliminates new enrollments in the optional spouse protection program, and increases the contribution percent for those already in the program.
Member stations can download the audio file here.