South Dakota Retirement System seeks quick fix

AP News
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Posted: Nov 10, 2009 5:04 PM

An official says uncertainty about the economy has prompted the South Dakota Retirement System to consider quick action to improve the system's financial condition.

The Retirement System's Board of Trustees is looking at limiting annual inflationary increases in benefits to help offset investment losses caused by the recession.

State law does not require that the board recommend changes until certain conditions have been met for three years. But Retirement System executive director Rob Wylie says the board is working to make recommendations to the next session of the South Dakota Legislature so the system is in better shape to withstand whatever happens in the economy.

The Retirement System has more than 70,000 members.