Board to recommend fix for SD retirement system

AP News
Posted: Dec 02, 2009 9:23 AM

The South Dakota Retirement System's board is meeting Wednesday to make its final recommendations for improving the system's financial condition.

The system's assets have fallen in the last two years because of a loss in value of stocks and other investments. The Board of Trustees wants to take quick action to make sure the system's assets will cover potential benefits payable in the future.

The board has tentatively proposed some changes, including limiting annual inflationary increases in benefits to offset the investment losses caused by the recession.

The system has more than 70,000 members, including employees of state government, cities, counties and schools.