SD lawmakers to review retirement legislation

AP News
Posted: Dec 08, 2009 10:29 AM

An interim legislative committee meets Tuesday to review draft legislation making changes in the South Dakota Retirement System that covers more than 70,000 workers in government and education.

Changes endorsed earlier by the Retirement System board of directors would reduce annual cost-of-living adjustments for retirement benefits in order to strengthen the system after two years of investment losses.

The Retirement System's assets declined by 20 percent in the past fiscal year because of the falling value of stocks and other investments.

The proposed changes will go to the Legislature in January.