PIERRE, S.D. – Gov. Dennis Daugaard today signed into law Senate Bill 13, a bill to establish a new retirement benefit structure for future public employees who are members of the South Dakota Retirement System.
“South Dakota’s Retirement System is consistently among the best-funded retirement systems in the nation,” said Gov. Daugaard. “I’m proud we are adopting reforms now from a position of strength. We are taking on this issue now so the benefits of our future teachers, professors, state employees, and county and city employees remain secure.”
At its December board meeting, the SDRS Board of Trustees unanimously approved a new retirement design for new public employees who begin work after June 30, 2017. The reforms received unanimous approval from both the state House and Senate.
The new design accommodates longer life expectancies, adds variable hybrid benefits and eliminates inequitable subsidies. Those who fall under the new design will not be subsidizing members of the current design. Both designs will be self-sustaining.
The changes will not affect current employees and those already retired, and do not require additional contributions from employees or employers.
In addition to Senate Bill 13, Gov. Dennis Daugaard signed the following bills into law today:
HB 1087 – An Act to repeal the requirement of a certain public election notice.
HB 1089 – An Act to revise provisions for accumulation of funds for certain municipal enterprises.
HB 1113 –An Act to exempt from the excise tax on motor vehicles the transfer of motor vehicles to a nonprofit organization under certain conditions.
SB 7 –An Act to revise the composition of the state trunk highway.
SB 12 – An Act to authorize the Board of Regents to sell certain extraneous real property in Brookings County and to deposit the proceeds with the state treasurer to be credited to a fund designated as the real property acquisition and capital improvement fund for South Dakota State University.
SB 15 – An Act to revise certain provisions concerning the membership of the South Dakota Investment Council.
SB 85 – An Act to revise certain provisions regarding motorcycle license plates.
SB 103 – An Act to authorize the Board of Regents to transfer certain real property to South Dakota State University Growth Partnership, Ltd. for research park purposes.