Dr. Hank Kosters, Spring 2015
The five SDRS bills were signed into law by the Governor on 2/17/15. There was no opposition to
the bills in either house and none of the bills negatively impact current retirees, and your increase
on 7/1/15 will be at 3.1%.
HB 1007 provides several significant changes as follows: updates board adopted actuarial
mortality assumptions, interest rates and improvement factor; requires SDRS board to approve
actuary; updates IRS code citations; and removes cement plant employees from the excluded to
the included SDRS list
HB1008 clarifies the methodology for payments of beneficiary of a member whose contributory
service ended prior to 7/1/2010. That is the date when contribution rates changed and other
statutory changes became effective.
HB 1009 was a clean-up bill addressing old over-payment and under-paymnent issues.
HB 1010 was a clean-up bill to correct a statutory citation.
HB 1011 provides a new discretionary program for savings, in addition to the regular SDRS.
This is an option for new and participating active SDRS members.