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South Dakota Retirement System remains fully funded; July COLA set at 1.71%
Summary
SDRS officials told the Joint Appropriations Committee the system is fully funded, pays about $750 million annually in benefits with 87% of benefit dollars staying in the state, and that July's cost‑of‑living adjustment is capped at 1.71% under the system's funding test.
South Dakota Retirement System Executive Director Travis Hallman briefed the Joint Appropriations Committee on SDRS's funding status, benefits and member services on Jan. 16, reporting the system remains fully funded and that benefit payments continue to support local economies.
Funding and scale: Hallman said SDRS paid about $750,000,000 in benefits annually and serves roughly 34,000 benefit recipients; he said roughly 87% of those payments remain in South Dakota. Hallman emphasized SDRS's funding model: South Dakota uses a fixed‑contribution, variable‑benefit design in which contribution rates are set and benefits (not employer contribution levels) are the primary variable when markets or demographics change.
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