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SDRS board approves $6.86 million FY2028 budget, certifies teacher representative and adopts governance policies
Summary
The South Dakota Retirement System Board of Trustees unanimously approved a $6,857,241 FY2028 budget request, certified Penny Brumkin as the teacher representative, and adopted an updated package of governance policies; staff emphasized the budget stays well under the statutory 3% cap on system contributions.
The South Dakota Retirement System Board of Trustees approved the system’s FY2028 budget request and certified the results of the recent teacher representative election during its June meeting.
Michelle Michelson, presenting staff’s FY2028 request, said the proposed total is $6,857,241 and includes two principal categories: personal services (covering the current full‑time level of 35 employees) and operating expenses. She told trustees staff is not requesting additional FTEs and that the request remains under the statutory cap limiting SDRS operating expenses to no more than 3% of the system’s annual contributions; the draft equals roughly 1.9% of contributions.
Travis Holden, a staff member who answered trustees’ questions about vacancies and succession planning, noted the office currently has one vacancy in records and that staff routinely reassesses whether an open position should be refilled or repurposed to reflect technology and efficiency gains.
After discussion, the board approved the budget submission to the Bureau of Finance and Management. The motion to approve the FY2028 request was made and seconded on the record and carried without objection.
During the same session the board certified the 2026 board election, confirming Penny Brumkin as the teacher representative after a motion to accept the election results was moved and carried.
The trustees also considered and unanimously adopted an updated governance manual and a package of related board policies covering conference attendance, gift reporting thresholds, officer elections, legislative engagement, spokesperson rules, trustee education, orientation for new trustees, vacancy appointment procedures and committee charters. James Apple moved the policy package and the motion was seconded by Jake Oakland; the motion carried.
What happens next: the approved FY2028 request will be submitted to state budget authorities and discussed with the governor’s office in the fall; staff will continue to refine communications about the newly adopted governance policies and the board’s committee assignments.
Votes at a glance: - Approval of April 1, 2026 minutes: motion carried (aye; motion read into the record). - Certification of 2026 teacher representative election (Penny Brumkin): motion carried. - Approval of FY2028 budget request ($6,857,241): motion carried. - Adoption of proposed board policies, committees and procedures: motion carried.
