South Dakota Retirement System assets hit record high - KSFY News - Sioux Falls, SD News, Weather, Sports

South Dakota Retirement System assets hit record high

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PIERRE, S.D. (AP) - The South Dakota Retirement System's assets have grown to a record high after earning 19.5 percent on investments in the past year.

Managers say the Retirement System's assets exceeded $9 billion at the end of the last fiscal year on June 30.

Retirement System director Rob Wylie says preliminary calculations indicate the system is fully funded so its assets exceed all future potential benefits to be paid to retirees in state and local government agencies. That means retirees should get the maximum 3.1 percent cost of living increase next July.

State Investment Council Chairman Hugh Bartels, of Watertown, says final numbers are not compiled yet. But he says the South Dakota Retirement System's investment return is expected to be tops in the nation among similar state pension plans.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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