Public retirement system mulling new plan for future workers
SIOUX FALLS, S.D. (AP) — During the upcoming legislative session, state lawmakers could weigh a new retirement plan for future public employees that includes a two-year increase in the normal retirement age to 67 for many new workers.
The South Dakota Retirement System's governing board voted Wednesday to draft the new plan. If approved at a later meeting, the measure would go before lawmakers for their consideration during the 2016 session.
The measure is intended to maintain the sustainability of the South Dakota's retirement system.
The changes would remove subsidies for early retirement to pay for an increase in base benefits for a broad class of public employees that includes teachers and city and county workers.
Lt. Gov. Matt Michels says that the changes represent "stewardship" meant to maintain the system for future beneficiaries.
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