South Dakota Monthly Retirement Planning
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FAQ
Normal retirement age is 65 with three years of service. Early retirement age is 55 with three years of service with unreduced benefits upon attaining Rule of 85 (age plus service equals or exceeds 85). Early retirement reduction with less than 20 years of service is 3% per year.
So can you retire at 55 and collect Social Security? The answer, unfortunately, is no. The earliest age to begin drawing Social Security retirement benefits is 62.
The minimum retirement age is 50, 52, or 55 years depending on the retirement formula associated to the service credit on your account. Your monthly benefit may or may not increase if you wait to retire.
What's Included in the Offer? While the specifics vary, the heart of an early retirement package is invariably a severance payment comprising weeks, months, or even years of wages. That sum may be sweetened by such additions as paid insurance and outplacement services to aid your transition to a new job.
If you retire at 20 years service you get 40% of your final base pay. If you retire at 30 years service you get 60% of your final base pay. You can either get your full retirement when eligible or opt to get a lump-sum benefit at retirement.
SDRS benefits are based on the member's final average compensation, the member's years of credited service, and a benefit multiplier. Retirement benefits are payable for member's lifetime. Surviving spouse benefits are also available.
The South Dakota Retirement System is a 401(a) defined benefit public retirement plan operated for the sole benefit of its members and beneficiaries. Elements key to the system are the Board of Trustees, the Retirement Laws Committee of the Legislature, the SDRS staff, and the State Investment Council.
The California Public Employees Retirement System (CalPERS) offers a defined benefit retirement plan. It provides benefits based on members years of service, age, and final compensation.
