20-146 20-146 . . . Deferred Compensation Investment Account Plan under which Board of Directors of Savings and Loan Association allocates a portion of annual bonuses which would otherwise be paid to selected officers and employees to a separate account. The deferred compensation in such account is deemed, for purposes of Plan only, to represent specified percentages of Association's investments in certain portfolios of equity securities, and it is increased or decreased to same extent as performance of such securities
South Dakota Deferred Compensation Investment Account Plan
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US-CC-20-146
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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.
At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2023.
Variable Retirement Account (VRA): Monthly contribution of up to 1.5% of compensation; credited with SD Investment Council earnings; available to member at retirement, disability, or death. Note: no additional employer contributions are needed for the VRA.
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.
The SDRS Supplemental Retirement Plan (SRP) is a 457(b) plan, which is a cousin to a 401(k) plan, and has many similarities and some strong advantages.
The COLA for 2023 was 2.10%, compared to 8.75% inflation; the 2022 COLA was the full 3.5%, while inflation was 5.92%. By comparison, SDRS in prior years paid COLAs that were relatively close to inflation, either slightly above or below.
The SDRS Special Pay Plan (SDRS-SPP) is an additional retirement plan funded by an eligible employee's special pay (termination pay) which is compensation other than regular salary or wages accumulated by an employee and converted to a lump-sum amount at termination of employment.