South Dakota Retirement Plan for Outside Directors
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How to fill out Retirement Plan For Outside Directors?
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FAQ
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 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.
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.
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 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.
South Dakota is an excellent choice for retirees looking for a low cost of living, abundant outdoor activities, and friendly communities. South Dakota is a largely rural state, which may not be appealing to retirees who prefer the amenities and entertainment options of more urban areas.
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.