PIERRE, S.D. (AP) – The South Dakota Retirement System’s assets have grown to an all-time high after earning 19.8 percent on investments through the first 11 months of the financial year.
The system’s assets peaked at about $8.2 billion in 2007 and then plummeted during the recession. But Retirement System director Rob Wylie says the assets have now grown to $9.1 billion
Wylie says if the investment returns hold until June 30, the system will end the fiscal year with assets that are about 103 percent of the value of all potential future benefits to be paid to retirees in state and local government agencies.
Wylie says the average statewide plan across the nation is only about 75 percent funded.
Wylie and other officials discussed the Retirement System’s status with a state legislative panel.
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