PIERRE, S.D. (AP) — Sharp gains in investment earnings have put the South Dakota Retirement System in even better shape to pay the retirement benefits of thousands of state, county, city and school employees, officials said Thursday.
State Investment Officer Matt Clark said the system's assets have grown significantly after earning 14.9 percent on investments in the first nine months of the financial year.
"That's good," Clark told the system's Board of Trustees, adding that the investment returns have far exceeded the goal of earning 7.25 percent a year.
The system's assets had grown to $8.78 billion by March 31, up about $1 billion since the start of the financial year July 1 after taking into account investment gains and benefits paid to retirees.
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