PIERRE, S.D. (AP) — The South Dakota Retirement System has recovered all its losses from the nation's economic downturn, putting it on track to be fully funded to cover future benefit payments, officials said Wednesday.
Investment earnings have allowed the system's assets to grow more than 23 percent since the state budget year began July 1, State Investment Officer Matt Clark told the system's board of trustees. Gains in stocks and other investments have pushed the system's assets to about $7.8 billion, he said.
Rob Wylie, executive director of the Retirement System, said if those investment gains hold through June 30, the annual date for measuring the system's financial condition, the system will be fully funded. That means the system's assets would be at least 100 percent of the value of all potential future benefits to be paid to retirees.
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