PIERRE, S.D. (AP) — Investment earnings have boosted the South Dakota Retirement System's assets by about 22 percent for the state budget year that ends this week, according to state officials.
That means the retirement system has recovered all its losses from the economic downturn.
Rob Wylie, the system's executive director, said the public pension fund is either fully funded or close to being fully funded as of June 30, the annual date for measuring the system's financial condition. That means the system's assets are 100 percent of the value of all potential future benefits to be paid to retirees.
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State Investment Officer Matt Clark told state lawmakers Monday that his agency hit a home run coming out of the financial crisis.
The report to a legislative committee confirms earnings predictions Clark made several months ago.
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