State of South Dakota
Senators Rounds, Albers, Brown (Arnold), and Hunhoff and Representatives
Matthews and Diedrich at the request of the Interim Retirement Laws
FOR AN ACT ENTITLED, An Act
to revise the methods of compensating the administrator
and exempt employees of the South Dakota Retirement System.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
be amended to read as follows:
The Board of Trustees shall appoint an administrator, qualified by training and
experience, to serve at the pleasure of the Board of Trustees.
The Board of Trustees shall
establish and maintain a long-term compensation plan for the exempt employees of the system
and make a biennial report to the retirement laws committee on their findings during the interim
of each even numbered year. The annual salary of the administrator may be adjusted annually
by the same rate appropriated as the across-the-board increase to base salaries of state
employees under the general appropriations act in each corresponding year.
first of each year, the board shall recommend
adjustment above the across-the-board increase for
the administrator for the upcoming fiscal
year. This salary
is not effective unless it is approved by a majority vote of the
members of the retirement laws committee. The administrator may hire additional employees
as may be required to transact the business of the retirement system and shall fix the
remuneration for such services. The board shall require the bonding of the administrator in an
amount set by the board which shall be included under the state employees' blanket bond. The
premium may be charged to the fund.