A CONCURRENT RESOLUTION,  Instructing the Board of Trustees of the South Dakota Retirement System to study the possibility of raising rates of contribution.

     WHEREAS,  the provisions of §  3-12-71 set equal employee and employer contribution rates to the South Dakota Retirement System of five percent for Class A members, eight percent for Class B, public safety members, and nine percent for Class B, judicial members; and

     WHEREAS,  contribution rates for Class A members have remained unchanged since 1974, contribution rates for Class B, public safety members have remained unchanged since 1977, and contribution rates for Class B, judicial members have remained unchanged since 1989; and

     WHEREAS,  in recent years the South Dakota Retirement System has proven to be sound and has increased benefits for its members repeatedly; and

     WHEREAS,  the board of trustees is the governing authority of the South Dakota Retirement System by statute:

     NOW, THEREFORE, BE IT RESOLVED,  by the Senate of the Seventy-fourth Legislature of the State of South Dakota, the House of Representatives concurring therein, that the Board of Trustees of the South Dakota Retirement System be directed to study the possibility of raising the rates of contribution for employees and employers, focusing on pros and cons to the system

and to the members, recommendations for implementation, possible benefit changes, and whether such an increase should be mandatory or voluntary; and

     BE IT FURTHER RESOLVED,  that the Board of Trustees report its findings to the Executive Board of the Legislative Research Council before the Seventy-fifth Session of the South Dakota Legislature convenes.