Legislative Committee Approves Retirement System Changes
PIERRE, S.D. (AP) — A legislative panel has approved a measure to create a new retirement plan for future public employees that includes a two-year increase in the normal retirement age to 67 for many new workers.
Advocates say the measure approved Thursday is intended to maintain the sustainability of the retirement system.
The changes would remove subsidies for early retirement to pay for an increase in base benefits for a broad section of public employees including teachers and city and county workers.
The normal retirement age for new public safety officials would jump two years to 57.
The changes would apply to people hired after June 30, 2017.
Eric Ollila is executive director of the South Dakota State Employees Organization. He says the organization that lobbies for state employees isn't taking a position.
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