Marcia Hultman

Cabinet Secretary

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SD Department of Labor Employee Retirement Board

Department of Labor Employee Retirement Plan Merges with South Dakota Retirement System

Effective July 1, 2020, the Department of Labor Employment Retirment Plan (ERP) has merged with the South Dakota Retirement System (SDRS). Current ERP participants will become a separate class in SDRS called Class D and retain the same benefits they have been receiving.

The ERP assets will be merged with the SDRS assets, which are managed by the South Dakota Investment Council.

SDRS will assume all administration of the ERP, including counseling for active and retired members. SDRS contact information is:
South Dakota Retirement System
P.O. Box 1098
222 E. Capitol Ave., Suite 8
Pierre, SD 57501
1.888.605.7377
sdrs.sd.gov

View Memo on the Department of Labor Employee Retirement Plan Merger with South Dakota Retirement System

Board History

The South Dakota Department of Labor Employee Retirement Board was created by Chapter 386, Laws of 1987. South Dakota Codified Law 61-2-15 through 61-2-15.6 governs the SD DOL ERB. The board shall consist of five members and meet at least twice a year. The Board’s responsibility is to administer the South Dakota Department of Labor, Job Service, Unemployment Division and Office of Administrative Services Retirement Plan.

This retirement plan began in August 1, 1961 and stopped taking participants on July 1, 1980. Of the approximately 230 participants in the plan, fewer than 10 remain on active employment.

The ERB has hired Principal Financial Group as the Plan’s financial advisor and Deloitte Consulting LLP as the Plan’s impartial actuary.

Legislative Session

Senate Bill 9

Purpose: to repeal the Department of Labor and Regulation's retirement plan and to transfer plan members and funds to the South Dakota Retirement System.

Actuarial Valuation Report for the South Dakota Department of Labor Retirement Plan Available

Find the July 1, 2019 report, as well as prior years on the SD DOL ERB's Annual Actuarial Valuation Reports page.