PIERRE - People receiving benefits from the South Dakota Retirement System will get a 3.1 percent cost of living adjustment next year, the board of trustees decided Thursday.
State law permits the annual adjustment to range from a minimum of 2.1 percent to a maximum of 3.1 percent, depending on the system's funding status.
SDRS administrator Rob Wylie said the 3.1 percent was permitted because the system finished fiscal 2014 with at least 100 percent funding of its long-term liabilities.
The funding was 107 percent as of the June 30 end of the fiscal year.
Wylie said the adjustment would take effect July 1.
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The adjustment, known as the COLA, was changed to a flexible range after the investment difficulties of the 2009-2010 period.
