Latest news with #SouthDakotaRetirementSystem
Yahoo
2 days ago
- Business
- Yahoo
SDRS investments tick up amid volatile markets
PIERRE, S.D. (KELO) — The South Dakota Retirement System's investments have rebounded a bit. The estimated return, covering the 11 months through May 31, was 3.2 to 3.7%, senior portfolio manager Darci Haug told SDRS trustees on Wednesday. Man identified in fatal Monday I-90 crash The annual target, however, is 6.5%. Whether that can be reached by June 30 isn't known. 'We aren't keeping up with the markets because of our conservative positioning,' portfolio manager Danielle Mourer explained. The South Dakota Investment Council oversees the SDRS portfolio. The council over the long term has taken a contrarian approach, holding larger amounts of cash at times when the market is, in the council's estimation, overpriced. That's how the council currently sees the markets. Nonetheless, being back in the black was an improvement over the April 9 report to the SDRS trustees. On that date, SDRS investments as a whole were down between 3 and 3.5%. The very next day, they had regained some of that lost value and were down 0.5 to 1%. Jarrod Edelen, another of the portfolio's managers, said earnings by different sectors have been volatile of late and varied widely. Technology investments such as computer chips were recently up 27% while energy investments overall were down 7%, he said. The fair market value of SDRS investments was $15 billion as of May 31, Haug said. How the SDRS investments fare year to year largely determines the size of the annual cost of living adjustment paid the following year to the system's retirees and other beneficiaries. SDRS senior actuary Doug Fiddler told the board that the COLA taking effect on July 1, 2025, will be 1.71%. That was calculated using the third quarter 2024 inflation rate of 2.49%. Fiddler estimated that a 3.5% annual return for fiscal 2025 would result in a COLA of approximately 1.4% taking effect on July 1, 2026. He said benefit payments to approximately 80% of SDRS retirees have been falling short of keeping up inflation by about 10%. Fiddler presented a chart showing the S&P 500 has been in a volatile stretch lately, dropping about 20% in April and gradually rebounding since then. Fiddler said that he had planned to brief the trustees on corrective actions that might be necessary when the SDRS investments were in the red for the year. But he changed his mind after seeing the number get back into the black. SDRS executive director Travis Almond spoke about market volatility to the board after Fiddler's presentation. 'So who knows how the end of this fiscal year lands,' Almond said. He suggested that the trustees keep themselves familiar with the corrections plan. 'I have no doubt we're going to have that conversation. It's a question of when,' Almond said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
18-02-2025
- Business
- Yahoo
34 bills already signed by Gov. Rhoden
SIOUX FALLS, S.D. (KELO) – As of Tuesday, Gov. Larry Rhoden has signed 34 bills during the 100th Legislative Session. The Republican governor signed his first bill as governor on February 7. Senate Bill 7 bans sanctuary cities in South Dakota for immigration enforcement. Noem announces 'multimillion dollar' DHS campaign The bill passed through the legislature with little opposition, receiving a unanimous yes in the Senate and a 62-6 vote on the House floor. On February 18, Rhoden signed 13 more bills into law: SB 12 limits the amount of money that may be loaned to a candidate or political committee SB 29 amends provisions regarding the Division of Insurance and the former Division of Securities operating fund SB 35 modifies substances listed on the controlled substances schedule and to declare an emergency HB 1002 requires that all certified educators take a course in South Dakota Indian Studies HB 1003 amends definitions pertaining to the school funding formula HB 1004 provides tuition for a student who is placed in a residential treatment center that provides educational programming HB 1014 modifies provisions related to emergency medical services personnel and to declare an emergency HB 1027 repeals obsolete provisions pertaining to noncollecting retailers HB 1028 revises certain references to the Internal Revenue Code HB 1029 updates provisions of the South Dakota Retirement System HB 1030 updates the South Dakota Retirement System's member information protection provisions HB 1031 updates the South Dakota Retirement System member identity verification procedures HB 1032 updates a reference to the Internal Revenue Code in South Dakota Retirement System statutes. The governor has also signed 20 other bills so far. SB 1 updates references to certain federal motor carrier regulations SB 2 increases civil penalties for commercial driver violations SB 5 permits a sheriff to charge a fee for service of process, whether service is completed or not SB 10 shortens the time before records of a Governor or a lieutenant governor are opened to the public SB 13 clarifies the enactment and effective date of a measure initiated or referred within a political subdivision SB 17 clarifies when a political committee must file certain campaign finance disclosure statements SB 30 removes outdated provisions within the insurance code SB 36 repeals the oath requirement for an application for a lodging establishment, campground, food service establishment, or mobile food service establishment license SB 38 modifies requirements for a vehicle approaching a vehicle that is stopped or occupying the shoulder of the highway with warning lights flashing SB 39 revises the description of highways included in the state trunk highway system SB 40 revises Department of Transportation regulatory authority regarding aeronautics SB 41 clarifies the minimum age requirements for a hunting license SB 42 clarifies the wholesale purchase price of tobacco products SB 43 establish a timeframe within which a remote seller and marketplace provider must register and remit sales tax SB 74 requires the publication and review of an explanation of the open meeting laws of this state HB 1011 revises provisions related to the stenographic recording of certain proceedings HB 1022 prohibits the misbranding of any cell-cultured protein product HB 1033 makes an appropriation for costs related to emergencies and disasters impacting the state and to declare an emergency HB 1034 makes an appropriation for costs related to the suppression of wildfires impacting the state and to declare an emergency HB 1049 updates the official code of laws All the bills will go into effect July 1, unless they are declared an emergency. Senate Bill 25 and House Bills 1014, 1033 and 1034 went into effect immediately after the governor signed them. The 100th Legislative Session ends March 31th. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
