The Supplemental Retirement Plan (SRP) is a tax deferred savings plan offered by the South Dakota Retirement System (SDRS). Participation in the Plan allows you to invest for your retirement while postponing the payment of income tax on your investments until you withdraw your funds when you separate from service, or at retirement, when you may be in a lower tax bracket.
All public employers who participate in the SDRS may offer the SRP to their employees. This benefit is available to all employees of state and local government, higher education, and school districts covered under the SDRS.
To make starting to invest for retirement easier, the South Dakota Retirement System (SDRS) automatic enrollment for all permanent, full-time employees hired on or after July 1, 2009. All employers are eligible to participate, but are not required to offer automatic enrollment. Check with your employer to find out if you have been automatically enrolled.
If you’re not automatically enrolled in the plan, and would like to get started:
Talk with a Retirement Specialist if you need additional help filling out the form, or selecting investment options.
If you weren’t automatically enrolled and want to get started, contact a Retirement Specialist today.
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