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The SDRS-SRP Can Help You Prepare for Retirement
Created uniquely for you, the SDRS Supplemental Retirement Plan (SDRS-SRP) helps South Dakota public employees prepare for retirement. The SDRS-SRP is a 457(b) retirement plan that offers long-term investing options and the flexibility of withdrawing your money without penalty once you separate from service with South Dakota, no matter your age. Keep in mind, that withdrawals are taxed as ordinary income in retirement.
The SDRS-SRP puts you in control
When you participate in the SDRS-SRP you join thousands of public employees across South Dakota in an investment program that allows you to control:
- How much you contribute to your plan each pay period.
- When to increase your contribution amount.
- How your contributions are invested.
- When you take your money once you separate from service. Required minimum distributions are required in the year you turn age 70½.
Strength in numbers
The SDRS-SRP uses its overall participant numbers to keep fees low. The plan charges an annual recordkeeping fee of .21 percent of the total assets of each participant’s account – that’s only $21 for each $10,000 you have accumulated from your investments. This fee helps to fund the creation of newsletters, your account statements, reports and online resources to help you manage your SDRS-SRP account.
You may also benefit from the commission-free assistance of Retirement Specialists as a South Dakota employee and throughout retirement! Information from Retirement Specialists is for educational purposes only and is not intended as investment advice.