South Dakota Retirement SystemActuarial ValuationAs of June 30, 2014

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Table of ContentsExecutive Summary . 1Overview. 1Purpose . 1SDRS Benefit Changes . 2SDRS Actuarial Assumptions. 2SDRS Actuarial Methods and Funding Objectives . 2Key SDRS Actuarial Measures . 2Analysis of Experience for Fiscal Year Ended June 30, 2014 . 3Section 1 Actuarial Funding Results . 41.12014 Actuarial Funding Results. 41.2Comparison of Results of Actuarial Valuations for2013 and 2014 . 51.3SDRS Actuarial Funding Requirements and Funded Status . 61.4Actuarial Soundness . 81.5Development of SDRS Present Value of All Benefits as ofJune 30, 2014 . 111.6Development of Frozen Unfunded Actuarial AccruedLiability as of June 30, 2014 . 121.7Development of Normal Cost Contribution Rate as ofJune 30, 2014 . 131.8Development of Actuarial Funding Requirements as aPercentage of Member Compensation as of June 30, 2014 . 141.9Gains and Losses for Year Ended June 30, 2014 . 151.10 Development of Actuarial Value and Fair Value FundedRatios as of June 30, 2014 . 171.11 History of Funded Ratios . 18

Section 2 Plan Assets . 192.1SDRS Fair Value of Assets Available for Benefits as ofJune 30, 2014 . 192.2Changes in SDRS Fair Value of Assets for Year EndedJune 30, 2014 . 202.3Development of the SDRS Actuarial Value of Assets as ofJune 30, 2014 . 212.4Development of Reserve for Funding of Long-Term BenefitGoals as of June 30, 2014 . 222.5Fund Gains and Losses for Year Ended June 30, 2014 . 232.6Reconciliation of Cushion as of June 30, 2014 . 242.7Development of the Risk Management Contribution as ofJune 30, 2014 . 25Section 3 Accounting Information . 263.1Governmental Accounting Standards Board StatementNo. 25 . 263.2Governmental Accounting Standards Board StatementNo. 67 . 28Section 4 Member Data . 334.1Comparison of Results of Actuarial Valuations for2013 and 2014 . 334.2Distribution of Number and Average Compensation ofActive Members as of June 30, 2014(1). 344.3Distribution of Active Members by Age as of June 30, 2014 . 354.4Distribution of Active Members by Credited Service as ofJune 30, 2014 . 364.5Distribution of Retirees, Beneficiaries and DisabledMembers by Age as of June 30, 2014 . 374.6History of Active Membership . 384.7History of Member Compensation . 394.8History of Benefits to Retirees, Beneficiaries, and DisabledMembers . 40

Section 5 Basis of the Valuation . 415.1Summary of Principal Benefit Provisions of SDRS asAmended Through the 2014 Legislative Session. 415.2Summary of Principal Benefit Provisions for Cement PlantMembers as Amended Through the 2014 LegislativeSession . 525.3Description of Actuarial Methods and Valuation Procedures . 555.3Summary of Actuarial Assumptions for Actuarial Valuationas of June 30, 2014. 575.4Glossary of Actuarial Terms . 63

David H. Slishinsky,ASAPrincipal, Consulting ActuaryRetirementWealth PracticeNovember 5, 2014Board of TrusteesSouth Dakota Retirement SystemPost Office Box 1098Pierre, SD 57501-1098Buck Consultants, LLC1200 17th StreetSuite 1200Denver, CO [email protected] 720.359.7773fax 720.359.7701This report summarizes the results of Buck Consultants, LLC’s annual Actuarial Valuation of theSouth Dakota Retirement System (SDRS) as of June 30, 2014. Actuarial valuations of SDRS areperformed annually.This Actuarial Valuation is based on financial and Member data provided by SDRS andsummarized in this report. The actuary did not verify the data submitted, but did perform tests forconsistency and reasonableness.All Members of Participating Units of SDRS and all benefits in effect on July 1, 2014 have beenconsidered in this Actuarial Valuation. SDRS benefit provisions considered, Member data, andTrust Fund information are summarized in the Appendices in this report.The assumptions and methods used to determine the Actuarially Determined Contribution of theEmployers to SDRS as outlined in this report and all supporting schedules meet the parametersand requirements for disclosure of Governmental Accounting Standards Board (GASB)Statement No. 67, Financial Reporting for Pension Plans. Buck Consultants, LLC is solelyresponsible for the actuarial data presented in this report.SDRS is funded by Employer and Member Contribution Rates as established by South Dakotalaw. The funding objective for SDRS is that these statutory rates continue to be sufficient to fundthe System benefits as a level percent of Member Compensation. The SDRS Board of Trusteeshas also established funding policy objectives that the System be fully funded, resulting in noUnfunded Actuarial Accrued Liability and that the statutorily required contributions meet orexceed the amount required to pay the Normal Costs of SDRS, System Expenses, and amortizethe Unfunded Actuarial Accrued Liability as a level percent of Member Compensation over aperiod not to exceed 20 years if the System is not fully funded.As noted below, the fully funded objectives are currently being met and are projected to continueto be met.Our calculations and analysis indicate that the System is meeting its funding objectives and is inactuarial balance. The combined statutory Employer/Member Contributions exceed the amountrequired to pay the current Normal Costs and Expenses of the System. As of June 30, 2014, theUnfunded Actuarial Accrued Liability is 0. The contractual Employer Contribution Rates toSDRS meet the requirements of the Actuarially Determined Contribution of the Employers ofGASB Statement No. 67.

The SDRS Board of Trustees measures and compares the funding progress of SDRS on severalbases. The Actuarial Value Funded Ratio is 100.0% and the Fair Value Funded Ratio is 107.3%.(In the past, this measure was identified as the Market Value Funded Ratio.)Based on Member data and asset information provided by SDRS, we have prepared theSchedule of changes in the Net Pension Liability and Schedule of Employer Contributions inaccordance with GASB No. 67 parameters that are included in the Financial section of the CAFR.The undersigned is an Enrolled Actuary, Associate of the Society of Actuaries and a Member ofthe American Academy of Actuaries and meets the Qualification Standards of the AmericanAcademy of Actuaries to render the actuarial opinions contained in this report. This report hasbeen prepared in accordance with all Applicable Standards of Practice. We are available toanswer any questions on the material contained in the report, or to provide explanations or furtherdetails as may be appropriate.Future actuarial measurements may differ significantly from current measurements presented inthis report due to plan experience differing from that anticipated by the economic anddemographic assumptions, increases or decreases expected as part of the natural operation ofthe methodology used for these measurements, and changes in plan provisions or applicable law.Due to the limited scope of this report, an analysis of the potential range of such futuremeasurements has not been performed.It is our opinion SDRS is meeting its actuarial funding policy.Respectfully submitted,David H. Slishinsky, ASA, EA, MAAA, FCAPrincipal and Consulting ActuaryDisclosure: Use of this report for any other purposes or by anyone other than the Board members and staffof SDRS may not be appropriate and may result in mistaken conclusions because of failure to understandapplicable assumptions, methods, or inapplicability of this report for that purpose. No one may make anyrepresentations or warranties based on any statements or conclusions contained in this report without BuckConsultants’ written consent.

Executive SummaryOverviewThe South Dakota Retirement System (SDRS) provides pension and ancillary benefitpayments to the terminated and retired employees of the participating publicemployers of the State of South Dakota. A Retirement Board comprised of employer,employee, and appointed representatives is responsible for administering SDRS.The South Dakota Investment Council is responsible for making investment decisionsregarding SDRS assets. This report presents the results of the actuarial valuation ofSDRS benefits as of the valuation date of June 30, 2014.PurposeAn actuarial valuation is performed on SDRS annually as of the end of the system’sfiscal year. The main purposes of the actuarial valuation detailed in this report are:1. To determine if the Board’s funding policy for SDRS is being met consideringcurrent assets and the current statutory employer and member contribution rates;2. To disclose the funding assets and liability measures as of the valuation date;3. To disclose the accounting measures for SDRS required by GASB No. 67 as ofthe end of the fiscal year;4. To review the current funded status of SDRS;5. To compare actual and expected experience under SDRS during the last fiscalyear;6. And to report trends in contributions, assets, liabilities, and funded status over thelast several years.The actuarial valuation provides a “snapshot” of the funded position of SDRS basedon the statutory plan provisions, membership, assets, and actuarial assumptions asof the valuation date.This Actuarial Valuation is the twenty-ninth Actuarial Valuation of SDRS sinceconsolidation in 1974. Effective with the Actuarial Valuation as of June 30, 1997,annual, rather than biennial, Actuarial Valuations of SDRS are completed.1

SDRS Benefit ChangesThere were changes to the disability and survivor benefits during the 2014 SouthDakota Legislative session. In addition, the South Dakota Cement Plant retirementplan was merged into the South Dakota Retirement System as of April 1, 2014.SDRS Actuarial AssumptionsThe healthy employee, retiree and disabled retiree mortality tables were changed forthe 2014 Actuarial Valuation to more accurately reflect expected future mortalityimprovement.SDRS Actuarial Methods and FundingObjectivesThe Board of Trustees’ Funding Policy objectives include an Actuarial Value FundedRatio of 100% and a Fair (Market) Value Funded Ratio of at least 100%. As of June30, 2014, a transfer of 599 million was made from the Cushion to the Actuarial Valueof Assets to fund the net impact of the change in mortality assumptions and thechange to the disability and survivor benefits. With this transfer to the Actuarial Valueof Assets from the Cushion (and adjustment to the Reserve), SDRS continues tomeet these objectives. As a result, statutorily required Employer and MemberContributions meet all actuarially required contributions and will contribute to theCushion and Reserve in future years.Key SDRS Actuarial MeasuresThe key actuarial measures determined by the current and prior Actuarial Valuationsare as follows:June 30, 2013Actuarial ValuationFunding PeriodJune 30, 2014Actuarial ValuationN/AN/AFrozen Unfunded Actuarial Accrued Liability 0 0Fair Value of Assets 9,085,706,708 10,607,554,492Actuarial Value of Assets 8,803,761,326 9,887,095,388Actuarial Accrued Liability 8,803,761,326 9,887,095,388Actuarial Value Funded Ratio100.0%100.0%Fair Value Funded Ratio103.2%107.3%Reserve for Funding of Long-Term Benefit Goals (1,106,063,511) Cumulative Gains to be Allocated to the Reservein Future Years 1,303,115,302 (950,717,727)1,586,283,2402

Analysis of Experience for Fiscal Year EndedJune 30, 2014SDRS asset and liability gains and losses are generally allocated to the Reserve forFunding of Long-Term Benefit Goals. As a result, the key actuarial measures (with theexception of the Fair Value of Assets and the Reserve for Funding of Long-TermBenefit Goals) reflect the expected experience and remain stable from year to year inthe absence of extraordinary losses such as those experienced in 2009. Experiencevariations are reflected in the Reserve for Funding of Long-Term Benefit Goals, whichreflects Actuarial Investment Losses immediately but reflects Actuarial InvestmentGains over five years. As a result, the Reserve for Funding of Long-Term Benefit Goalswill vary significantly from year to year and may have a substantial negative balanceeven when the cumulative experience is positive and a Cushion exists. This is largelydue to the Investment Gains not yet recognized. This condition currently exists.For the fiscal year ended June 30, 2014, Actuarial Investment Gains of 1,067 million,of which 213 million is recognized this year, Net Liability losses of 67 million due toSystem liability experience of which 13 million is recognized this year, and recognitionof 517 million of prior gains combined to increase the Reserve for Funding of LongTerm Benefit Goals by 717 million. The change to the Actuarial Value of Assets andCushion of 599 million to fund the mortality assumption and benefit changes furtherreduced the Reserve, the Risk Management Contribution of 38 million increased theReserve, resulting in a balance of ( 951 million) in the Reserve for Funding Long-TermBenefit Goals. As of June 30, 2014, SDRS has accumulated net gains of 1,586million that will be allocated to the Reserve over the next four years.As a result, the Frozen Unfunded Actuarial Accrued Liability is 0 and the ActuarialValue Funded Ratio is 100% in accordance with the Board of Trustees’ FundingObjectives.3

Section 1 Actuarial Funding Results1.1 2014 Actuarial Funding ResultsSummary of Key Actuarial entandLiabilityExperience1for YearMembershipChangesand Maturity2of SystemChanges inBenefitProvisions,ActuarialMethods orActuarialAssumptionsEffective3July 1, 201410.204%--(0.108)%0.715%10.811%N/A------N/A 0 million------ 0 millionActuarial ValueFunded Ratio100.0%------100.0%Fair Value FundedRatio103.2%11.0%--(6.9)%107.3%Normal Cost Rate withExpense ProvisionFunding PeriodFrozen UnfundedActuarial AccruedLiability2014ActuarialValuationResults1SDRS Actuarial Investment Gains and Liability Gains and Losses impact the Cushion and the Fair (Market)Value Funded Ratio and are smoothed and allocated directly to the Reserve for Funding of Long-Term BenefitGoals over five years. All SDRS Actuarial Investment Losses are allocated immediately to the Reserve. TheActuarial Value of Assets is increased by the SDRS Liability Loss or decreased by the SDRS Liability Gaineach year.2Changes to the membership from year to year will cause minor changes in the Normal Cost Rate.3Disability and certain survivor benefit provisions were changed by 2014 legislations. In addition, the Boardadopted revisions to the mortality assumption effective for the June 30, 2014 valuation. The net increase inthe Actuarial Accrued Liability due to the benefit provision and actuarial assumption changes was funded by a 599 million transfer from the Cushion to the Actuarial Value of Assets.4

1.2 Comparison of Results of ActuarialValuations for 2013 and 20142013Actuarial Valuation2014Actuarial Valuation%ChangeWithout Expense Provision9.954%10.561%6.1With Expense Provision10.204%10.811%5.9Results of Actuarial ValuationNormal Cost Rate at Mid-Period:Frozen Unfunded ActuarialAccrued Liability 0 0Fair Value of Assets 9,085,706,708 10,607,554,49216.7Actuarial Value of Assets 8,803,761,326 9,887,095,38812.3Actuarial Accrued Liability 8,803,761,326 9,887,095,38812.3Funded Ratio:Actuarial Value Funded Ratio100.0%100.0%0.0Fair Value Funded Ratio103.2%107.3%4.0N/AN/A0Projected Years to Fund FrozenUnfunded Actuarial Accrued Liability5

1.3 SDRS Actuarial Funding Requirements andFunded StatusFunding RequirementsExhibits 1-4 illustrate the funding requirements of SDRS as of June 30, 2014 and theadequacy of the statutorily required combined Employer and Member ContributionRate to SDRS to fund the past and future obligations of the System. The summary ofSDRS Fair Value of Assets, the Development of the Reserve for Funding of LongTerm Benefit Goals, and the Development of the SDRS Actuarial Value of Assets asof June 30, 2014, are illustrated in Section 2 of this report.The results of the 2014 Actuarial Valuation of SDRS indicate that: The System expects to pay future total benefits to all current SDRS activeand retired Members with a present value of 11.277 billion (Section 1.5). The Frozen Unfunded Actuarial Accrued Liability equals 0 (Section 1.6). SDRS has accumulated assets to date on an Actuarial Value basis of 9.887billion (Section 2.3). A portion of future Employer and Member Contributions for current activeMembers will be required to pay future Normal Costs with a present value of 1.390 billion (Section 1.7). The balance of future Employer and MemberContributions, less System expenses (also known as the Risk ManagementContribution), increases the Cushion and Reserve for Funding of Long-TermBenefit Goals.As summarized in Section 1.8, SDRS is funded by statutorily required Employer andMember Contributions that total 12.482% of considered compensation. After payingthe Normal Costs and Expenses of the System of 10.811% of consideredcompensation, a contribution of 1.671% of considered compensation is available tofund the Frozen Unfunded Actuarial Accrued Liability, or, when the Frozen UnfundedActuarial Accrued Liability is 0, to increase the Cushion and Reserve for Funding ofLong-Term Benefit Goals. The 2014 Actuarial Valuation of SDRS confirms that thisrate of contribution will pay the Normal Costs and Expenses of the System andprovide 1.671% of considered compensation (also known as the Risk ManagementContribution), to increase the Cushion and Reserve for Funding of Long-Term BenefitGoals.SDRS is a well-funded retirement system with no Unfunded Actuarial AccruedLiabilities currently. The volatility resulting from asset and liability gains and losseshas been minimized by the methods adopted for development of the Actuarial Valueof Assets.6

Actuarial Value Funded RatioThe SDRS Funded Ratio is determined as the ratio of the Actuarial Value of Assets tothe Actuarial Accrued Liability of the System.The SDRS Funded Ratio as of June 30, 2014 is equal to 100.0% as determined below.Actuarial Value of Assets(Section 2.3) 9,887,095,388 9,887,095,388Actuarial Accrued Liability(Actuarial Value of Assets Plus Frozen Unfunded ActuarialAccrued Liability (Section 1.5))Actuarial Value Funded Ratio( 9,887,095,388 9,887,095,388)100.0%The Actuarial Value Funded Ratio remained at 100.0% as of the 2014 ActuarialValuation. A history of the SDRS Funded Ratios is shown in Section 1.11.7

1.4 Actuarial SoundnessThe conclusions reached in the determination of the funding requirements of SDRSbased on the Actuarial Valuation of the System are the most important indicators of thelong-term actuarial soundness of SDRS. The soundness is measured by therelationship of the Normal Cost to the total contributions available, the length of theFunding Period if an Unfunded Liability exists (a shorter period being more favorable),the excess of the Fair Value of Assets over the Actuarial Value of Assets (the Cushion),the current balance in the Reserve for Funding of Long-Term Benefit Goals and the netamounts remaining to be allocated in the future. SDRS is actuarially sound when theFunding Policy adopted by the SDRS Board designed to meet all future benefitobligations is met and the current and future contributions are made in accordance withthe statutory requirements.The management of the current SDRS benefit structure and the present and pastfinancing together with System experience have allowed for the elimination of theFrozen Unfunded Actuarial Accrued Liability. The result is a well-funded System withno Unfunded Actuarial Accrued Liabilities that is funding benefits within the resourcesavailable and annually accumulating funds to increase the Cushion and Reserve.Investment performance was favorable for the year ended June 30, 2014 and createda gain, resulting in a Cushion of positive 720 million, and a balance of negative 951million in the Reserve for Funding of Long-Term Benefit Goals as of June 30, 2014.As of June 30, 2014, SDRS has accumulated net gains of 1.586 billion that will beallocated to the Reserve over the next four years.Since 1995, the SDRS cumulative experience has resulted in: Actuarial Investment Gains/(Losses) of 2.757 billion of which 1.143 billionhave been allocated to the Reserve and 1.614 billion will be allocated overthe next four years. Liability Gains/(Losses), changes in actuarial assumptions, and changes inSystem provisions that affect anticipated costs of (110) million of which (83) million have been allocated to the Reserve and (27) million will beallocated over the next four years. A total allocation to the Reserve to date of 1,060 million due to gains andlosses. 1,155 million of benefit improvements funded from the Reserve in prioryears. Corrective Actions of 416 million credited to the Reserve. An adjustment to the Cushion and Actuarial Value of Assets of 77 million toreach 29-year funding as of June 30, 2012. An adjustment to the Cushion and Actuarial Value of Assets of 634 million toeliminate the Unfunded Actuarial Accrued Liability as of June 30, 2013. An adjustment to the Cushion and Actuarial Value of Assets of 599 million tofund the mortality assumption and benefit changes of June 30, 2014.8

Risk Management Contribution of 38 million credited to Reserve andCushion. A balance in the Reserve as of June 30, 2014 of (951) million. 1,586 million remaining to be allocated to the Reserve in the next four years.Note that future events such as adverse investment returns, continuing increase inlife expectancies greater than assumed or other demographic losses may adverselyimpact the funded status of SDRS.SDRS is a consolidated, multiple employer, cost-sharing retirement system that doesnot attempt to determine separate or unique funding requirements for entities withinSDRS. However, the 2014 Actuarial Valuation confirms that the two major Membergroups within SDRS with different funding and benefit provisions (Class A and ClassB) are generally self-supporting (i.e. – the Employer and Member Contributions arefunding the Normal Cost of the benefits provided under these classifications).The combination of actuarial assumptions and methods used in the ActuarialValuation, the actual experience of the System, and the actuarial measures utilized allindicate a continuing sound System.9

Actuarial SoundnessAllocations to Reserve for Funding of Long-Term Benefit Goals ( in millions)Year EndedJune 30 of:1995 – 01399214(461)992140181SubtotalsYear EndedJune 30 of:1995 – 200920102011201220132014Recognizedas of June 30, 2013(320)394643(461)181--Recognizedfor FYE2014Recognizedin 133111031110(1)Recognizedas ofJune 30, 2013(156)123320(1)--Recognizedfor FYE2014Recognizedin lsGrand Total345715Total Allocations to Reserve (1995 - 2013)Less Benefit Improvements Funded by the ReservePlus Adjustment for Corrective ActionLess Prior Adjustment to Cushion/AVALess Adjustment to Eliminate Unfunded Liability - 2013Less Adjustment to Cushion/AVA – 2014Plus Risk Management ContributionReserve BalanceNet Gains to be Allocated to Reserve in Future 87 1,0601,1554167763459938(951)1,586(1)Sum adjusted by 1 million due to rounding10

1.5 Development of SDRS Present Value of AllBenefits as of June 30, 2014Present Value of All BenefitsActive Members Retirees, Beneficiaries and Terminated MembersTotal5,374,432,4425,902,266,864 11,276,699,30611

1.6 Development of Frozen Unfunded ActuarialAccrued Liability as of June 30, 2014Frozen Unfunded Actuarial Accrued Liability as of June 30, 2013 0Actuarially Determined Contribution for the year endingJune 30, 2014172,001,459Expected Contributions for year ending June 30, 2014(172,001,459)Interest to June 30, 2014Initial Frozen Unfunded Actuarial Accrued Liability as of June 30, 20140 Addition due to Change in Mortality Assumption604,281,184Reduction due to Change in Disability and Death Benefits(5,082,771)Transfer from the Cushion to the Actuarial Value of Assets toFund Mortality Assumption and Benefit ChangesFrozen Unfunded Actuarial Accrued Liability as of June 30, 20140(599,198,413) 012

1.7 Development of Normal Cost ContributionRate as of June 30, 2014Present Value of All Benefits 11,276,699,306Present Value of Future Normal Cost Contributions (1,389,603,918)Actuarial Accrued Liability 9,887,095,388Actuarial Value of Assets (Section 2.3)(9,887,095,388)Frozen Unfunded Actuarial Accrued Liability 0Present Value of 1% of Future Member Compensation 136,262,944Normal Cost Contribution Rate at Start of Period( 1,389,603,918 136,262,944)10.198%Normal Cost Contribution Rate Adjustedfor Mid-Period Payment10.561%13

1.8 Development of Actuarial FundingRequirements as a Percentage of MemberCompensation as of June 30, 20141Matching Statutorily Required Employer/Member Contribution Rate12.482%Normal Contribution Rate at Mid-Period10.561%Expense Allowance0.250%Actuarially Determined Contribution Rate10.811%Contribution Rate in excess of Normal Cost and Expenses(12.482% - 10.811%)1.671%21Class A Employers and Members each statutorily contribute 6% of Compensation. Class B Employersand Members each statutorily contribute 8% or 9% of Compensation. Participating Members alsocontribute for the Optional Spouse Coverage and Class A Employers contribute 6.2% of Members’Compensation in excess of the Social Security maximum taxable Compensation. The total statutorycontributions to SDRS as of July 1, 2014 are 12.482% of considered compensation.2The Frozen Unfunded Actuarial Accrued Liability is 0 as of July 1, 2014.14

1.9 Gains and Losses for Year EndedJune 30, 2014Liability Experience for YearThe SDRS liabilities as of June 30, 2014 were 67 million higher than expected, or(0.60)% of the Present Value of All Benefits. The sources of the 67 million totalexperience liability loss were as follows:Amount of LiabilityGain/(Loss)Item% of Present Valueof All BenefitsGain/(Loss) due toCompensation Increases (8) million(0.07)%Gain/(Loss) due to Decrements(41) million(0.36)%Gain/(Loss) due to Rehired andNew Members(13) million(0.12)%Gain/(Loss) due to COLA forContinuing Inactives(20) million(0.18)%15 million0.13% (67) million(0.60)%Miscellaneous Gain/(Loss)Total Experience Gain/(Loss)The remaining SDRS liability experience for the year ended June 30, 2014 includedthe following: The number of active Members increased by 0.9%, Compensation for allMembers increased by 4.4%, and average Compensation increased by 3.5%. The average age of the active Members decreased from 45.6 to 45.3 years andthe average Credited Service decreased from 11.4 to 11.3 years. The number

Retirement Wealth Practice Buck Consultants, LLC 1200 17th Street Suite 1200 Denver, CO 80202 [email protected] tel 720.359.7773 fax 720.359.7701 November 5, 2014 Board of Trustees South Dakota Retirement