PIERRE, S.D.(WNAX)- The Trustees of the South Dakota Retirement System approved a three-point five percent increase in benefit payments effective July first.

Senator Jim Bolin of Canton, who was at the Trustee meeting last week, says that increase is remarkable.

Bolin says investments showed a big return for part of the year.

Bolin says those returns slowed down a lot late in the year.

Investment Council Chair Matt Clark warned of a major market correction ahead which could have a large impact on state investments.