PIERRE, S.D.(WNAX)- People who depend on the South Dakota State Retirement System will get a decent raise next year. The system trustees approved a three-point five percent increase in benefits starting next July first.
State investments rose over two billion dollars last year and now stand at 14.6 billion dollars.
Chief State Investment Officer Matt Clark told the trustees he is concerned about the future.
Clark says that means the market will make a big downward adjustment at some point.
Clark says they have made changes in the state investments to limit risk.
Clark told the trustees that it appears higher than average inflation will stick around for two to five years.