Stewardship of State Pensions

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By Gov. Dennis Daugaard

South Dakotans are not afraid to do things differently when different means a better way. “Different” defines how we have been running our state’s retirement system.

Many other state retirement systems are struggling with large unfunded liabilities. New Jersey’s credit rating was downgraded by S&P recently due to its “large and growing unfunded pension liability.” Similarly, Illinois was downgraded by Fitch from BBB+ to BBB, partly because of ballooning pension problems.

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