SDRS members are often contacted by outside groups wanting to advise them on their retirement accounts, even their SDRS benefits. While many professionals provide legitimate and valuable financial advisory services, members should know that SDRS is the most reliable source for accurate and timely information about your SDRS benefits. As such, the SDRS office should be your first point of contact with questions about your SDRS benefits. SDRS has knowledgeable staff who are fully trained on the laws and rules governing SDRS to better serve you in your retirement planning. Members may contact the SDRS office directly by calling 605-773-3731 or emailing SDRSweblink@state.sd.us. SDRS information can also be obtained from the official SDRS website at https://sd.gov/sdrs and through the following official SDRS social media platforms:
Reminders:
SDRS generally will never call or email to request confidential or personal information unless you have recently contacted our office or initiated a process or change. In cases such as these, SDRS may respond as necessary. Emails from SDRS staff will always have @state.sd.us in the email address. Many SDRS communications, such as newsletters and event notifications, will come from sdrs.communications@state.sd.us.
SDRS materials will have the SDRS logo, list our website (https://sd.gov/sdrs), or include our phone number (605-773-3731). If you are ever unsure if an email or other communication is from SDRS, please call the SDRS office.
SDRS will never charge a fee to speak with one of our representatives or to attend an SDRS event, such as retirement consultations, group workshops or forums, or employer training sessions.
Other than Nationwide Retirement Solutions (NRS), who administers the SDRS Supplemental Retirement Plan (SRP), SDRS does not work with or endorse any external businesses for financial planning services.
Working with Financial Advisors
While SDRS staff cannot offer personal financial advice, SDRS encourages members to consider the use of trusted financial advisors who are aware of their unique financial situations and goals. Selecting a financial advisor requires research because not all advisors are legally obligated to make recommendations that are in your best interest.
Here are some questions you might consider as you evaluate advisors:
Investment brokers and advisors/planners operating in our state must be properly licensed with the Securities Regulation section of the South Dakota Division of Insurance.
Members can verify the licensure of a broker or advisor/planner through the Financial Industry Regulatory Authority’s Broker Check (https://brokercheck.finra.org), the U.S. Securities and Exchange Commission’s Investment Adviser Search (https://adviserinfo.sec.gov), or by contacting the Securities Regulation section of the Division of Insurance at 605-773-3563 or by emailing insurance@state.sd.us.
Protect Your Personal Information
In this day and age, it is extremely important to safeguard your personal information, especially your Social Security number. SDRS is diligent about protecting the personal information with which it has been entrusted. Your records are kept confidential and can only be released to you, with your authorization, or by court order. The security and protection of SDRS member information is extremely important and a high priority for SDRS.
It is important to note that SDRS requires certain personal information for proper administration of the system, including payment of SDRS benefits and federal income tax reporting of those payments. As such, it is necessary for SDRS to collect this information at your enrollment, at your retirement, and any time you experience a marital status or beneficiary change. Having your record complete with all the necessary personal information ensures prompt payment of SDRS benefits to you, as well as your spouse or beneficiaries if you die.
To assist in protecting personal information, SDRS assigns each member record a unique identifier, also called an SDRS ID, when the member is enrolled in the system (via ID card or enrollment email, whichever is applicable). To limit the use of Social Security numbers in SDRS-related correspondence, please remember to use your SDRS ID number when contacting SDRS.