Effective July 1, 2004, SDRS created an additional retirement plan called the Special Pay Plan (SPP). The SPP provides eligible employees with two types of tax-efficient savings options, as well as additional retirement benefits. Under the Special Pay Plan, eligible members’ lump-sum termination payouts are permanently exempt from Social Security taxes and in addition are free from federal income taxation until they are withdrawn from the plan. A participant has the option to invest the funds and any earnings will grow tax deferred until they are distributed from the plan. Withdrawals may be in the form of a single, lump-sum payment or as additional monthly retirement benefits. Please refer to Special Plan Highlights or contact Nationwide Retirement Solutions.

The SPP is managed by SDRS through a contract with Nationwide Retirement Solutions, Inc. (NRS).  For additional information you may contact NRS:

By Phone:
Toll-free:              1-800-959-4457
Locally:               605-224-2230

Mailing Address:
SDRS Special Pay Plan
222 East Capital Ave Suite 8
Pierre SD 57501