At its November 3, 2023 meeting, SDCERS’ Board of Administration approved payment of the Annual Supplemental Benefit for eligible retirees and continuance beneficiaries. The Annual Supplemental Benefit is paid in years when the fund’s investment earnings are sufficient to qualify, according to a set formula defined in the plan documents.
In addition, the Corbett Settlement Increase (“Corbett benefit”) is paid to eligible retirees and continuance beneficiaries in years that the Annual Supplemental Benefit is paid. If you are eligible for one or both of these benefits, payment will be included in your November 2023 monthly pension payment.
The eligibility requirements for the Annual Supplemental Benefit and Corbett benefit are described in our FAQs under “Annual Supplemental Benefit, Corbett, COLA, COL Annuity.” Here, you will also find a description of how these benefits are calculated.
In addition to the requirements outlined in the FAQ’s, in order to be eligible for the 2023 Annual Supplemental Benefit, a retiree or continuance beneficiary must have been (1) alive, and (2) eligible to receive a monthly pension benefit payment on October 1, 2023. If an eligible retiree died on or after October 1, 2023, the retiree’s continuance beneficiary is not eligible for their own Annual Supplemental Benefit this year. In this case, the retiree’s Annual Supplemental Benefit payment will be included in the $2,000 Retiree Death Benefit and Other Payable Monies, which is paid to the beneficiary(ies) designated to receive that death benefit.