At its October 1 meeting, SDCERS' Board of Administration authorized payment of the "13th Check" supplemental benefit and the Corbett settlement benefit to eligible retirees. These retirees will receive the payment as part of their November 2010 monthly retirement benefit.
The "13th Check" and Corbett settlement benefits are paid in years when the investment earnings of the fund are sufficient to pay them.
For the November 2010 payment, eligible retirees will receive a "13th Check" for fiscal year 2010 and Corbett payments for fiscal years 2009 and 2010. In years when the "13th check" is not paid, it does not carry forward. The Corbett benefit, however, is carried forward and paid in the next year when the "13th Check" is paid. Because these supplemental benefits were not paid in 2009, the 2009 Corbett benefit was carried over and will be paid in 2010.
For more information on the 13th check and Corbett benefit, click here to go to the Retired Member section, select your plan sponsor, and click on the "Supplemental Benefits" page.