The Supplemental Retirement Plan (SRP) is a tax deferred savings plan offered by the South Dakota Retirement System (SDRS). Participation in the Plan Allows you to save for your retirement while postponing the payment of income tax on your investments, until you withdraw your funds at separation from service or at retirement when you may be in a lower tax bracket.
Beginning August 22, 2009, all new full-time employees of BHSU will be automatically enrolled in the SDRS-SRP for a minimum of $25/month. Employees may elect to increase the contribution at any time while participating in the SDRS-SRP. If within 90 days after your first pay date, you provide written notice that you elect not to participate in the SDRS-SRP, the deferred compensation and associated gains or losses, less federal income tax withholding, will be refunded to you within 30 days of receipt of the final contributions by the plan. However, if you elect to stop deferrals after the initial 90-day employment period, deferrals will cease but no refund will be available until you terminate employment.
Further information concerning the SDRS Supplemental Retirement Plan may be obtained from the Human Resource Office.