All federal income taxes are deferred on contributions and investment earnings until after you begin withdrawing benefits from the plan. Depending on your income tax bracket, you could save 15 to 30 cents on every dollar contributed and earned. Of course, these taxes are only deferred, not eliminated. All withdrawals from the SRP are subject to tax, but at retirement you are likely to be in a much lower tax bracket, and you will have had the advantage of using the tax dollars to compound your investment earnings. To meet varying levels of risk tolerance, the SRP offers a wide spectrum of investment alternatives, ranging from highly conservative to aggressive.
Fees rank among the lowest in the industry and are fully disclosed up front.
Louise Loban of Brookings was re-elected to her third term as classified employees representative, a post she has held since 1990. Carol Burch, a teacher in the Belle Fourche school system, began her second term as a teacher representative. She has served on the board since 1994. DCI agent Robert Overturf of Rapid City will continue as the public safety employee representative. He was elected to his first term in 1994.