Barnett to Get Reduced SDRS Checks, 20% More Pay Than Jackley

We’ve noted that Mark Barnett is coming out of retirement to help his good campaign pal Marty Jackley generally attorney for South Dakota again. But in an extensive report on the Jackley transition, Bob Mercer notes that, as new Chief Deputy Attorney General, Barnett will continue to get checks from the South Dakota Retirement System. SDRS boss Travis Almond explains:

“Per SDCL 3-12C-1405, a retired member may become re-employed with a participating employer of the system following a three consecutive calendar month break in service. Upon re-employment, the member’s benefit is reduced by 15 percent and the cost-of-living-adjustment (COLA) is eliminated during the re-employment period,” Almond said in an email.

He continued, “Additionally, the member’s contribution to the system goes to the Supplemental Retirement Plan (SRP) and the employer’s contribution remains with the SDRS trust fund. The member does not earn any additional benefits from the system associated with the period of reemployment.”

Almond added, “These provisions were designed to treat the re-employed retired member equitably. While not punitive, they prevent a windfall to the re-employed member compared to an active member with the same age, service, and compensation” [Bob Mercer, “Barnett Can, But Won’t, Keep SDRS ‘Retirees’ Slot,” KELO-TV, 2022.12.27].

The salary for the Chief Deputy Barnett will replace, Charles McGuigan, is $155,333.43, $26,596.94 more than the statutorily set $128,736.49 his boss Jackley will begin receiving come January.