[Congressional Record (Bound Edition), Volume 150 (2004), Part 19]
[Senate]
[Page 25559]
[From the U.S. Government Publishing Office, www.gpo.gov]




              HONORING THE PUBLIC SERVICE OF STEPHEN MYERS

 Mr. JOHNSON. Mr. President, I rise today to publicly thank 
Stephen R. Myers for his 32 years as chief investment officer of the 
South Dakota Investment Council. Mr. Myers has served with distinction 
as the state investment officer for the State of South Dakota since 
September 11, 1972. He will retire in January to spend more time with 
his wife, Mary Lynn.
  The South Dakota Legislature created the investment council in 1971 
to manage seven funds, including assets from the State's retirement 
system and the proceeds from tobacco lawsuit damages. Mr. Myers 
invested $65 million during the first year of the council's existence 
and had immediate success. In more than three decades the fund has 
returned an average of 11.2 percent annually, while the capital markets 
benchmark is only a 10.5-percent annual return. The assets have grown 
to over $7.2 billion, with returns putting the funds in the top 1 
percent of the Nation's pension funds. The returns from the SDIC's 
investments allow over 65,000 South Dakotans to retire with financial 
dignity.
  Mr. Myers is a man of passion and integrity who takes his 
responsibility to retiring South Dakotans very seriously. As he himself 
has stated, ``When you're managing other people's money, it simply 
won't do to have 99 percent integrity.'' Mr. Myers is also humble and 
quick to give credit to his co-workers and members of the South Dakota 
State Government for their roles in the SDIC's success.
  In addition to his role as chief investment officer of the South 
Dakota Investment Council, Stephen is a co-founder and past president 
of the South Dakota Investment Society and co-founder and executive 
committee member of the National Association of State Investment 
Officers. He also received the National Association of State Investment 
Officers' Stoddard Award for his significant contribution to the 
State's public pensions funds.
  After growing up in Pierre, Mr. Myers attended the University of 
South Dakota, where he met his future bride. His dedication to and love 
of the State of South Dakota is evident and has led to investments that 
have positively impacted every South Dakotan, either directly or 
indirectly. The State will miss his leadership, and it is with honor 
that I share his accomplishments with my colleagues.

                          ____________________