State of South Dakota

South Dakota Legislature

South Dakota Codified Laws

 
3-12 SOUTH DAKOTA RETIREMENT SYSTEM
CHAPTER 3-12

SOUTH DAKOTA RETIREMENT SYSTEM

3-12-1      Repealed.
3-12-2 to 3-12-45. Repealed.
3-12-46      Previous retirement systems consolidated--Purpose.
3-12-47      Definition of terms.
3-12-47.1      Effect of credited service provision.
3-12-47.2      Refund for purchase cost of noncontributing service.
3-12-47.3      Date of application of prorated payment of interest.
3-12-47.4      Date of application of prorated payment of improvement factor.
3-12-48      Board of Trustees created--Composition.
3-12-49      Election of trustees--Terms of office.
3-12-50      Oath of office of trustees.
3-12-51      Compensation and expenses of trustees.
3-12-52      Meetings of board--Chair and vice chair--Votes required for decision.
3-12-53      Resignation of trustee due to loss of qualifying status--Filling of vacancy.
3-12-54      System managed by board--Standard of conduct--Legal advice.
3-12-55      Appointment and term of administrator--Salary--Employment of personnel--Bond of administrator.
3-12-56      Applications to administrator for membership or benefits.
3-12-57      Repealed.
3-12-57.1      Grievance procedure--Administrative and judicial review.
3-12-58      Rules for administration.
3-12-58.1      Confidentiality of records--Exceptions.
3-12-59      Record of board proceedings--Biennial report.
3-12-60      Business name of system--Treasurer.
3-12-61      Expense fund continued--Transfer from retirement system fund--Report of budget--Appropriation and disbursement for expenses.
3-12-62      Employees included as members of system.
3-12-62.1      Department of Labor and Regulation employees--Membership in system--Benefits and credited service.
3-12-62.2      Rapid City firemen--Membership in system--Benefits and credited service.
3-12-62.3      Rapid City firemen--Retirement benefits--Normal retirement age.
3-12-62.4      Rapid City firemen--Payments from public employees retirement fund.
3-12-62.5      Rapid City firemen--Payments by Rapid City.
3-12-62.6      Rapid City firemen--Crediting of transfers from Rapid City pension fund.
3-12-62.7      Repealed.
3-12-62.8      Conservation officers--Calculation of benefits.
3-12-62.9      Benefits of conservation officers employed by Department of Game, Fish and Parks, Division of Custer State Park, and park rangers--Credited service.
3-12-62.10      Watertown firemen pension fund members--Credited service.
3-12-62.11      Watertown firemen--Benefits paid from the system--Minimum benefit.
3-12-62.12      Watertown firemen--Payments by Watertown.
3-12-62.13      Watertown firemen--Crediting transfers from city of Watertown firemen pension fund.
3-12-63      Officers and employees excluded from membership in the system.
3-12-64      Elective officers permitted to join system--Service credited.
3-12-65      Continuation of previously established retirement plan of political subdivision or public corporation--Vote of employees required to participate in consolidated system.


3-12-66      Newly established retirement plans of political subdivisions and public corporations to participate in consolidated system.
3-12-67      Election by political subdivision or public corporation to participate in consolidated system.
3-12-68      Coverage of joint employees of participating and nonparticipating political subdivisions.
3-12-69      Accrued benefit deposit required when political subdivision or public corporation joins consolidated system--Participation by employees--Deferred payment of deposit.
3-12-69.1      Board of Regents employees--Definition of balances.
3-12-69.2      Existing regents' contracts preserved--Expansion of retirement plan--Transition.
3-12-69.3      Contract for purchase of service for Board of Regents.
3-12-69.4      Contributory service credited to Board of Regents employees--Eligibility of nonparticipating employees--Qualification for prior credited service.
3-12-69.5      Normal retirement allowance reduced by actuarial equivalent--Deposit of individual balance--Member contributions.
3-12-70      Effective date of participation of employees of participating unit.
3-12-71      Rate of contributions--Deduction from pay--Employer to make members' contributions.
3-12-72      Monthly transmission of contributions--Deposit in fund.
3-12-72.1      Use of fund restricted.
3-12-72.2      Rights of members on termination of system or discontinuance of contributions.
3-12-72.3      Diversion of funds prohibited--Legislative policy.
3-12-72.4      Privatization of governmental function.
3-12-73      Service records and employee information furnished by employers.
3-12-74      Deduction of delinquent contributions from payments due from state--Penalty and interest.
3-12-75      Retirement allowance to terminated member with vested right--Calculation.
3-12-76      Withdrawal of accumulated contributions on termination of public service--Exception.
3-12-76.1      Withdrawal of accumulated contributions by member who does not terminate public service.
3-12-76.2      Application of forfeitures.
3-12-76.3      Distribution by direct rollover.
3-12-77      Contributions left in system on termination of employment without vested right--Maximum period--Forfeiture.
3-12-77.1      Uncollected payments from system--Reversion.
3-12-77.2      Forfeiture of contributions to predecessor system.
3-12-77.3      Reinstatement of terminated rights.
3-12-77.4      Early withdrawal precludes additional refund.
3-12-78      Prior service credit on return of nonvested member to employment.
3-12-79      Repealed.
3-12-80      Redeposit of contributions by member returning to service--Time of redeposit.
3-12-81      Repealed.
3-12-81.1      Reemployment of retired member--Termination of relationship with initial participating unit--Hiring procedures.
3-12-82      Retirement allowances for members who reentered covered employment between July 1, 2004 and April 1, 2010.
3-12-83      Purchase of prior service credit--Calculation of amount due.
3-12-83.1      Purchase of prior service credit on tax-deferred basis.
3-12-83.2      Purchase of prior service credit by member of tax-qualifying purchase unit.
3-12-84      Purchase of prior service credit for public service not covered by retirement plan.
3-12-84.1      Acquisition of credited service through transfer of funds--Requirements.
3-12-84.2      Purchase of nonqualified permissive service credit allowed.
3-12-84.3      Acquisition of credited service for members mobilized into certain federal military service.
3-12-85      Service credit for leave of absence--Contributions to cover period of absence.
3-12-86      Credited service for leave of absence due to qualified military service--Return to employment after discharge.
3-12-86.1      Death or disability of member on leave of absence due to qualified military service--Return to service date and benefits.
3-12-87      Valuation of purchased prior service credit--Installment payments--Death of member--Adjustment when installments not paid.
3-12-88      Benefits increased by improvement factor--Increase elimination.
3-12-89      Uniform application of service credit rules.
3-12-89.1      Rules regulating maximum annual benefit required.
3-12-90      Commencement of benefits on early or normal retirement--Termination of benefits--Maximum retroactive benefits on late application.
3-12-90.1 to 3-12-90.5. Repealed.
3-12-90.6 to 3-12-90.8. Repealed.
3-12-90.9      Repealed.
3-12-90.10      Repealed.
3-12-91      Amount of normal retirement allowance for class A members.
3-12-91.1      Additional contribution by participating unit.
3-12-92      Amount of normal retirement allowance for certain class B members.
3-12-92.1      Penitentiary correctional staff benefits.
3-12-92.2      Calculation of benefits for sheriffs and deputies--Prior elective rights preserved.
3-12-92.3      Calculation of benefits of parole agent.
3-12-92.4      Amount of retirement allowance for justice, judge, or magistrate judge.
3-12-92.5      Repealed.
3-12-92.6      Adjustments in allowance for certain retirees based on time and circumstances of retirement.
3-12-93      Amount of benefits for justice or judge mandatorily retired.
3-12-94      Spouse's allowance on death of member after retirement age.
3-12-94.1      Allowance to surviving spouse of law enforcement officer retired for disability.
3-12-95      Family benefits payable on death of contributing member before retirement.
3-12-95.1      Benefits payment on minor's behalf to be made to custodian or conservator.
3-12-95.2      Benefits payable directly to child at age eighteen--Elimination upon ineligibility.
3-12-95.3      Elimination of family benefit as children become ineligible.
3-12-96      Deductions of member's primary social security from benefits.
3-12-97      Family benefits in lieu of other death benefits--Election by designated beneficiary to withdraw accumulated contributions.
3-12-98      Eligibility for disability allowance--Filing deadline.
3-12-99      Amount of monthly disability allowance.
3-12-99.1      Elimination or addition of disability allowances pertaining to children.
3-12-100      Criteria for determining disability--Uniform application.
3-12-101      Deduction of other public benefits from disability allowance--Reduction when children become ineligible--Amount of allowance.
3-12-102      Repealed.
3-12-103      Conversion of disability allowance to normal retirement allowance at retirement age.
3-12-103.1      Termination of disability allowance.
3-12-104      Election of additional survivor protection--Commencement and termination of additional contribution.
3-12-104.1      Extension of survivor protection option to current contributing members--Limitation on future extensions.
3-12-104.2      New enrollments in additional survivor protection prohibited.
3-12-105      Amount of additional survivor protection benefits--Termination.
3-12-106      Early retirement--Reduction of monthly payments.
3-12-107      Adjustment of early retirement benefits so greater initial benefits equal later lesser benefits when combined with social security.
3-12-108      Modified monthly allowance permitted--Time and effect of election.
3-12-109      Duplicate benefits prohibited unless from another member's contributions.
3-12-110      Balance of accumulated contributions refunded to beneficiary or family--Reversion to system of unclaimed payments.
3-12-111      Suspension of retirement allowance during reemployment prior to July 1, 2004--Recalculation of additional allowance.
3-12-111.1      Suspension of retirement allowance during reemployment for members who reentered employment between July 1, 2004 and April 1, 2010--Allowance upon subsequent retirement.
3-12-112      Benefits payable only as monthly allowance--Lump-sum payments prohibited unless specified.
3-12-113      Time of termination of benefits.
3-12-114      Correction of errors--Adjustment to actuarial equivalent.
3-12-115      Exemption of contributions and benefits from taxation and process.
3-12-116      Lump-sum payments where designated beneficiary does not survive member--Reversion to system of unclaimed payments.
3-12-117      Investment of assets by investment council--Pooling of funds--Standards for investment--Compliance with federal divestiture enactments.
3-12-118      Quadrennial independent report on investment performance--Contents of report.
3-12-118.1      Alternative benefit enhancement methodology.
3-12-119      Review of investment policy when return lower than average--Report to Governor and Legislature.
3-12-120      Annual actuarial valuation of system--Scope of valuation.
3-12-120.1      Independent actuarial review of retirement system mandated--Issues.
3-12-120.2      Committee to request proposals--Designation of actuary--Date of report.
3-12-120.3      Payment for review.
3-12-121      Actuarial assumptions on which valuation based--Report of change.
3-12-122      System funding review--Report required upon existence of specified conditions--Recommended changes.
3-12-123      Intent to protect previously retired members of systems.
3-12-124      Increase in benefits for previously retired members of systems.
3-12-125      Adjustment of increase for retired members electing optional payment or early retirement.
3-12-126      Previously retired members paid from consolidated fund.
3-12-127      Members of consolidated systems entitled to benefits of prior law--Retention by administrator of Compiled Laws and supplements.
3-12-128      Citation of chapter.
3-12-129      Calculating benefits of air rescue firefighter.
3-12-130      Conversion of credited service.
3-12-130.1      Purchase of certain public service as class B service.
3-12-131      Eligibility for benefits upon becoming full-time employee within twelve months after withdrawal.
3-12-132      Retirement benefits for certain city of Aberdeen employees.
3-12-133      Aberdeen firefighters to participate in system.
3-12-134      Eligible benefits for Aberdeen firefighters.
3-12-135      Amount to be paid by municipality of Aberdeen.
3-12-136      Funds from Aberdeen municipality considered member contributions.
3-12-138      Repealed.
3-12-139      No additional benefits where allowance terminated prior to July 1, 1994.
3-12-140      Regaining credited service lost due to mandatory refunds.
3-12-141      Employer certification of inability to provide effective accommodations or comparable employment.
3-12-142      Disability documentation inadmissible for proceedings relative to workers' compensation.
3-12-143      Maximum amount of disability allowance--Reporting earned income.
3-12-144 to 3-12-152. Repealed.
3-12-153      Mitchell firefighters as members of system.
3-12-154      Benefits for Mitchell firefighters--Improvement factor.
3-12-155      Retirement of Mitchell firefighters.
3-12-156      Amount of payment to system by city of Mitchell.
3-12-157      Transfer of city of Mitchell firemen's pension plan funds as member contributions.
3-12-158      Information required of city of Mitchell.
3-12-159      Huron firefighters as members of system.
3-12-160      Benefits for Huron firefighters--Improvement factor.
3-12-161      Retirement of Huron firefighters.
3-12-162      Amount of payment to system by City of Huron.
3-12-163      Transfer of city of Huron firemen's pension plan funds as member contributions.
3-12-164      Information required of city of Huron.
3-12-165 to 3-12-188. Transferred.
3-12-189      Supplemental pension benefit created.
3-12-190      Interest rate assumption--Suspension of new supplemental pension contracts--No right to particular price.
3-12-191      Rollover of funds--Single premium--Contract effective upon signing--Payment of benefits.
3-12-192      Type of supplemental pension benefits based on marital status.
3-12-193      Annual increase in supplemental pension benefits.
3-12-194      Death of participant or spouse--Lump sum distribution to beneficiaries--Time for making claim.
3-12-195      Contract purchases and benefit payments deemed qualified plan distributed annuity contracts.
3-12-196      Minimum distribution rules and annual benefit limitations.
3-12-197      Applicability of certain retirement system provisions.
3-12-198      Exemption from Title 58 and from securities and agent registration.
3-12-199      Invalid retirement--Repayment of retirement annuity payments.
3-12-200      Retired member who reenters covered employment on or after April 1, 2010--Benefits and membership.


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