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Chapter 12 - South Dakota Retirement System

• Section 3-12-1 - Repealed.
• Sections 3-12-2 to 3-12-45 - Repealed
• Section 3-12-46 - Previous retirement systems consolidated--Purpose.
• Section 3-12-47 - Definition of terms.
• Section 3-12-47.1 - Effect of credited service provision.
• Section 3-12-47.2 - Refund for purchase cost of noncontributing service.
• Section 3-12-47.3 - Date of application of prorated payment of interest.
• Section 3-12-47.4 - Date of application of prorated payment of improvement factor.
• Section 3-12-48 - Board of Trustees created--Composition.
• Section 3-12-49 - Election of trustees--Terms of office.
• Section 3-12-50 - Oath of office of trustees.
• Section 3-12-51 - Compensation and expenses of trustees.
• Section 3-12-52 - Meetings of board--Chairman and vice-chairman--Votes required for decision.
• Section 3-12-53 - Disqualification of trustee by loss of qualifying status--Filling of vacancy.
• Section 3-12-54 - System managed by board--Standard of conduct--Legal advice.
• Section 3-12-55 - Appointment and term of administrator--Salary--Employment of personnel--Bond ofadministrator.
• Section 3-12-56 - Applications to administrator for membership or benefits.
• Section 3-12-57 - Repealed.
• Section 3-12-57.1 - Grievance procedure--Administrative and judicial review.
• Section 3-12-58 - Rules for administration.
• Section 3-12-58.1 - Confidentiality of records--Exceptions.
• Section 3-12-59 - Record of board proceedings--Biennial report.
• Section 3-12-60 - Business name of system--Treasurer.
• Section 3-12-61 - Expense fund continued--Transfer from retirement system fund--Report of budget--Appropriation and disbursement for expenses.
• Section 3-12-62 - Employees included as members of system.
• Section 3-12-62.1 - Department of Labor employees--Membership in system--Benefits and creditedservice.
• Section 3-12-62.2 - Rapid City firemen--Membership in system--Benefits and credited service.
• Section 3-12-62.3 - Rapid City firemen--Retirement benefits--Normal retirement age.
• Section 3-12-62.4 - Rapid City firemen--Payments from public employees retirement fund.
• Section 3-12-62.5 - Rapid City firemen--Payments by Rapid City.
• Section 3-12-62.6 - Rapid City firemen--Crediting of transfers from Rapid City pension fund.
• Section 3-12-62.7 - Repealed.
• Section 3-12-62.8 - Conservation officers--Calculation of benefits.
• Section 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.
• Section 3-12-62.10 - Watertown firemen pension fund members--Credited service.
• Section 3-12-62.11 - Watertown firemen--Benefits paid from the system--Minimum benefit.
• Section 3-12-62.12 - Watertown firemen--Payments by Watertown.
• Section 3-12-62.13 - Watertown firemen--Crediting transfers from city of Watertown firemen pensionfund.
• Section 3-12-63 - Officers and employees excluded from membership in the system.
• Section 3-12-64 - Elective officers permitted to join system--Service credited.
• Sections 3-12-65, 3-12-66 - Continuation of previously established retirement plan of political subdivision or public corporation--Vote of employees required to participate in consolidated system. New
• Section 3-12-67 - Election by political subdivision or public corporation to participate in consolidatedsystem.
• Section 3-12-68 - Coverage of joint employees of participating and nonparticipating politicalsubdivisions.
• Section 3-12-69 - Accrued benefit deposit required when political subdivision or public corporationjoins consolidated system--Participation by employees--Deferred payment of deposit.
• Section 3-12-69.1 - Board of Regents employees--Definition of balances.
• Section 3-12-69.2 - Existing regents' contracts preserved--Expansion of retirement plan--Transition.
• Section 3-12-69.3 - Contract for purchase of service for Board of Regents.
• Section 3-12-69.4 - Contributory service credited to Board of Regents employees--Eligibility ofnonparticipating employees--Qualification for prior credited service.
• Section 3-12-69.5 - Normal retirement allowance reduced by actuarial equivalent--Deposit of individualbalance--Member contributions.
• Section 3-12-70 - Effective date of participation of employees of participating unit.
• Section 3-12-71 - Rate of contributions--Deduction from pay--Employer to make members'contributions.
• Section 3-12-72 - Monthly transmission of contributions--Deposit in fund.
• Section 3-12-72.1 - Use of fund restricted.
• Section 3-12-72.2 - Rights of members on termination of system or discontinuance of contributions.
• Section 3-12-72.3 - Diversion of funds prohibited--Legislative policy.
• Section 3-12-72.4 - Privatization of governmental function.
• Section 3-12-73 - Service records and employee information furnished by employers.
• Section 3-12-74 - Deduction of delinquent contributions from payments due from state--Penalty andinterest.
• Section 3-12-75 - Retirement allowance to terminated member with vested right--Calculation.
• Section 3-12-76 - Withdrawal of accumulated contributions on termination of public service--Exception.
• Section 3-12-76.1 - Withdrawal of accumulated contributions by member who does not terminate publicservice.
• Section 3-12-76.2 - Application of forfeitures.
• Section 3-12-76.3 - Distribution by direct rollover.
• Section 3-12-77 - Contributions left in system on termination of employment without vested right--Maximum period--Forfeiture.
• Section 3-12-77.1 - Uncollected payments from system--Reversion.
• Section 3-12-77.2 - Forfeiture of contributions to predecessor system.
• Section 3-12-77.3 - Reinstatement of terminated rights.
• Section 3-12-77.4 - Early withdrawal precludes additional refund.
• Section 3-12-78 - Prior service credit on return of nonvested member to employment.
• Section 3-12-79 - Repealed.
• Section 3-12-80 - Redeposit of contributions by member returning to service--Time of redeposit.
• Section 3-12-81 - Repealed.
• Section 3-12-81.1 - Reemployment of retired member--Termination of relationship with initialparticipating unit--Hiring procedures.
• Section 3-12-82 - Retirement allowances for members who reentered covered employment betweenJuly 1, 2004 and April 1, 2010.
• Section 3-12-83 - Purchase of prior service credit--Calculation of amount due.
• Section 3-12-83.1 - Purchase of prior service credit on tax-deferred basis.
• Sections 3-12-83.2, 3-12-84 - Purchase of prior service credit by member of tax-qualifying purchase unit. Purchase of prior service credit for public service not covered by retirement plan
• Section 3-12-84.1 - Acquisition of credited service through transfer of funds--Requirements.
• Section 3-12-84.2 - Purchase of nonqualified permissive service credit allowed.
• Section 3-12-84.3 - Acquisition of credited service for members mobilized into certain federal militaryservice.
• Section 3-12-85 - Service credit for leave of absence--Contributions to cover period of absence.
• Section 3-12-86 - Service credit for military leave of absence--Return to employment after service.
• Section 3-12-87 - Valuation of purchased prior service credit--Installment payments--Death of member--Adjustment when installments not paid.
• Section 3-12-88 - Benefits increased by improvement factor--Increase elimination.
• Section 3-12-89 - Uniform application of service credit rules.
• Section 3-12-89.1 - Rules regulating maximum annual benefit required.
• Section 3-12-90 - Commencement of benefits on early or normal retirement--Termination of benefits--Maximum retroactive benefits on late application.
• Sections 3-12-90.1 to 3-12-90.5 - Repealed
• Sections 3-12-90.6 to 3-12-90.8 - Repealed
• Section 3-12-90.9 - Repealed.
• Section 3-12-90.10 - Repealed.
• Section 3-12-91 - Amount of normal retirement allowance for class A members.
• Section 3-12-91.1 - Additional contribution by participating unit.
• Section 3-12-92 - Amount of normal retirement allowance for certain class B members.
• Section 3-12-92.1 - Penitentiary correctional staff benefits.
• Section 3-12-92.2 - Calculation of benefits for sheriffs and deputies--Prior elective rights preserved.
• Section 3-12-92.3 - Calculation of benefits of parole agent.
• Section 3-12-92.4 - Amount of retirement allowance for justice, judge, or magistrate judge.
• Section 3-12-92.5 - Repealed.
• Section 3-12-92.6 - Adjustments in allowance for certain retirees based on time and circumstances ofretirement.
• Section 3-12-93 - Amount of benefits for justice or judge mandatorily retired.
• Section 3-12-94 - Spouse's allowance on death of member after retirement age.
• Section 3-12-94.1 - Allowance to surviving spouse of law enforcement officer retired for disability.
• Section 3-12-95 - Family benefits payable on death of contributing member before retirement.
• Section 3-12-95.1 - Benefits payment on minor's behalf to be made to custodian or conservator.
• Section 3-12-96 - Deductions of member's primary social security from benefits.
• Section 3-12-97 - Family benefits in lieu of other death benefits--Election by designated beneficiary towithdraw accumulated contributions.
• Section 3-12-98 - Eligibility for disability allowance--Filing deadline.
• Section 3-12-99 - Amount of monthly disability allowance.
• Section 3-12-99.1 - Elimination of allowance as children become ineligible.
• Section 3-12-100 - Criteria for determining disability--Uniform application.
• Section 3-12-101 - Deduction of other public benefits from disability allowance--Reduction whenchildren become ineligible--Amount of allowance.
• Section 3-12-102 - Repealed.
• Section 3-12-103 - Conversion of disability allowance to normal retirement allowance at retirement age.
• Section 3-12-103.1 - Termination of disability allowance.
• Section 3-12-104 - Election of additional survivor protection--Commencement and termination ofadditional contribution.
• Section 3-12-104.1 - Extension of survivor protection option to current contributing members--Limitationon future extensions.
• Section 3-12-104.2 - New enrollments in additional survivor protection prohibited.
• Sections 3-12-105, 3-12-106 - Amount of additional survivor protection benefits--Termination. Early retirement--Reduction of monthly payments
• Section 3-12-107 - Adjustment of early retirement benefits so greater initial benefits equal later lesserbenefits when combined with social security.
• Section 3-12-108 - Modified monthly allowance permitted--Time and effect of election.
• Section 3-12-109 - Duplicate benefits prohibited unless from another member's contributions.
• Section 3-12-110 - Balance of accumulated contributions refunded to beneficiary or family--Reversionto system of unclaimed payments.
• Section 3-12-111 - Suspension of retirement allowance during reemployment prior to July 1, 2004--Recalculation of additional allowance.
• Section 3-12-111.1 - Suspension of retirement allowance during reemployment for members whoreentered employment between July 1, 2004 and April 1, 2010--Allowance uponsubsequent retirement.
• Section 3-12-112 - Benefits payable only as monthly allowance--Lump-sum payments prohibited unlessspecified.
• Section 3-12-113 - Time of termination of benefits.
• Section 3-12-114 - Correction of errors--Adjustment to actuarial equivalent.
• Section 3-12-115 - Exemption of contributions and benefits from taxation and process.
• Section 3-12-116 - Lump-sum payments where designated beneficiary does not survive member--Reversion to system of unclaimed payments.
• Section 3-12-117 - Investment of assets by investment council--Pooling of funds--Standards forinvestment--Compliance with federal divestiture enactments.
• Section 3-12-118 - Quadrennial independent report on investment performance--Contents of report.
• Section 3-12-119 - Review of investment policy when return lower than average--Report to Governorand Legislature.
• Section 3-12-120 - Annual actuarial valuation of system--Scope of valuation.
• Section 3-12-120.1 - Independent actuarial review of retirement system mandated--Issues.
• Section 3-12-120.2 - Committee to request proposals--Designation of actuary--Date of report.
• Section 3-12-120.3 - Payment for review.
• Section 3-12-121 - Actuarial assumptions on which valuation based--Report of change.
• Section 3-12-122 - System funding review--Report required upon existence of specified conditions--Recommended changes.
• Section 3-12-123 - Intent to protect previously retired members of systems.
• Section 3-12-124 - Increase in benefits for previously retired members of systems.
• Section 3-12-125 - Adjustment of increase for retired members electing optional payment or earlyretirement.
• Section 3-12-126 - Previously retired members paid from consolidated fund.
• Section 3-12-127 - Members of consolidated systems entitled to benefits of prior law--Retention byadministrator of Compiled Laws and supplements.
• Section 3-12-128 - Citation of chapter.
• Section 3-12-129 - Calculating benefits of air rescue firefighter.
• Section 3-12-130 - Conversion of credited service.
• Section 3-12-130.1 - Purchase of certain public service as class B service.
• Section 3-12-131 - Eligibility for benefits upon becoming full-time employee within twelve months afterwithdrawal.
• Section 3-12-132 - Retirement benefits for certain city of Aberdeen employees.
• Section 3-12-133 - Aberdeen firefighters to participate in system.
• Section 3-12-134 - Eligible benefits for Aberdeen firefighters.
• Section 3-12-135 - Amount to be paid by municipality of Aberdeen.
• Section 3-12-136 - Funds from Aberdeen municipality considered member contributions.
• Section 3-12-138 - Repealed.
• Sections 3-12-139, 3-12-140 - No additional benefits where allowance terminated prior to July 1, 1994. Regaining credited service lost due to mandatory refunds
• Section 3-12-141 - Employer certification of inability to provide effective accommodations orcomparable employment.
• Section 3-12-142 - Disability documentation inadmissible for proceedings relative to workers'compensation.
• Section 3-12-143 - Maximum amount of disability allowance--Reporting earned income.
• Sections 3-12-144 to 3-12-152 - Repealed
• Section 3-12-153 - Mitchell firefighters as members of system.
• Section 3-12-154 - Benefits for Mitchell firefighters--Improvement factor.
• Section 3-12-155 - Retirement of Mitchell firefighters.
• Section 3-12-156 - Amount of payment to system by city of Mitchell.
• Section 3-12-157 - Transfer of city of Mitchell firemen's pension plan funds as member contributions.
• Section 3-12-158 - Information required of city of Mitchell.
• Section 3-12-159 - Huron firefighters as members of system.
• Section 3-12-160 - Benefits for Huron firefighters--Improvement factor.
• Section 3-12-161 - Retirement of Huron firefighters.
• Section 3-12-162 - Amount of payment to system by City of Huron.
• Section 3-12-163 - Transfer of city of Huron firemen's pension plan funds as member contributions.
• Section 3-12-164 - Information required of city of Huron.
• Sections 3-12-165 to 3-12-188 - Transferred
• Section 3-12-189 - Supplemental pension benefit created.
• Section 3-12-190 - Interest rate assumption--Suspension of new supplemental pension contracts--Noright to particular price.
• Section 3-12-191 - Rollover of funds--Single premium--Contract effective upon signing--Payment ofbenefits.
• Section 3-12-192 - Type of supplemental pension benefits based on marital status.
• Section 3-12-193 - Annual increase in supplemental pension benefits.
• Section 3-12-194 - Death of participant or spouse--Lump sum distribution to beneficiaries--Time formaking claim.
• Section 3-12-195 - Contract purchases and benefit payments deemed qualified plan distributed annuitycontracts.
• Section 3-12-196 - Minimum distribution rules and annual benefit limitations.
• Section 3-12-197 - Applicability of certain retirement system provisions.
• Section 3-12-198 - Exemption from Title 58 and from securities and agent registration.
• Section 3-12-199 - Invalid retirement--Repayment of retirement annuity payments.