State of South Dakota
LEGISLATIVE ASSEMBLY, 2008
||HOUSE BILL NO. 1316 |
Introduced by: Representatives Peters, Hackl, Haverly, Koistinen, Novstrup (Al), Novstrup (David), Olson (Russell), Rave, Weems, Wick, and Willadsen and Senators Napoli, Apa, Greenfield, Maher, and Nesselhuf
FOR AN ACT ENTITLED, An Act to establish a maximum balance for school district pension funds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That chapter 13-10 be amended by adding thereto a NEW SECTION to read as follows:
The total fund balance of the pension fund as of June thirtieth may not exceed fifty percent of the total amount that the school district may levy as the maximum annual pension fund tax pursuant to § 13-10-6. If the total fund balance of the pension fund exceeds the maximum balance allowed by this section, the school district shall lower its pension fund tax levy to bring the school district into compliance with this section. The total fund balance of the pension fund of the school district as of June thirtieth shall be reported to the Department of Legislative Audit. The report shall be on forms prescribed by the Department of Legislative Audit.
|250 copies of this document were printed by the South Dakota
Legislative Research Council at a cost of $.04 per page.
|Insertions into existing statutes are indicated by underscores.|
Deletions from existing statutes are indicated by