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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3-12-1      Repealed.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 Repealed.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      Prospective increase for credited service related to years of noncontributory service.
3-12-47.2      Refund for purchase cost of noncontributing service.
3-12-47.3      Repealed.
3-12-47.4      Date of application of prorated payment of COLA.
3-12-47.5      Actuarial equivalent defined.
3-12-47.6      Compensation defined.
3-12-47.7      Contributing member defined.
3-12-47.8      Effective rate of interest defined .
3-12-47.9      Person's birthday for purposes of eligibility.
3-12-47.10      COLA or cost of living adjustment defined.
3-12-47.11      Excess contributions defined--Payment of excess contributions and credited investment return.
3-12-47.12      Compensation limits in Internal Revenue Code ยง 401(a)(17).
3-12-47.13      Knowing transmission of report with excluded compensation as misdemeanor.
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 executive director--Salary--Employment of personnel--Bond.
3-12-56      Applications for membership, credited service, 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3-12-57      Repealed.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      Foundation member conservation officers.
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 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.
3-12-67.1      Election by municipality of Sioux Falls to be participating unit.
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 benefit 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      Repealed.
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 foundation 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 benefits for members who reentered covered employment after June 30, 2004 and before 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.
3-12-86.2      Members receiving differential wage payments.
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 COLA--Increase elimination.
3-12-89      Uniform application of service credit rules.
3-12-89.1      Rules regulating maximum annual benefit--Tax qualification--Limitation year defined.
3-12-89.2      Accumulated contributions defined for foundation members.
3-12-89.3      Credited service defined for foundation members.
3-12-89.4      Final average compensation for foundation members whose contributory service concluded before July 1, 2021.
3-12-89.5      Repealed.
3-12-89.6      Normal retirement age for foundation members .
3-12-89.7      Reduction age defined for foundation members.
3-12-89.8      Final average compensation for foundation members whose contributory service concludes after June 30, 2021.
3-12-89.9      Limitations on final average compensation for foundation members whose contributory service concluded before July 1, 2020.
3-12-89.10      Limitations on final average compensation for foundation members whose contributory service concludes after June 30, 2020.
3-12-90      Effective date of retirement benefit of foundation member--Last payment--Retroactive retirement benefits.
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      Normal retirement benefit for foundation members for Class A credited service.
3-12-91.1      Additional contribution for foundation members by participating unit.
3-12-92      Normal retirement benefit for foundation members for Class B credited service other than justice, judge, or magistrate judge.
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      Normal retirement benefit for foundation members for Class B credited service as justice, judge, or magistrate judge.
3-12-92.5      Repealed.
3-12-92.6      Adjustments in benefit 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      Surviving spouse benefit of retired foundation member.
3-12-94.1      Allowance to surviving spouse of law enforcement officer retired for disability.
3-12-95      Family benefits on death of contributing member before retirement and before July 1, 2015.
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.
3-12-95.4      Surviving spouse benefit of deceased member who was working.
3-12-95.5      Amount of surviving spouse benefit for foundation member.
3-12-95.6      Early surviving spouse benefit for foundation member's spouse.
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      Disability benefits eligibility--Applications before July 1, 2015--Required information--Filing deadline.
3-12-99      Amount of monthly disability benefit--Applications before July 1, 2015.
3-12-99.1      Elimination or addition of disability benefit pertaining to children--Applications before July 1, 2015.
3-12-100      Criteria for determining disability--Uniform application.
3-12-101      Deduction of other public benefits from disability benefit--Reduction when children become ineligible--Applications before July 1, 2015.
3-12-102      Repealed.
3-12-103      Conversion of disability benefit to retirement benefit at retirement age--Applications before July 1, 2015.
3-12-103.1      Termination of disability benefit based on application before July 1, 2015.
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 benefits for foundation members.
3-12-107      Adjustment of early retirement benefits for foundation members who retire before eligible for social security.
3-12-108      Modified monthly benefit permitted--Time and effect of election.
3-12-109      Duplicate benefits prohibited unless from another member's contributions.
3-12-110      Refund of unpaid accumulated contributions upon termination--Reversion of unclaimed payments to system.
3-12-111      Suspension of retirement benefit during reemployment before July 1, 2004--Recalculation of additional benefit.
3-12-111.1      Suspension of retirement benefit during reemployment for members who reentered employment between July 1, 2004 and April 1, 2010--Benefit upon subsequent retirement.
3-12-112      Benefits only payable monthly--Lump-sum payments prohibited unless specified.
3-12-113      Time of termination of benefits.
3-12-114      Correction of records--Adjustment for underpayment or overpayment--Limitation.
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.
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 to 3-12-120.3. Repealed.
3-12-121      Actuarial assumptions on which valuation based--Report of change.
3-12-122      System funding review--Report required for specified conditions--Recommended changes .
3-12-122.1      Annual report of funded status of system.
3-12-123      Intent to provide increased benefits to 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 of Codified Laws.
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, 3-12-140. Repealed.
3-12-141      Employer certification of inability to provide effective accommodations or comparable employment--Applications before July 1, 2015.
3-12-142      Disability documentation inadmissible for proceedings relative to workers' compensation.
3-12-143      Maximum amount of disability benefit--Reporting earned income--Applications before July 1, 2015.
3-12-144 to 3-12-152. Repealed.
3-12-153      Mitchell firefighters as members of system.
3-12-154      Benefits for Mitchell firefighters.
3-12-155      Calculation of Mitchell firefighter benefits.
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.
3-12-161      Calculation of Huron firefighter benefits.
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      Types of supplemental pension benefits.
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 benefit payments.
3-12-200      Retired member who reenters covered employment after March 31, 2010--Benefits and membership.
3-12-201      Disability benefits eligibility--Applications after June 30, 2015.
3-12-202      Application for disability benefits--Required information--Filing deadline.
3-12-203      Employer certification of inability to provide accommodations or comparable employment.
3-12-204      Health care provider certification of disability.
3-12-205      Advice of disability advisory committee--Independent examination or assessment--Notice of disapproval of application.
3-12-206      Notice of approval of disability benefits--Commencement of benefits.
3-12-207      Calculation of disability benefits for foundation members.
3-12-207.1      Disability benefits for generational members.
3-12-208      No credited service for disability benefit period.
3-12-209      Contributions for period of employment while receiving disability benefits.
3-12-210      Termination of disability benefits.
3-12-211      Contributions upon return to covered employment.
3-12-212      Retirement benefit of member who received disability benefits and returned to covered employment.
3-12-213      Retirement benefit of member whose disability benefits were terminated but who did not return to covered employment.
3-12-214      Family benefit where member dies before normal retirement age while receiving disability benefits.
3-12-215      Surviving spouse benefit where foundation member received disability benefits.
3-12-216      Surviving spouse benefit where member dies after normal retirement age while receiving disability benefits.
3-12-217      Transfer of funds in cement plan retirement fund.
3-12-218      Members of cement plant retirement plan to be Class C members of system.
3-12-219      Class C members to receive benefits as provided under cement plant retirement plan.
3-12-220      Funds transferred from cement plant retirement fund considered member contributions.
3-12-221      Payment of benefits and operational expenses related to Class C members.
3-12-222      Promulgation of rules to administer retirement benefits for Class C members.
3-12-223      Member election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.
3-12-224      Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.
3-12-225 to 3-12-499. Reserved.
3-12-500      Accumulated contributions defined for generational members.
3-12-501      Credited service defined for generational members .
3-12-502      Final average compensation defined for generational members.
3-12-502.1      Limitations on final average compensation for generational members.
3-12-503      Repealed.
3-12-504      Normal retirement age for generational members.
3-12-505      Normal retirement benefit for generational members for Class A credited service.
3-12-506      Normal retirement benefit for generational members for Class B credited service other than justice, judge, or magistrate judge.
3-12-507      Normal retirement benefit for generational members for Class B credited service as justice, judge, or magistrate judge.
3-12-508      Monthly benefit options for generational members.
3-12-509      Irrevocable benefit election by generational members.
3-12-510      Application for retirement benefit required.
3-12-511      Effective date of retirement benefit of generational member--Last payment.
3-12-512      Retroactive retirement benefits for generational members.
3-12-513      Early retirement benefits for generational members.
3-12-514      Surviving spouse benefit of retired generational member.
3-12-515      Surviving spouse benefit of generational member dying after normal retirement age but before benefit starts.
3-12-516      Amount of surviving spouse benefit for generational member.
3-12-517      Early surviving spouse benefit for generational member's spouse.
3-12-518      Reentry of employment by retired generational member.
3-12-519      Variable retirement accounts of generational members--Contributions and credited investment return.
3-12-520      Variable retirement contributions of generational members.
3-12-521      Distributions from generational member's variable retirement account.


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