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State of South Dakota  
SEVENTY-THIRD SESSION
LEGISLATIVE ASSEMBLY,  1998
 

779B0068  
SENATE RETIREMENT LAWS COMMITTEE ENGROSSED   NO. SB44   -   1/30/98  

        Introduced by: Senators Rounds, Albers, Brown (Arnold), and Hunhoff and Representatives Matthews and Diedrich at the request of the Interim Retirement Laws Committee  

         FOR AN ACT ENTITLED, An Act to revise the methods of compensating the administrator of the South Dakota Retirement System.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That § 3-12-55 be amended to read as follows:
     3-12-55.   The Board of Trustees shall appoint an administrator, qualified by training and experience, to serve at the pleasure of the Board of Trustees. The annual salary of the administrator may be adjusted annually by the same rate appropriated as the across-the-board increase to base salaries of state employees under the general appropriations act in each corresponding year.
     Before January May first of each year, the board shall recommend the any additional salary of adjustment above the across-the-board increase for the administrator for the upcoming fiscal year. This salary adjustment is not effective unless it is approved by a majority vote of the members of the retirement laws committee. The administrator may hire additional employees as may be required to transact the business of the retirement system and shall fix the remuneration for such services. The board shall require the bonding of the administrator in an

amount set by the board which shall be included under the state employees' blanket bond. The premium may be charged to the fund.


BILL HISTORY
1/13/98 First read in Senate and referred to Retirement Laws.   S.J.   28
1/28/98 Scheduled for Committee hearing on this date.
1/28/98 Retirement Laws Do Pass Amended, Passed, AYES 5, NAYS 0.   S.J.   241
1/28/98 Retirement Laws Place on Consent Calendar.