(SB 48)
Huron firefighters enrolled in the South Dakota Retirement System.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section
1.
That chapter 3-12 be amended by adding thereto a NEW SECTION to read as
follows:
On July 1, 1998, all members of the city of Huron firemen pension fund as of June 30, 1998,
including all retirees, any deferred vested members and any benefit recipients, shall become
members of the system. Each active member shall receive credited service under the system for
all service earned under the city of Huron firemen pension fund.
Section
2.
That chapter 3-12 be amended by adding thereto a NEW SECTION to read as
follows:
Each retired member, any benefit recipient, or any deferred vested member described in section
1 of this Act and in such status prior to July 1, 1998, shall receive the member's previously selected
annuity option as provided under the city of Huron firemen pension fund as in effect on June 30,
1998, but is not eligible for a benefit pursuant to
§
3-12-94. Each such benefit in effect prior to
July 1, 1998, shall be improved on that date and thereafter in accordance with
§
3-12-88. The
retirement benefit of a deferred vested member that goes into effect after July 1, 1998, shall be
improved in accordance with
§
3-12-88, but the member's final compensation may not be increased
prior to retirement by the improvement factor pursuant to
§
3-12-75. The benefits of members
described in section 1 of this Act who are entitled to receive benefits from the city of Huron
firemen pension fund prior to July 1, 1998, shall be paid from the fund established by this chapter
and funded pursuant to section 4 of this Act.
Section
3.
That chapter 3-12 be amended by adding thereto a NEW SECTION to read as
follows:
Upon retirement, each member described in section 1 of this Act who is an active firefighter
in the employ of the city of Huron on July 1, 1998, shall receive the greater of:
(1) The member's retirement allowance calculated under this chapter; or
(2) The member's retirement allowance calculated under the city of Huron firemen pension
fund based on credited service up to June 30, 1998, and compensation up to June 30,
1998, and utilizing the fund's benefit terms and benefit formula.
In either case, such retirement benefit shall be improved in accordance with the provisions of
§
3-12-88, shall be paid from the fund established by this chapter and shall be funded pursuant to
section 4 of this Act and
§
3-12-71. Any allowance granted pursuant to subdivision (2) may not
include a benefit pursuant to
§
3-12-94.
Section
4.
That chapter 3-12 be amended by adding thereto a NEW SECTION to read as
follows:
The city of Huron shall pay to the system an amount equal to the present value of all benefits
earned by the members described in section 1 of this Act up to July 1, 1998, multiplied by the
funding ratio set forth in the valuation of the actuarial requirements and financial condition of the
system as of June 30, 1998. That amount shall be calculated as of the close of business on June 30,
1998, by the system's actuary. Any amount to be paid to the system by the city of Huron which
exceeds the value of the assets of the city of Huron firemen pension fund, calculated as of the date
of transfer of such assets, may be paid in periodic installments as provided in
§
3-12-69.
Section
5.
That chapter 3-12 be amended by adding thereto a NEW SECTION to read as
follows:
All amounts transferred to the system from the city of Huron firemen pension fund which
under the fund were credited to the accounts of individual members are considered member
contributions under this chapter.
Section
6.
That chapter 3-12 be amended by adding thereto a NEW SECTION to read as
follows:
For purposes of payment of retirement or other benefits pursuant to section 2 of this Act and
to calculate the minimum benefit pursuant to section 3 of this Act, the city of Huron shall provide
the following information:
(1) Each retired firefighter's benefit and form of payment as of June 30, 1998;
(2) Each active or deferred vested firefighter's accrued benefit as of June 30, 1998;
(3) Each active firefighter's final average compensation as of June 30, 1998.
(4) Each active firefighter's credited service as of June 30, 1998;
(5) Each active firefighter's employee contributions, with interest credited thereon as of
June 30, 1998; and
(6) The annual rate of salary for a first-class firefighter as of June 30, 1998.
Signed February 17, 1998.
