2015 House Bill 1009 - Introduced

State of South Dakota  
NINETIETH SESSION
LEGISLATIVE ASSEMBLY, 2015  

400W0205   HOUSE BILL   NO.  1009  

Introduced by:    The Committee on Retirement Laws at the request of the South Dakota Retirement System
 

        FOR AN ACT ENTITLED, An Act to limit the recovery of certain overpayments made by the South Dakota Retirement System.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That ยง 3-12-114 be amended to read as follows:
    3-12-114. Should If any change or error in the records of the system or any participating unit result results in any person receiving from the system more or less than he the person would have been entitled to receive had the records been correct, the administrator shall correct such the error and, as far as practicable, shall adjust the payment in such manner that the actuarial equivalent of the benefit to which such to provide the person was the amount to which the person is correctly entitled shall be paid.
    If any change or error in the records of the system or any participating unit results in any person receiving from the system more than the person would have been entitled to receive had the records been correct, the administrator shall correct the error and, as far as practicable, shall recover the overpayment to reflect the amount to which the person is correctly entitled. The board shall promulgate rules, pursuant to chapter 1-26, concerning the methods by which an

overpayment shall be repaid, including an actuarial equivalent. However, the recovery of an overpayment is limited to the amount attributable to any error that occurred during the six-year period immediately prior to the discovery of the error. This limitation does not apply in the case of fraud, intentional misrepresentation, material omission, or other fault on the part of a member or beneficiary.

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