20:16:15:23.  Vesting of service credits. An employee who terminates employment for any reason other than death or early or normal retirement is entitled to a deferred pension if the employee has accumulated at least five years of credited service. The deferred pension shall commence on the normal retirement date. The deferred pension amount shall be calculated utilizing the benefit formula in effect at the time of the employee's termination with the commission and years of continuous employment to the date of termination.

          Source: 28 SDR 109, effective February 11, 2002; 36 SDR 207, effective July 1, 2010; 40 SDR 197, effective May 27, 2014; 45 SDR 142, effective July 1, 2019.

          General Authority: SDCL 3-12C-1647.

          Law Implemented: SDCL 3-12C-1643, 3-12C-1644.