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State of South Dakota
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SEVENTY-SECOND
SESSION
LEGISLATIVE ASSEMBLY, 1997 |
| 400A0290 |
SENATE BILL
NO.
36
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| Introduced by: The Committee on Retirement Laws at the request of the South Dakota Retirement System |
FOR AN ACT ENTITLED, An Act
to revise the method of calculating retirement benefits for
South Dakota Retirement System members whose benefits are suspended upon
reemployment after retirement.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 3-12-82 be amended to read as follows:
3-12-82. If less than one year of credited service is performed after last reentry,
the
a
retired
member shall receive an allowance equal to the allowance
he
the member
would have received
had
he
the member
not returned to employment, plus a refund of
his
the member's
contributions
made during the period after last reentry.
If one year or more of service is performed after reentry into employment,
the
a
retired
member shall receive
upon subsequent retirement
an
additional
allowance based upon
his
the
member's total
credited service and compensation from
the date of reentry to the date of his
subsequent retirement, in addition to his prior benefit
both initial and subsequent retirement.
The member's total credited service from both initial and subsequent employment shall be taken
into account in calculating a reduction, if any, in the member's allowance pursuant to
§
3-12-
Section 2. That § 3-12-111 be amended to read as follows:
3-12-111.
In the event
If
a retiree becomes employed as a permanent full-time employee by
a participating unit prior to normal retirement age, the payment of
his
the member's
annuity
shall be suspended during
such
the
employment.
If the member again retires, the member's
annuity shall be recalculated to consider all the member's credited service and final
compensation from both initial and subsequent employment, adjusted for the present value of
annuity payments made during the member's first period of retirement. Any adjustment due to
the annuity payments shall be calculated over the member's life expectancy.
This section applies
only to a member who retires with a reduction of
his
the member's
retirement allowance
pursuant to
§
3-12-106.
Section 3. The provisions of this Act apply to any member whose benefits are suspended pursuant to § 3-12-111 on the effective date of this Act. The provisions of this Act apply to any member whose benefits previously were suspended pursuant to § 3-12-111, if the member elects to have the provisions apply.
Section 4. Any increase in a member's retirement benefit as a result of the provisions of this Act shall be prospective only from the effective date of this Act.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 3-12-82 be amended to read as follows:
3-12-82. If less than one year of credited service is performed after last reentry,
If one year or more of service is performed after reentry into employment,
106
.Section 2. That § 3-12-111 be amended to read as follows:
3-12-111.
Section 3. The provisions of this Act apply to any member whose benefits are suspended pursuant to § 3-12-111 on the effective date of this Act. The provisions of this Act apply to any member whose benefits previously were suspended pursuant to § 3-12-111, if the member elects to have the provisions apply.
Section 4. Any increase in a member's retirement benefit as a result of the provisions of this Act shall be prospective only from the effective date of this Act.
