AN ACT
ENTITLED, An Act
to prorate the interest on contributions under the South Dakota Retirement
System.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That subdivision (27) of § 3-12-47 be amended to read as follows:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That subdivision (27) of § 3-12-47 be amended to read as follows:
(27)
"Effective rate of interest," interest at an annually compounded rate to be established by
the board for each fiscal year. The rate shall be no greater than ninety percent of the
average ninety-one day United States treasury bill rate for the immediately preceding
calendar year. In no event may the rate be less than five percent or more than ten percent.
If a member withdraws contributions pursuant to
§
3-12-76, 3-12-76.1, 3-12-77, 3-12-79,
or 3-12-150, or if benefits are payable under
§
3-12-110, the interest shall be prorated on
a monthly basis to the first of the month of the withdrawal. With respect to amounts due
the system under
§
§
3-12-69, 3-12-69.3, 3-12-80, 3-12-83 and 3-12-84, the effective rate
of interest shall be the rate established by the board pursuant to
§
3-12-121 for investment
return for purposes of the actuarial valuation;
Section
2.
Application of the prorated payment of interest as amended in section 1 of this Act
applies only to amounts which are first payable after July 1, 1998.
An Act to prorate the interest on contributions under the South Dakota Retirement System.
An Act to prorate the interest on contributions under the South Dakota Retirement System.
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I certify that the attached Act originated in the
SENATE as
Bill
No.
49
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____________________________
Secretary of the Senate
Secretary of the Senate
____________________________
President of the Senate
President of the Senate
Attest:
____________________________
Secretary of the Senate
Secretary of the Senate
____________________________
Speaker of the House
Attest:
____________________________
Chief Clerk
Chief Clerk
Senate
Bill
No.
49
File No. ____
Chapter No. ______=========================
Received at this Executive Office this ____ day of _____________ ,
File No. ____
Chapter No. ______
Received at this Executive Office this ____ day of _____________ ,
19___ at _____ M.
By _________________________
for the Governor
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 19___
____________________________
Governor
Governor
STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 19___
at _________ o'clock __ M.
____________________________
Secretary of State
Secretary of State
By _________________________
Asst. Secretary of State
