AN ACT
ENTITLED, An Act to provide for the liquidation of the remaining property of the South Dakota
Cement Plant Commission, to provide for the administration and payment of existing liabilities,
to provide for the orderly winding up of the commission's affairs, to provide for the transfer of
any remaining net proceeds, and to abolish the commission.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That chapter 5-17 be amended by adding thereto a NEW SECTION to read as follows:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That chapter 5-17 be amended by adding thereto a NEW SECTION to read as follows:
Notwithstanding any other provision of law, including chapters 5-2, 5-7, and 5-24A, the
commission shall, not later than June 30, 2011, liquidate all of the commission's remaining property,
excluding any mineral estates owned or leased by the commission. If liquidating property with an
estimated fair market value of greater than one hundred dollars, the commission shall dispose of the
property in a manner consistent with the provisions of § 5-24A-6.
Section 2. That chapter 5-17 be amended by adding thereto a NEW SECTION to read as follows:
Section 2. That chapter 5-17 be amended by adding thereto a NEW SECTION to read as follows:
Notwithstanding any other provisions of law, the commission shall, not later than June 30, 2011,
transfer all of the commission's right, title and interest in and to any mineral estates owned or leased
by the commission to the commissioner of school and public lands.
Section 3. Responsibility for the administration of retirement benefits of former employees of the South Dakota State Cement Plant Commission is hereby transferred to the South Dakota Retirement System. Benefit payments and administrative expenses of the state cement plant retirement plan shall be paid from that plan's member trust fund. No funds for the payment of such benefits or administrative expenses may be transferred from the member trust fund created in chapter 3-12.
Section 4. That chapter 3-12A be amended by adding thereto a NEW SECTION to read as follows:
Section 3. Responsibility for the administration of retirement benefits of former employees of the South Dakota State Cement Plant Commission is hereby transferred to the South Dakota Retirement System. Benefit payments and administrative expenses of the state cement plant retirement plan shall be paid from that plan's member trust fund. No funds for the payment of such benefits or administrative expenses may be transferred from the member trust fund created in chapter 3-12.
Section 4. That chapter 3-12A be amended by adding thereto a NEW SECTION to read as follows:
Responsibility for the administration and payment of life insurance plan benefits of former
employees of the South Dakota State Cement Plant Commission is hereby transferred to the Bureau
of Personnel.
Section 5. That chapter 3-12A be amended by adding thereto a NEW SECTION to read as follows:
Section 5. That chapter 3-12A be amended by adding thereto a NEW SECTION to read as follows:
Responsibility for the administration and payment of workers compensation claims of former
employees of the South Dakota State Cement Plant Commission is hereby transferred to the state
employees workers' compensation program.
Section 6. That chapter 5-17 be amended by adding thereto a NEW SECTION to read as follows:
Section 6. That chapter 5-17 be amended by adding thereto a NEW SECTION to read as follows:
Notwithstanding any other provision of law, the commission shall disburse the proceeds from
the liquidation of the commission's property, to the extent proceeds are available, as follows:
(1) First, to pay any remaining noncontingent, liquidated liabilities of the commission;
(2) Second, the amount of three hundred fifty thousand dollars to the Bureau of Personnel for
the purpose of administering and paying existing and future workers compensation claims
and life insurance coverage of former employees of the commission;
(3) Third, to the South Dakota Retirement System for the purpose of funding benefits payable
to former employees of the commission. The amount disbursed shall be determined by the
commission based upon an actuarial review for the fiscal year ending June 30, 2010; and
(4) Fourth, the remainder shall be paid into the trust fund created by S.D. Const., Art. XIII,
§ 20.
Section 7. The code counsel shall transfer § 5-17-5.2 to a new chapter.
Section 8. The code counsel shall transfer § 5-17-42 to chapter 4-5.
Section 9. That chapter 5-17 be repealed. The effective date of this section is June 30, 2011.
Section 10. The South Dakota Retirement System Board of Trustees may adopt, pursuant to
An Act to provide for the liquidation of the remaining property of the South Dakota Cement Plant Commission, to provide for the administration and payment of existing liabilities, to provide for the orderly winding up of the commission's affairs, to provide for the transfer of any remaining net proceeds, and to abolish the commission.
Section 7. The code counsel shall transfer § 5-17-5.2 to a new chapter.
Section 8. The code counsel shall transfer § 5-17-42 to chapter 4-5.
Section 9. That chapter 5-17 be repealed. The effective date of this section is June 30, 2011.
Section 10. The South Dakota Retirement System Board of Trustees may adopt, pursuant to
chapter 1-26, such rules as may be necessary to establish uniform procedures for the administration of the retirement benefits of former employees of the state cement plant retirement plan.
An Act to provide for the liquidation of the remaining property of the South Dakota Cement Plant Commission, to provide for the administration and payment of existing liabilities, to provide for the orderly winding up of the commission's affairs, to provide for the transfer of any remaining net proceeds, and to abolish the commission.
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I certify that the attached Act originated in the
SENATE as Bill No. 166
____________________________
Secretary of the Senate ____________________________
President of the Senate
Attest:
____________________________
Secretary of the Senate
____________________________
Attest:
____________________________
Chief Clerk
Senate Bill No. 166 File No. ____ Chapter No. ______ |
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor STATE OF SOUTH DAKOTA, ss.
Office of the Secretary of State
Filed ____________ , 20___
____________________________ Secretary of State
By _________________________ |
