3-12C-221Rights of members on termination of system or discontinuance of contributions.

If the system is terminated, or if contributions to the system are discontinued, the rights of all members to benefits that have accrued as of the date of termination or discontinuation of contributions shall vest. A member's recourse against the fund shall be limited by the extent to which the member's benefits are funded.

Source: SL 1984, ch 23, § 4; SDCL § 3-12-72.2; SL 2019, ch 22, §§ 13, 45.