3-12C-703. COLA applied to benefits--COLA elimination.

The COLA payable shall be applied annually to all benefits except those based on the member's accumulated contributions, variable retirement account, or contribution credit. However, the COLA shall be eliminated for any period of time that a retired member reenters covered employment in the system, unless the member retired as a Class B member other than a justice, judge, or magistrate judge and subsequently has reentered covered employment as a Class A member, or unless the member retired without a benefit suspension pursuant to § 3-12C-1402 and then reentered active status before July 1, 2004. Such elimination shall cease when the member again retires and draws either a refund or an additional retirement benefit.

Source: SL 1974, ch 35, § 44; SL 2004, ch 38, § 2; SL 2005, ch 26, § 1; SL 2017, ch 27, § 12; SDCL § 3-12-88; SL 2019, ch 22, § 1; SL 2021, ch 26, § 2.