3-12C-1608. Board of Regents employees--Definition of balances.

Terms as used in §§ 3-12C-1608 to 3-12C-1612, inclusive, unless the context otherwise requires, shall mean:

(1)    "Board of Regents' balance," the contributions from April 1, 1964, to June 30, 1975, plus accumulated interest, made by the Board of Regents and deposited on behalf of an employee in any pension fund that is established by contract with an insurance company;

(2)    "Excess balance," the contributions in addition to those accumulated in the individual balance and made from April 1, 1964, to June 30, 1975, with accumulated interest, by a Board of Regents employee included in the provisions of §§ 3-12C-1608 to 3-12C-1612, inclusive, and deposited in any pension fund that is established by contract with an insurance company;

(3)    "Individual balance," the contributions from April 1, 1964, to June 30, 1975, with accumulated interest made on a matching basis by the Board of Regents' employees included in the provisions of §§ 3-12C-1608 to 3-12C-1612, inclusive, and the Board of Regents and deposited on behalf of the employee in any pension fund that is established by contract with an insurance company.

Source: SL 1975, ch 38, § 1; SL 1979, ch 29, § 1; SDCL § 3-12-69.1; SL 2019, ch 22, § 1; SL 2021, ch 27, § 6.