<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 3-12C-1112 - Adjustment of early retirement benefits for foundation members who retire before eligible for social security. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033401Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033401SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033401CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033401Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033401DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033401000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033401SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033401SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033401Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12C-1112"><span class="s2033401SENU">3-12C-1112</span></a><span xml:space="preserve" class="s2033401SENU">. </span><span class="s2033401CL">Adjustment of early retirement benefits for foundation members who retire before eligible for social security.</span></p><p dir="ltr" class="s2033401Normal-000000"><span class="s2033401DefaultParagraphFont">Any foundation member who retires before being eligible for social security retirement benefits may elect to receive initial retirement benefit payments from the system in an amount greater than the standard benefit payments computed on the basis of the member's age and earnings at retirement. The greater amount, in conjunction with a later reduced amount, shall be the actuarial equivalent of the normal retirement benefit computed on the basis of age at retirement. The greater amount shall be paid until the foundation member reaches the age of sixty-two, at which time the payment from the system shall be the reduced amount so that, as far as possible, the foundation member's combined monthly retirement income from the system and social security shall approximately equal the greater amount paid prior to age sixty-two.</span></p><p dir="ltr" class="s2033401Normal"><span xml:space="preserve" class="s2033401000001"> </span></p><p dir="ltr" class="s2033401Normal"><span class="s2033401SCL">Source:</span><span xml:space="preserve" class="s2033401SCL-000002"> SL 1974, ch 35, § 61; SL 2006, ch 20, § 1; SL 2016, ch 32, § 45; SDCL § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12-107"><span class="s2033401SCL-000002">3-12-107</span></a><span class="s2033401SCL-000002">; SL 2019, ch 22, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 3-12C-1112 - Adjustment of early retirement benefits for foundation members who retire before eligible for social security. </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s41cda921658849ce800a9166df9094acNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s41cda921658849ce800a9166df9094acSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s41cda921658849ce800a9166df9094acCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s41cda921658849ce800a9166df9094acStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s41cda921658849ce800a9166df9094acDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s41cda921658849ce800a9166df9094ac000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s41cda921658849ce800a9166df9094acNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s41cda921658849ce800a9166df9094acDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s41cda921658849ce800a9166df9094acSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 3-12C-1112.1 - Adjustment of early retirement benefits--Rescind election of annuity payment option--Overpayments."><meta property="og:description" content="SDLRC Codified Law 3-12C-1112.1 - Adjustment of early retirement benefits--Rescind election of annuity payment option--Overpayments."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/3-12C-1112.1"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s41cda921658849ce800a9166df9094acNormal"><a href="https://sdlegislature.gov/Statutes?Statute=3-12C-1112.1" rel="noopener"><span class="s41cda921658849ce800a9166df9094acSENU">3-12C-1112.1</span></a><span xml:space="preserve" class="s41cda921658849ce800a9166df9094acSENU">. </span><span class="s41cda921658849ce800a9166df9094acCL">Adjustment of early retirement benefits--Rescind election of annuity payment option--Overpayments.</span></p><p dir="ltr" class="s41cda921658849ce800a9166df9094acStatute"><span xml:space="preserve" class="s41cda921658849ce800a9166df9094acDefaultParagraphFont">A member may not elect to change normal payment of the member's retirement annuity in favor of adjusted payments pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=3-12C-1112" rel="noopener"><span class="s41cda921658849ce800a9166df9094acDefaultParagraphFont">3-12C-1112</span></a><span xml:space="preserve" class="s41cda921658849ce800a9166df9094acDefaultParagraphFont">, or the opposite if more than one monthly retirement annuity payment has been made to the member. If a member who has received one adjusted payment, pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=3-12C-1112" rel="noopener"><span class="s41cda921658849ce800a9166df9094acDefaultParagraphFont">3-12C-1112</span></a><span class="s41cda921658849ce800a9166df9094acDefaultParagraphFont">, elects to change to the normal method of payment, the system must deduct, in a lump sum, the amount of the resulting overpayment from the member's next monthly annuity payment. A deduction may be up to one hundred percent of the member's normal benefit and may extend to subsequent benefit payments to eliminate the overpayment in the shortest time possible.</span></p><p dir="ltr" class="s41cda921658849ce800a9166df9094acNormal"><span xml:space="preserve" class="s41cda921658849ce800a9166df9094ac000000"> </span></p><p dir="ltr" class="s41cda921658849ce800a9166df9094acNoIndent"><span xml:space="preserve" class="s41cda921658849ce800a9166df9094acDefaultParagraphFont-000001">Source: </span><span class="s41cda921658849ce800a9166df9094acSCL">SL 2025, ch 27, § 50.</span></p></div></body></html>