<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-701 - Benefits only payable monthly--Lump-sum payments prohibited unless specified. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033338Normal { 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.s2033338SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033338CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033338Normal-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.s2033338DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033338000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033338SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033338SCL-000002 { 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></head><body><div><p dir="ltr" class="s2033338Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12C-701"><span class="s2033338SENU">3-12C-701</span></a><span xml:space="preserve" class="s2033338SENU">. </span><span class="s2033338CL">Benefits only payable monthly--Lump-sum payments prohibited unless specified.</span></p><p dir="ltr" class="s2033338Normal-000000"><span class="s2033338DefaultParagraphFont">A member in the system may claim the benefits provided for in this chapter only in the form of a monthly benefit payment and only after such time as these benefits are payable. Unless otherwise specifically provided, no member or a former member of the system may receive a lump-sum cash payment in lieu of the normal retirement benefit.</span></p><p dir="ltr" class="s2033338Normal"><span xml:space="preserve" class="s2033338000001"> </span></p><p dir="ltr" class="s2033338Normal"><span class="s2033338SCL">Source:</span><span xml:space="preserve" class="s2033338SCL-000002"> SL 1967, ch 303, § 8; SDCL § 3-12-29; SL 1968, ch 216, § 1; SL 1970, ch 25, § 7; SL 1974, ch 35, § 66; SL 2017, ch 27, § 22; SDCL § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12-112"><span class="s2033338SCL-000002">3-12-112</span></a><span class="s2033338SCL-000002">; SL 2019, ch 22, § 1.</span></p></div></body></html>