<HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.9-16-5 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 9-16-5 "> <META NAME="Description" Content="South Dakota Codified Laws 9-16-5"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 9-16-5. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1984, ch 56, &#167;&nbsp;5.<p> </BODY> </HTML> <br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036408Normal { 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.s2036408SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036408CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036408Normal-000000 { 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.s2036408DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2036408Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2036408000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036408SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036408SCL-000003 { 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="s2036408Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.1"><span class="s2036408SENU">9-16-5.1</span></a><span xml:space="preserve" class="s2036408SENU">. </span><span class="s2036408CL">Contributions to system--Amount required.</span></p><p dir="ltr" class="s2036408Normal-000000"><span class="s2036408DefaultParagraphFont">Total contributions in each year to a retirement system subject to this chapter shall be sufficient to fund the following:</span></p><p dir="ltr" class="s2036408Normal-000001"><span class="s2036408DefaultParagraphFont">(1)    The administrative cost of the plan during the year;</span></p><p dir="ltr" class="s2036408Normal-000001"><span class="s2036408DefaultParagraphFont">(2)    The actuarially determined cost of future benefits accruing to members during the year; and</span></p><p dir="ltr" class="s2036408Normal-000001"><span class="s2036408DefaultParagraphFont">(3)    An amount sufficient to amortize any unfunded liability of the system over a period not to exceed forty years on the basis of reasonable and generally accepted actuarial assumptions.</span></p><p dir="ltr" class="s2036408Normal"><span xml:space="preserve" class="s2036408000002"> </span></p><p dir="ltr" class="s2036408Normal"><span class="s2036408SCL">Source:</span><span xml:space="preserve" class="s2036408SCL-000003"> SL 1984, ch 56, § 6.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036409Normal { 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.s2036409SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036409CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036409Normal-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.s2036409DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036409000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036409SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036409SCL-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="s2036409Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.2"><span class="s2036409SENU">9-16-5.2</span></a><span xml:space="preserve" class="s2036409SENU">. </span><span class="s2036409CL">Change of benefits--Restrictions.</span></p><p dir="ltr" class="s2036409Normal-000000"><span xml:space="preserve" class="s2036409DefaultParagraphFont">No benefits, present or future, may be changed or modified in any manner unless the system's actuary or actuaries have prepared an actuarial statement showing the effect of those changes on the system. No benefits, present or future, may be changed or modified if the change or modification will bring the system into noncompliance with the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.1"><span class="s2036409DefaultParagraphFont">9-16-5.1</span></a><span class="s2036409DefaultParagraphFont">.</span></p><p dir="ltr" class="s2036409Normal"><span xml:space="preserve" class="s2036409000001"> </span></p><p dir="ltr" class="s2036409Normal"><span class="s2036409SCL">Source:</span><span xml:space="preserve" class="s2036409SCL-000002"> SL 1984, ch 56, § 7.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036410Normal { 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.s2036410SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036410CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036410Normal-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.s2036410DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036410000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036410SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036410SCL-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="s2036410Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.3"><span class="s2036410SENU">9-16-5.3</span></a><span xml:space="preserve" class="s2036410SENU">. </span><span class="s2036410CL">Annual report--Contents--Publication--Filing.</span></p><p dir="ltr" class="s2036410Normal-000000"><span xml:space="preserve" class="s2036410DefaultParagraphFont">Any retirement system subject to the provisions of this chapter shall publish an annual report containing financial statements and an actuarial valuation of the system. The report shall be filed with the Retirement Laws Committee created by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=2-6-8"><span class="s2036410DefaultParagraphFont">2-6-8</span></a><span xml:space="preserve" class="s2036410DefaultParagraphFont"> and shall be available to each member of the system.</span></p><p dir="ltr" class="s2036410Normal"><span xml:space="preserve" class="s2036410000001"> </span></p><p dir="ltr" class="s2036410Normal"><span class="s2036410SCL">Source:</span><span xml:space="preserve" class="s2036410SCL-000002"> SL 1984, ch 56, § 8.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036411Normal { 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.s2036411SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036411CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036411Normal-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.s2036411DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036411000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036411SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036411SCL-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="s2036411Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.4"><span class="s2036411SENU">9-16-5.4</span></a><span xml:space="preserve" class="s2036411SENU">. </span><span class="s2036411CL">Audit of financial statements.</span></p><p dir="ltr" class="s2036411Normal-000000"><span xml:space="preserve" class="s2036411DefaultParagraphFont">The financial statements contained in the report required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.3"><span class="s2036411DefaultParagraphFont">9-16-5.3</span></a><span xml:space="preserve" class="s2036411DefaultParagraphFont"> shall be audited by an independent qualified, certified public accountant. The actuarial valuation required in the report shall include the information required under the provisions of subdivision 3-12C-101(3) and shall be performed by an approved actuary as defined by subdivision 3-12C-101(8).</span></p><p dir="ltr" class="s2036411Normal"><span xml:space="preserve" class="s2036411000001"> </span></p><p dir="ltr" class="s2036411Normal"><span class="s2036411SCL">Source:</span><span xml:space="preserve" class="s2036411SCL-000002"> SL 1984, ch 56, § 9; SL 2019, ch 22, §§ 2, 45.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036412Normal { 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.s2036412SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036412CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036412Normal-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.s2036412DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036412000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036412SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036412SCL-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="s2036412Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.5"><span class="s2036412SENU">9-16-5.5</span></a><span xml:space="preserve" class="s2036412SENU">. </span><span class="s2036412CL">Administrator--Qualifications--Employees--Bond.</span></p><p dir="ltr" class="s2036412Normal-000000"><span class="s2036412DefaultParagraphFont">The Board of Trustees may appoint an administrator, who shall be qualified by training and experience requirements set by the board. The administrator may hire additional employees as may be required to transact the business of the retirement system. The board shall require bonding of the administrator in an amount set by the board, which may be included under any municipal employees' blanket bond. The bond premium may be paid by the system.</span></p><p dir="ltr" class="s2036412Normal"><span xml:space="preserve" class="s2036412000001"> </span></p><p dir="ltr" class="s2036412Normal"><span class="s2036412SCL">Source:</span><span xml:space="preserve" class="s2036412SCL-000002"> SL 1984, ch 56, § 10.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036413Normal { 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.s2036413SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036413CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036413Normal-000000 { 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.s2036413DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2036413Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2036413000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036413SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036413SCL-000003 { 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="s2036413Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.6"><span class="s2036413SENU">9-16-5.6</span></a><span xml:space="preserve" class="s2036413SENU">. </span><span class="s2036413CL">Summary system description--Availability--Contents.</span></p><p dir="ltr" class="s2036413Normal-000000"><span class="s2036413DefaultParagraphFont">An administrator of a retirement system subject to the provisions of this chapter shall make available to any member of the system and to any beneficiary of the system a summary system description. The summary system description shall be written in a manner to be understood by the average member of the system and shall be sufficiently accurate and comprehensive to appraise participants and beneficiaries of their rights and obligations under the system. The summary system description shall include:</span></p><p dir="ltr" class="s2036413Normal-000001"><span class="s2036413DefaultParagraphFont">(1)    The name and address of the administrator;</span></p><p dir="ltr" class="s2036413Normal-000001"><span class="s2036413DefaultParagraphFont">(2)    Names, titles, and addresses of any trustee or trustees;</span></p><p dir="ltr" class="s2036413Normal-000001"><span class="s2036413DefaultParagraphFont">(3)    A description of the relevant provisions of any applicable collective bargaining agreement;</span></p><p dir="ltr" class="s2036413Normal-000001"><span class="s2036413DefaultParagraphFont">(4)    The system's requirements respecting eligibility for participation and benefits;</span></p><p dir="ltr" class="s2036413Normal-000001"><span class="s2036413DefaultParagraphFont">(5)    A description of provisions providing for nonforfeitable pension benefits;</span></p><p dir="ltr" class="s2036413Normal-000001"><span class="s2036413DefaultParagraphFont">(6)    Circumstances which may result in disqualification, ineligibility, or denial or loss of benefits;</span></p><p dir="ltr" class="s2036413Normal-000001"><span class="s2036413DefaultParagraphFont">(7)    The source of financing of the system and the identity of any organization through which benefits are provided;</span></p><p dir="ltr" class="s2036413Normal-000001"><span class="s2036413DefaultParagraphFont">(8)    The date of the end of the system year and whether the records of the system are kept on a calendar, policy or fiscal year basis; and</span></p><p dir="ltr" class="s2036413Normal-000001"><span class="s2036413DefaultParagraphFont">(9)    The procedures to be followed in presenting claims for benefits under the system and the remedies available under the system for the redress of claims which are denied in whole or in part.</span></p><p dir="ltr" class="s2036413Normal"><span xml:space="preserve" class="s2036413000002"> </span></p><p dir="ltr" class="s2036413Normal"><span class="s2036413SCL">Source:</span><span xml:space="preserve" class="s2036413SCL-000003"> SL 1984, ch 56, § 11.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036414Normal { 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.s2036414SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036414CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036414Normal-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.s2036414DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036414000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036414SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036414SCL-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="s2036414Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.7"><span class="s2036414SENU">9-16-5.7</span></a><span xml:space="preserve" class="s2036414SENU">. </span><span class="s2036414CL">Description furnished to member--Charge.</span></p><p dir="ltr" class="s2036414Normal-000000"><span class="s2036414DefaultParagraphFont">The administrator of a system shall, upon written request of any participant or beneficiary, furnish a copy of the latest updated summary system description, the latest annual report and any bargaining agreement, trust agreement, contract, or other instrument under which the system is established or operated. The administrator may make a reasonable charge to cover the cost of furnishing such complete copies.</span></p><p dir="ltr" class="s2036414Normal"><span xml:space="preserve" class="s2036414000001"> </span></p><p dir="ltr" class="s2036414Normal"><span class="s2036414SCL">Source:</span><span xml:space="preserve" class="s2036414SCL-000002"> SL 1984, ch 56, § 12.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036415Normal { 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.s2036415SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036415CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036415Normal-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.s2036415DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036415000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036415SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036415SCL-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="s2036415Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.8"><span class="s2036415SENU">9-16-5.8</span></a><span xml:space="preserve" class="s2036415SENU">. </span><span class="s2036415CL">Information furnished to members annually.</span></p><p dir="ltr" class="s2036415Normal-000000"><span class="s2036415DefaultParagraphFont">Each administrator of a system under this chapter annually shall furnish to each system member or beneficiary a statement showing, on the basis of the latest available information, his total contributions, if any, his total benefits accrued and his nonforfeitable benefits, if any, which have accrued or the earliest date on which his benefits will become nonforfeitable.</span></p><p dir="ltr" class="s2036415Normal"><span xml:space="preserve" class="s2036415000001"> </span></p><p dir="ltr" class="s2036415Normal"><span class="s2036415SCL">Source:</span><span xml:space="preserve" class="s2036415SCL-000002"> SL 1984, ch 56, § 13.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036416Normal { 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.s2036416SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036416CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036416Normal-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.s2036416DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036416000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036416SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036416SCL-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="s2036416Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.9"><span class="s2036416SENU">9-16-5.9</span></a><span xml:space="preserve" class="s2036416SENU">. </span><span class="s2036416CL">Records of employer.</span></p><p dir="ltr" class="s2036416Normal-000000"><span class="s2036416DefaultParagraphFont">An employer who employs one or more individuals who are members of a system covered under this chapter shall maintain records with respect to each employee sufficient to determine benefits due or which may become due to the employee. The employer shall furnish to the system administrator any information necessary for the administrator to make reports required under the provisions of this chapter.</span></p><p dir="ltr" class="s2036416Normal"><span xml:space="preserve" class="s2036416000001"> </span></p><p dir="ltr" class="s2036416Normal"><span class="s2036416SCL">Source:</span><span xml:space="preserve" class="s2036416SCL-000002"> SL 1984, ch 56, § 14.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036417Normal { 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.s2036417SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036417CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036417Normal-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.s2036417DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036417000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036417SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036417SCL-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="s2036417Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.10"><span class="s2036417SENU">9-16-5.10</span></a><span xml:space="preserve" class="s2036417SENU">. </span><span class="s2036417CL">Fiduciary of system--Duties--Definition.</span></p><p dir="ltr" class="s2036417Normal-000000"><span class="s2036417DefaultParagraphFont">Every fiduciary of a retirement system subject to the provisions of this chapter shall discharge his duties solely in the interest of the participants and beneficiaries of the system, for the exclusive purpose of providing benefits to participants and their beneficiaries and with the skill, care, prudence, and diligence, under the circumstances then prevailing, of a prudent man, familiar with such matters and acting in a similar capacity. For purposes of this section, the term "fiduciary" means any person or entity which exercises any discretionary authority control over the management of a system or its assets, any person or entity which renders investment advice to a system for a fee or other compensation, or any person or entity which has any discretionary authority or discretionary responsibility in the administration of a system.</span></p><p dir="ltr" class="s2036417Normal"><span xml:space="preserve" class="s2036417000001"> </span></p><p dir="ltr" class="s2036417Normal"><span class="s2036417SCL">Source:</span><span xml:space="preserve" class="s2036417SCL-000002"> SL 1984, ch 56, § 15.</span></p></div></body></html><br /><hr><br /><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 9-16-5 - 9-16-5. Repealed by SL 1984, ch 56, § 5.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2036418Normal { 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.s2036418SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036418CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2036418Normal-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.s2036418DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036418000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2036418SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2036418SCL-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="s2036418Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.11"><span class="s2036418SENU">9-16-5.11</span></a><span xml:space="preserve" class="s2036418SENU">. </span><span class="s2036418CL">Time for compliance--Remedy for noncompliance.</span></p><p dir="ltr" class="s2036418Normal-000000"><span xml:space="preserve" class="s2036418DefaultParagraphFont">Each retirement system subject to the provisions of this chapter shall be in compliance with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-3.1"><span class="s2036418DefaultParagraphFont">9-16-3.1</span></a><span xml:space="preserve" class="s2036418DefaultParagraphFont"> and §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.1"><span class="s2036418DefaultParagraphFont">9-16-5.1</span></a><span xml:space="preserve" class="s2036418DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.8"><span class="s2036418DefaultParagraphFont">9-16-5.8</span></a><span xml:space="preserve" class="s2036418DefaultParagraphFont">, inclusive, no later than June 12, 1987. At any time thereafter, if the members of the Retirement Laws Committee determine that any such system is not in compliance with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.1"><span class="s2036418DefaultParagraphFont">9-16-5.1</span></a><span xml:space="preserve" class="s2036418DefaultParagraphFont">, the Retirement Laws Committee shall so certify in writing to the state treasurer. Upon receipt of the certification, the state treasurer shall pay into that municipality's system funds which are due from the state treasury to the municipality until the system complies with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-16-5.1"><span class="s2036418DefaultParagraphFont">9-16-5.1</span></a><span class="s2036418DefaultParagraphFont">.</span></p><p dir="ltr" class="s2036418Normal"><span xml:space="preserve" class="s2036418000001"> </span></p><p dir="ltr" class="s2036418Normal"><span class="s2036418SCL">Source:</span><span xml:space="preserve" class="s2036418SCL-000002"> SL 1984, ch 56, § 16.</span></p></div></body></html>