reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-107 - Disability defined.

3-12C-107. Disability defined.
The term, disability or disabled, means any medically determinable physical or mental impairment that prevents a member from performing the member's usual duties for the member's employer, even with accommodations, or performing the duties of a comparable level position for the member's employer. The term excludes any condition resulting from a willful, self-inflicted injury.
Source:
SL 2019, ch 22, §5.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-108 - Effective rate of interest defined.

3-12C-108. Effective rate of interest defined.
For the purposes of this chapter, the phrase, effective rate of interest, means the interest at an annually compounded rate to be established by the board for each fiscal year. The rate shall be no greater than ninety percent of the average ninety-one day United States treasury bill rate for the immediately preceding calendar year and in no event may the rate be more than the rate established by the board pursuant to §3-12C-227 for investment return for purposes of the actuarial valuation. If a member withdraws contributions pursuant to §3-12C-602 or 3-12C-604, or if benefits are payable under §3-12C-409, the interest shall be as annually compounded on the preceding June thirtieth.
Source:
SL 2016, ch 32, §54; SDCL §3-12-47.8; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-109 - Minimum actuarial requirement to support benefits defined.

3-12C-109. Minimum actuarial requirement to support benefits defined.
For the purposes of this chapter, the phrase, minimum actuarial requirement to support benefits, means the normal cost and the interest on and amortization of the unfunded actuarial accrued liability over a period not to exceed twenty years, all expressed in terms of a percentage of covered payroll and based on the baseline COLA or the restricted COLA, as applicable. If the actuarial value of assets exceeds the actuarial accrued liability, the minimum actuarial requirement to support benefits includes recognition of the amount by which the actuarial value of assets exceeds the actuarial accrued liability. However, in no event may the recognition reduce the minimum actuarial requirement to support benefits to a percentage less than the contribution rate.
Source: SL 2018, ch 33, §13; SDCL §3-12-120.4; SL 2019, ch 22, §1; SL 2023, ch 16, §3.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-110 - Spouse defined.

3-12C-110. Spouse defined.
The term, spouse, means a person who was married to the member at the time of the death of the member and whose marriage was both before the member's retirement and more than twelve months before the death of the member.
Source:
SL 2019, ch 22, §6.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-111 - Terminated defined.

3-12C-111. Terminated defined.
The term, terminated, means complete severance of employment from public service of any member by resignation or discharge, not including leave of absence, layoff, vacation leave, sick leave, or jury duty, and involving all termination proceedings routinely followed by the member's participating unit, including payment to the member for unused vacation leave, payment to the member for unused sick leave, payment to the member for severance of an employment contract, severance of employer-provided health insurance coverage, severance of employer-provided life insurance coverage, or severance of any other such employer-provided perquisite of employment granted by the member's participating unit to an active employee.
Source:
SL 2019, ch 22, §7.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-112 - Vested defined.

3-12C-112. Vested defined.
The term, vested, means the right to a retirement benefit from the system based on the provisions of this chapter after three years of contributory service or noncontributory service, even if the member leaves the employment of a participating unit, if the member does not withdraw accumulated contributions.
Source:
SL 2019, ch 22, §8.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-113 - Internal Revenue Code references.

3-12C-113. Internal Revenue Code references.
For the purposes of this chapter, the term, Internal Revenue Code, or code, means the Internal Revenue Code as in effect as of January 1, 2023.
Source: SL 2023, ch 14, §2.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-201 - Citation of chapter.

3-12C-201. Citation of chapter.
This chapter shall be cited as the South Dakota Retirement Act.
Source:
SL 1974, ch 35, §84; SDCL §3-12-128; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-202 - System managed by board--Standard of conduct--Legal advice.

3-12C-202. System managed by board--Standard of conduct--Legal advice.
The system shall be under the Board of Trustees. The Board of Trustees shall be held to the standard of conduct of a fiduciary and shall carry out its functions solely in the interest of the members and benefit recipients and for the exclusive purpose of providing benefits and defraying reasonable expenses incurred in performing such duties as required by law. The system may not engage in any activity that is not solely designed to provide for the exclusive benefit of the members and benefit recipients of the system. The attorney general is the legal adviser to the board.
Source:
SL 1967, ch 303, §3; SDCL §3-12-4; SL 1968, ch 216, §1; SL 1973, ch 2, §22 (a) to (d); SL 1973, ch 25; SDCL Supp, §§3-12-4.1, 3-13-4.1, 13-45-8.1, 16-8-7.1; SL 1974, ch 35, §12; SL 1979, ch 27, §3; SL 1992, ch 30, §2; SL 2010, ch 21, §1; SDCL §3-12-54; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-203 - Board of Trustees created--Composition.

3-12C-203. Board of Trustees created--Composition.
There is created a governing authority of the system known as the Board of Trustees. Voting representation on the board shall be the following:
(1)Two state employee members;
(2)Two certified school employee members;
(3)A participating municipality member;
(4)A participating county member;
(5)A participating classified employee member;
(6)A current contributing Class B member other than a justice, judge, or magistrate judge;
(7)A justice, judge, or magistrate judge;
(8)One head of a principal department established pursuant to §1-32-2, or one head of a bureau under the Department of Executive Management established pursuant to §1-33-3 appointed by the Governor;
(9)An individual appointed by the Governor;
(10)A county commissioner of a participating county;
(11)A school district board member;
(12)An elected municipal official of a participating municipality;
(13)A retiree; and
(14)A faculty or administrative member employed by the Board of Regents and not subject to the provisions of chapter 3-6D.
A representative of the State Investment Council shall serve as an ex officio nonvoting member.
Source: SL 1967, ch 303, §3; SDCL §3-12-4; SL 1968, ch 216, §1; SL 1973, ch 25; SL 1974, ch 35, §3; SL 1975, ch 38, §7; SL 1976, ch 39, §8; SL 1977, ch 28, §4; SL 1979, ch 27, §1; SL 1994, ch 33; SL 2018, ch 33, §7; SDCL §
3-12-48
; SL 2019, ch 22, §1; SL 2020, ch 12, § 2.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-204 - Election of trustees--Terms of office.

3-12C-204. Election of trustees--Terms of office.
Each group of retirement system members who are vested or are currently contributing or employers as set out in §3-12C-203 shall elect its own trustee or trustees in a separate election. The board shall promulgate rules, pursuant to chapter 1-26, to carry out the elections. The regular term of office of a trustee is four years and expires on June thirtieth. The appointees of the Governor shall serve at the pleasure of the Governor. The appointee of the Investment Council shall serve at the pleasure of the Investment Council. Except for appointees of the Governor and Investment Council, upon the death or resignation of a trustee, the board shall appoint a successor. The successor trustee shall fill the position immediately and serve until the June thirtieth that is no less than three but no more than four years after taking office.
Source:
SL 1959, ch 84, §6; SDC Supp 1960, §15.3910; SL 1961, ch 255, §§5, 6; SL 1965, ch 220, §§5, 6; SL 1967, ch 303, §3; SDCL §§3-12-4, 9-15-4 (5), 9-15-5, 13-45-9; SL 1968, ch 216, §1; SL 1970, ch 106, §1; SL 1973, ch 25; SL 1974, ch 35, §§5 to 7; SL 1976, ch 41; SL 1977, ch 28, §14; SL 1979, ch 27, §2; SL 2011, ch 21, §1; SDCL §3-12-49; SL 2019, ch 22, §1; SL 2019, ch 23, §7.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-205 - Resignation of trustee due to loss of qualifying status--Filling of vacancy.

3-12C-205. Resignation of trustee due to loss of qualifying status--Filling of vacancy.
If any trustee no longer serves in the capacity that qualified the trustee for membership on the board, the trustee is considered to have resigned from the board on June thirtieth of the following calendar year. The vacancy created by the resignation shall be filled through the annual election process. However, if the vacancy is not filled through the annual election process, the board shall fill the vacancy by appointment. The person elected or appointed shall serve a four-year term regardless of the time remaining in the term of the trustee who ceased serving in the qualifying capacity. The provisions of this section do not apply to any trustee who, on January 1, 2019, is no longer serving in the capacity that qualified the trustee.
Source:
SL 1959, ch 84, §8; SDC Supp 1960, §15.3912; SL 1961, ch 255, §7; SDCL §§9-15-6, 13-45-12; SL 1970, ch 106, §2; SL 1974, ch 35, §11; SL 1982, ch 32, §2; SL 2011, ch 21, §2; SDCL §3-12-53; SL 2019, ch 22, §1; SL 2019, ch 23, §6.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-206 - Trustees--Oath of office.

3-12C-206. Trustees--Oath of office.
Each trustee, after being appointed or elected, shall take and file in the Office of the Secretary of State the oath required by §3-1-5.
Source: SL 1959, ch 84, §7; SDC Supp 1960, §15.3911; SL 1961, ch 255, §8; SL 1967, ch 303, §3; SDCL §§3-12-5, 9-15-8, 13-45-10; SL 1968, ch 216, §1; SL 1974, ch 35, §8; SDCL §3-12-50; SL 2019, ch 22, §§9, 45; SL 2022, ch 15, §2.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-207 - Compensation and expenses of trustees.

3-12C-207. Compensation and expenses of trustees.
The trustees shall receive per diem compensation and allowable expenses for their services as trustees as are fixed pursuant to §4-7-10.4.
Source:
SL 1967, ch 303, §3; SDCL §3-12-6; SL 1968, ch 216, §1; SL 1974, ch 35, §9; SDCL §3-12-51; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-208 - Meetings of board--Chair and vice chair--Votes required for decision.

3-12C-208. Meetings of board--Chair and vice chair--Votes required for decision.
The board shall meet at least twice each year, and shall adopt its own rules of procedure. A majority of trustees constitutes a quorum. At the first meeting of each fiscal year the board shall elect from the board's membership a chair and a vice chair. At least eight concurrent votes and a majority of the members present are required for a decision by the board for any of its meetings.
Source:
SL 1959, ch 84, §§9, 10; SDC Supp 1960, §§15.3913, 15.3914; SL 1961, ch 255, §§9 (a), 10; SL 1963, ch 285; SL 1965, ch 220, §§7, 8; SL 1967, ch 303, §3 (1), (2); SDCL §§3-12-7, 3-12-8, 9-15-10, 9-15-17, 13-45-13, 13-45-14; SL 1968, ch 216, §1; SL 1974, ch 35, §10; SL 2012, ch 26, §7; SL 2016, ch 31, §1; SDCL §3-12-52; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-209 - Appointment of executive director--Compensation--Employment of personnel--Bond.

3-12C-209. Appointment of executive director--Compensation--Employment of personnel--Bond.
The board shall appoint an executive director, qualified by training and experience, to serve at the pleasure of the board. The board shall fix the compensation for the executive director. The compensation shall be based on a compensation policy, adopted by the board, that considers an analysis of the compensation and responsibilities of executive directors of regional statewide retirement systems. The board may adjust the salary of the executive director annually in accordance with the state employee salary policy as enacted by the Legislature in each corresponding year.
The board shall report any change in the executive director's compensation above the state employee salary policy to the Retirement Laws Committee before July first for the upcoming fiscal year. The change in compensation above the state employee salary policy is effective if approved by the majority vote of the Retirement Laws Committee.
The executive director may hire additional employees as may be required to transact the business of the retirement system and shall fix the remuneration for such services.
The board shall require the bonding of the executive director in an amount set by the board that shall be included under the state employees' blanket bond. The premium may be charged to the fund.
Source:
SL 1967, ch 303, §3 (4), (5); SDCL §§3-12-9, 3-12-10; SL 1968, ch 216, §1; SL 1974, ch 35, §13; SL 1979, ch 27, §4; SL 1980, ch 32; SL 1995, ch 17; SL 1998, ch 20, §1; SL 2016, ch 31, §2; SL 2017, ch 30, §1; SL 2018, ch 35, §1; SDCL §3-12-55; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-210 - Expense fund continued--Transfer from retirement system fund--Report of budget--Appropriation and disbursement for expenses.

3-12C-210. Expense fund continued--Transfer from retirement system fund--Report of budget--Appropriation and disbursement for expenses.
The South Dakota Retirement System expense fund is continued and the board is authorized to transfer from the South Dakota Retirement System fund an annual amount not to exceed three percent of the annual contributions received by the system, and the money transferred is appropriated for the payment of the administrative costs of the system. The board shall report its proposed annual budget to the Legislature for approval. Expenditures from all funds shall be disbursed on warrants drawn by the state auditor and shall be supported by vouchers approved by the executive director of the system.
Source:
SL 1967, ch 303, §12; SDCL §3-12-42; SL 1968, ch 216, §1; SL 1970, ch 25, §12; SL 1974, ch 35, §18; SL 1976, ch 42; SL 2011, ch 1 (Ex. Ord. 11-1), §33, eff. Apr. 12, 2011; SL 2016, ch 31, §5; SDCL §3-12-61; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-211 - Rules for administration.

3-12C-211. Rules for administration.
The Board of Trustees may promulgate rules necessary to establish uniform procedures for the administration of the system and to insure uniformity of application of the provisions of this chapter. Rules may be adopted in the following areas:
(1)Membership and class of membership;
(2)Contributions and the collection of contributions;
(3)Criteria and procedures for the determination of applications for, and payment of disability benefits;
(4)Procedure for applications for benefits and the payment of benefits;
(5)Election of trustees; and
(6)Procedure for the conduct of meetings of the board.
The rules shall be promulgated pursuant to chapter 1-26 and shall be in accordance with the provisions of this chapter.
Source:
SL 1967, ch 303, §3 (9); SDCL §3-12-11; SL 1968, ch 216, §1; SL 1974, ch 35, §15; SL 1983, ch 22, §1; SL 2017, ch 27, §7; SDCL §3-12-58; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-212 - Applications for membership or benefits--Picture identification required.

3-12C-212. Applications for membership or benefits--Picture identification required.
Applications for membership or any benefit shall be made to the executive director on forms approved by the system. Each application shall be accompanied by a copy of the person's current driver license or other picture identification card issued by a government agency or tribe.
Source: SL 1974, ch 35, §14; SL 2016, ch 31, §3; SDCL §
3-12-56
; SL 2019, ch 22, §§12, 45; SL 2021, ch 27, § 1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-213 - Grievance procedure--Administrative and judicial review.

3-12C-213. Grievance procedure--Administrative and judicial review.
Any person aggrieved by a final determination made by the system's staff may request review of the final determination and a decision by the executive director if the request is made in writing within thirty days after receiving the final determination. The person, if then aggrieved by the executive director's decision, may appeal the decision, if the person files a written notice of appeal with the executive director within thirty days of the date of the decision. The notice shall identify the person appealing and the decision appealed. The appeal shall be conducted by a hearing examiner in accordance with chapter 1-26. The hearing examiner, after hearing the evidence in the matter, shall make proposed findings of fact and conclusions of law, and a proposed decision. The executive director shall accept, reject, or modify the findings, conclusions, and decision of the hearing examiner and such action constitutes the final agency decision. Alternatively, the executive director may appoint the hearing examiner to make the final agency decision. The final agency decision may be appealed to circuit court pursuant to chapter 1-26. The executive director may arrange for the assistance of private counsel throughout the appeal process.
Source:
SL 2008, ch 22, §1; SL 2016, ch 31, §4; SL 2018, ch 33, §8; SDCL §3-12-57.1; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-214 - Correction of records--Adjustment for underpayment or overpayment--Limitation.

3-12C-214. Correction of records--Adjustment for underpayment or overpayment--Limitation.
If any change or error in the records of the system or any participating unit results in any person receiving from the system less than the person would have been entitled to receive had the records been correct, the executive director shall correct the error and, as far as practicable, shall adjust the payment to provide the person the amount to which the person is correctly entitled.
If any change or error in the records of the system or any participating unit results in any person receiving from the system more than the person would have been entitled to receive had the records been correct, the executive director shall correct the error and, as far as practicable, shall recover the overpayment to reflect the amount to which the person is correctly entitled. The board shall promulgate rules, pursuant to chapter 1-26, concerning the methods by which an overpayment shall be repaid, including an actuarial equivalent. However, the recovery of an overpayment is limited to the amount attributable to any error that occurred during the six-year period immediately before the discovery of the error. This limitation does not apply in the case of fraud, intentional misrepresentation, material omission, or other fault on the part of a member or beneficiary.
Source:
SL 1959, ch 84, §38; SDC Supp 1960, §15.3942; SL 1961, ch 255, §40; SDCL §§9-15-68, 13-45-70; SL 1970, ch 25, §13; SDCL Supp, §3-12-44; SL 1974, ch 35, §68; SL 2015, ch 28, §1; SL 2016, ch 31, §23; SDCL §3-12-114; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-215 - Confidentiality of records--Exceptions.

3-12C-215. Confidentiality of records--Exceptions.
Any information contained in any record pertaining to a member of the system is confidential and shall be used for the sole purpose of carrying into effect the provisions of this chapter, chapter 3-13, and chapter 3-13A. Any record containing the information is not open to inspection by any person or entity except the member, the board, the employees of the system, or the member's employer. The information and records may be released to the member or with the member's consent. The information and records may also be released pursuant to a court order or subpoena.
Source:
SL 2002, ch 22, §5; SDCL §3-12-58.1; SL 2019, ch 22, §1; SL 2020, ch 12, § 3.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-216 - Exemption of contributions and benefits from taxation and process.

3-12C-216. Exemption of contributions and benefits from taxation and process.
The rights of a person to a benefit, return of accumulated contributions, the benefit itself, any optional benefits and any other right accrued or accruing under the provisions of this chapter and all moneys belonging to the system are hereby exempt from any state, county, municipal, or other local tax and may not be subject to execution, garnishment, attachment, operation of bankruptcy or insolvency laws or any other process of law whatsoever and shall be unassignable, except as required under applicable law, including any qualified domestic relations order as defined in §414(p) of the Internal Revenue Code, or as is otherwise specifically provided in this chapter.
Source:
SL 1959, ch 84, §40; SDC Supp 1960, §15.3943; SL 1961, ch 255, §42; SDCL §§9-15-70, 13-45-69; SL 1970, ch 25, §13; SDCL Supp, §3-12-45; SL 1974, ch 35, §69; SL 1985, ch 24, §3; SL 2013, ch 20, §11; SDCL §3-12-115; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-217 - Domestic relations orders--Determination as to whether qualified--Restrictions on provisions.

3-12C-217. Domestic relations orders--Determination as to whether qualified--Restrictions on provisions.
For purposes of §3-12C-216, the system shall determine if a domestic relations order is a qualified domestic relations order. Upon receipt of a domestic relations order, the system shall promptly issue a written notice of receipt to the member and any alternate payee. Within a reasonable period of time, the system shall issue a determination indicating if the domestic relations order qualifies as a plan-approved domestic relations order in accordance with §414(p) of the Internal Revenue Code.
No order may require the payment of benefits to an alternate payee before the retirement of a member or the withdrawal of a member's accumulated contributions for a distribution to an alternate payee. In addition, no order may require the payment of monthly benefits to an alternate payee after the death of the member.
No order approved after July 1, 2018, may require the payment of benefits to the alternate payee's estate after the death of the alternate payee. The amount paid in monthly benefits to the alternate payee shall be paid to the member after the death of the alternate payee.
Source:
SL 2018, ch 33, §11; SDCL §3-12-115.1; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-218 - Business name of system--Treasurer.

3-12C-218. Business name of system--Treasurer.
The Board of Trustees shall transact all business and hold all cash in the name of the South Dakota Retirement System. The state treasurer shall be the treasurer of the system.
Source:
SL 1967, ch 303, §3 (3); SDCL §3-12-13; SL 1968, ch 216, §1; SL 1974, ch 35, §§1, 17; SDCL §3-12-60; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-219 - Use of fund restricted.

3-12C-219. Use of fund restricted.
No part of the fund created by this chapter may be used for any purpose other than for the exclusive benefit of members and their beneficiaries, payment of reasonable administrative expenses of the system, and reimbursement of overpayments made by employers. No participating unit may receive any amounts from the fund except such amounts which may remain after the satisfaction of all liabilities of the system to its members.
Source:
SL 1984, ch 23, §3; SL 2012, ch 26, §10; SDCL §3-12-72.1; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-220 - Diversion of funds prohibited--Legislative policy.

3-12C-220. Diversion of funds prohibited--Legislative policy.
In order to ensure employee confidence in the preservation and management of the South Dakota Retirement System, it is legislative policy that there should be no legislative enactment nor administrative action which would have the effect, directly or indirectly, of diverting any funds of the system to any purpose other than the administration and support of the benefits of members of the system.
Source:
SL 1990, ch 34; SDCL §3-12-72.3; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-221 - Rights of members on termination of system or discontinuance of contributions.

3-12C-221. Rights of members on termination of system or discontinuance of contributions.
If the system is terminated, or if contributions to the system are discontinued, the rights of all members to benefits that have accrued as of the date of termination or discontinuation of contributions shall vest. A member's recourse against the fund shall be limited by the extent to which the member's benefits are funded.
Source:
SL 1984, ch 23, §4; SDCL §3-12-72.2; SL 2019, ch 22, §§13, 45.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-222 - Application of forfeitures.

3-12C-222. Application of forfeitures.
Forfeitures arising because of termination of employment before the member becomes eligible for benefits or for any other reason shall be applied to reduce the costs of the system and not to increase the benefits otherwise payable to members.
Source:
SL 1984, ch 23, §5; SDCL §3-12-76.2; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-223 - Investment of assets by investment council--Pooling of funds--Standards for investment--Compliance with federal divestiture enactments.

3-12C-223  .  Investment of assets by investment council--Pooling of funds--Standards for investment--Compliance with federal divestiture enactments.
The State Investment Council as provided in §  4-5-12   is responsible for the investment of the assets of the system. The Investment Council may pool the several retirement funds for investment purposes and the investment of the funds is not restricted by the provisions of §  4-5-26  , but is governed by the provisions of §  4-5-27  . The assets of the system may not be managed in any manner for the purposes of social investment. The State Investment Council shall invest member trust funds in a manner that is solely designed to provide for the exclusive benefit of the members and benefit recipients of the system. The foregoing provisions notwithstanding, the State Investment Council shall establish a shareholder activism policy to engage and promote compliance with federal divestiture enactments by the United States Congress and to recognize the risks associated with companies doing business in the countries identified. Once the United States Congress has acted, the State Investment Council may initiate the shareholder activism policy on its own accord, or shall do so at the direction of the Legislature by resolution. The State Investment Council shall report semi-annually on council actions related to the shareholder activism policy. The report shall include an analysis of the success of the policy in accomplishing the goal of promoting compliance with the federal enactments and its impact on all sales of affected companies.
Source:  SL 1974, ch 35, §71; SL 1989, ch 39; SL 2010, ch 21, §3; SDCL §
3-12-117
; SL 2019, ch 22, §1; SL 2020, ch 12, § 4.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-224 - Quadrennial independent report on investment performance.

3-12C-224. Quadrennial independent report on investment performance.
The board shall retain the services of an independent contractor, not involved in the investment process, to make a report to the board not less than every four years on the investment performance results of the assets of the retirement funds.
Source:
SL 1974, ch 35, §72; SL 2016, ch 31, §25; SDCL §3-12-118; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-225 - Review of investment policy when return lower than average--Report to Governor and Legislature.

3-12C-225. Review of investment policy when return lower than average--Report to Governor and Legislature.
In the event the investment return on the common stock portfolio or bond portfolio is lower than the average return achieved by other institutional investors of pension funds, then the Investment Council shall review the way in which the assets are being invested and the sources of investment advice being utilized to determine what changes, if any, are desirable to produce an investment return equal to or greater than the average, and shall make a report to the Governor and the Legislature on the investment performance results and any changes necessary to improve the investment return.
Source:
SL 1974, ch 35, §73; SDCL §3-12-119; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-226 - Annual actuarial valuation of system--Scope of valuation.

3-12C-226. Annual actuarial valuation of system--Scope of valuation.
To determine and verify the adequacy of the member and employer contributions to the system, an actuarial valuation of the system shall be made annually by an approved actuary.
The actuarial valuation shall include:
(1)A demonstration of the relationship of the current member and employer contributions, expressed as a percentage of payroll, to the minimum actuarial requirement to support benefits; and
(2)The current year's actuarial value funded ratio and fair value funded ratio as well as the ratios from the prior actuarial valuations.
Source:
SL 1974, ch 35, §74; SL 1996, ch 27; SL 2004, ch 42, §13; SL 2018, ch 33, §12; SDCL §3-12-120; SL 2019, ch 22, §§14, 45.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-227 - Actuarial assumptions on which valuation based--Report of change.

3-12C-227. Actuarial assumptions on which valuation based--Report of change.
The actuarial valuation required by §3-12C-226 shall be based on actuarial assumptions adopted by the Board of Trustees as a result of an actuarial experience analysis. The board may not make any change in the actuarial assumptions unless the approved actuary retained to make the actuarial valuation certifies that the change is reasonable. If the board makes any such change, it shall report the change to the Governor and to the Retirement Laws Committee. The report shall include the actuary's and board's analysis of the conditions that led to the change.
Source:
SL 1974, ch 35, §76; SL 1980, ch 31, §2; SL 2004, ch 42, §2; SDCL §3-12-121; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-228 - Funding of system--Review--Report--Corrective action.

3-12C-228. Funding of system--Review--Report--Corrective action.
The board shall review the funding of the system and shall make a report to the Governor and the Retirement Laws Committee if the funding of the system does not meet both of the following conditions:
(1)The fair value funded ratio is greater than or equal to one hundred percent; and
(2)The contribution rate meets or exceeds the minimum actuarial requirement to support benefits.
The report shall include recommendations for the circumstances and timing for any corrective action, including benefit changes, to improve the conditions in subdivisions (1) and (2). For Class D members, corrective action is limited to reducing or eliminating the cost of living adjustment. Based on this report and the recommendations of the board, the Legislature may adopt corrective action to improve the conditions in subdivisions (1) and (2).
Eligibility for benefits, the amount of any benefit, and the rate of member contributions established in this chapter are not the contractual rights of any member and are subject to change by the Legislature for purposes of corrective action to improve the conditions in subdivisions (1) and (2).
Source:
SL 1974, ch 35, §75; SL 1986, ch 37, §12; SL 2004, ch 42, §1; SL 2008, ch 20, §15; SL 2013, ch 21, §1; SL 2016, ch 31, §26; SL 2017, ch 27, §2; SL 2018, ch 33, §14; SDCL §3-12-122; SL 2019, ch 22, §1; SL 2020, ch 13, § 4.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-229 - Annual report of funded status of system.

3-12C-229. Annual report of funded status of system.
At the beginning of each legislative session, the board shall provide the Governor and the Legislature with an annual report of the funded status of the system for the fiscal year that ended the previous June thirtieth.
Source:
SL 2017, ch 27, §3; SDCL §3-12-122.1; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-230 - Record of board proceedings--Annual report.

3-12C-230. Record of board proceedings--Annual report .
The board shall keep complete records of its proceedings which shall be open to public inspection. The board shall prepare an annual report setting forth its financial information for the previous fiscal period including the amount of the accumulated cash and securities of the system, and the results of the most recent actuarial valuation. A copy of the report shall be available on the system's website.
Source:
SL 1967, ch 303, §3 (11); SDCL §3-12-12; SL 1968, ch 216, §1; SL 1974, ch 35, §16; SL 1977, ch 28, §5; SDCL §3-12-59; SL 2019, ch 22, §§10, 45.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-301 - Members of system.

3-12C-301. Members of system.
All of the following full-time employees are included as members in the system:
(1)All state employees;
(2)All certified school employees;
(3)All justices, judges, and magistrate judges;
(4)All police officers and firefighters of participating municipalities;
(5)All general employees of participating municipalities;
(6)All employees of participating counties;
(7)All classified employees of school districts that are participating with the school districts' classified employees and all other classified employees;
(8)All employees of the Board of Regents; and
(9)All state law enforcement officers.
Source: SL 1957, ch 142, § 8; SL 1959, ch 84, § 15; SDC Supp 1960, §§ 15.3919 (1), 44.06A08; SL 1961, ch 255, § 17; SL 1963, ch 86, § 1; SL 1965, ch 220, § 13; SL 1967, ch 303, § 4; SDCL §§ 3-12-19, 3-13-12, 9-15-25, 9-15-26, 13-45-21; SL 1968, ch 56, § 1; SL 1968, ch 216, § 1; SDCL Supp, § 3-12-19.2; SL 1974, ch 35, § 19; SL 1975, ch 38, § 8; SL 1976, ch 39, § 7; SL 1981, ch 13, § 1; SL 2012, ch 26, § 8; SDCL §
3-12-62
; SL 2019, ch 22, § 1; SL 2020, ch 12, § 5; SL 2021, ch 29, § 9, eff. Apr. 1, 2021.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-302 - Membership in system--Exclusions.

3-12C-302. Membership in system--Exclusions.
Membership in the system shall exclude the following:
(1)All elective officials except justices and judges, unless the official is currently contributing or has previously contributed to the system or the official has elected and is otherwise qualified to become a member of the system;
(2)The governing body of any participating county, municipality, or other political subdivision; and
(3)All personnel employed by the municipality of Sioux Falls before July 1, 2013. However, any person employed before July 1, 2013, who separates from service with the municipality of Sioux Falls and is subsequently rehired by the municipality of Sioux Falls and begins working after June 30, 2013, as a full-time employee shall be a member of the system.
Source: SL 1967, ch 303, §4; SDCL §3-12-20; SL 1968, ch 216, §1; SDCL Supp, §3-12-20.1; SL 1973, ch 24, §3; SL 1974, ch 35, §20; SL 1975, ch 38, §9; SL 1975, ch 39, §4; SL 1976, ch 39, §6; SL 1977, ch 30, §1; SL 1980, ch 33, §1; SL 2011, ch 1 (Ex. Ord.
11-1
), §33, eff. Apr. 12, 2011; SL 2013, ch 19, §2; SL 2015, ch 25, §4; SL 2016, ch 31, §7; SDCL §
3-12-63
; SL 2019, ch 22, §1; SL 2019, ch 23, §3; SL 2020, ch 13, § 5; SL 2021, ch 29, § 10, eff. Apr. 1, 2021.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-303 - Newly elected officials permitted to join system--Requirements--Credited service.

3-12C-303. Newly elected officials permitted to join system--Requirements--Credited service.
A newly-elected official, who is a full-time employee of a participating unit and not a member of the system, may elect to become a member. However, the official shall make the election when the official is first eligible to participate in the system, and the official's election is irrevocable for as long as the official is an elected official. If the official is a current contributing member or has previously contributed to the system, the elected official shall participate in the system. If an elected official has elected not to participate in the system, the official is not eligible to make a new election. The official's credited service is limited to service for which contributions are made.
Source: SL 1967, ch 303, §4; SDCL §3-12-21; SL 1968, ch 216, §1; SL 1970, ch 25, §3; SL 1974, ch 35, §21; SDCL §
3-12-64
; SL 2019, ch 22, §1; SL 2019, ch 23, §2; SL 2021, ch 29, § 11, eff. Apr. 1, 2021.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-304 - Continuation of previously established retirement plan--Vote of employees required to participate in consolidated system.

3-12C-304  .  Continuation of previously established retirement plan--Vote of employees required to participate in consolidated system.
Any political subdivision or public corporation may operate a retirement plan created prior to July 1, 1974, unless the retirement plan of the political subdivision or public corporation is accepted in the system created by this chapter. Notwithstanding the provisions of this section and §  3-12C-306  , no political subdivision or public corporation with a retirement plan may be accepted as a participating unit unless two-thirds of the members of the retirement plan vote to become members of the system created by this chapter.
Source:  SL 1974, ch 35, §23; SDCL §
3-12-65
; SL 2019, ch 22, §1; SL 2020, ch 12, § 6.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-305 - Newly established retirement plans of political subdivisions and public corporations to participate in consolidated system.

3-12C-305. Newly established retirement plans of political subdivisions and public corporations to participate in consolidated system.
No political subdivision or public corporation, including municipalities, counties, and chartered governmental units, may establish any retirement plan unless such political subdivision or public corporation becomes a participating unit of the system created in this chapter.
Source:
SL 1974, ch 35, §24; SDCL §3-12-66; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-306 - Election by political subdivision or public corporation to participate in consolidated system.

3-12C-306. Election by political subdivision or public corporation to participate in consolidated system.
Any political subdivision and any public corporation, including municipalities, counties and chartered governmental units in the State of South Dakota, may become a participating unit by a duly passed resolution of its governing body. Any political subdivision not participating in the system on June 30, 1985, may become a participating unit for only its class A members or only its class B members, or for both classes together. If a political subdivision elects to participate for either one class of members or for both classes, all full-time employees in that class or classes shall become members.
Source: SL 1961, ch 255, §16; SL 1965, ch 220, §12; SL 1967, ch 303, §10; SDCL §§3-12-36, 9-15-24; SL 1968, ch 216, §1; SL 1974, ch 35, §25; SL 1985, ch 25; SDCL §
3-12-67
; SL 2019, ch 22, §1; SL 2021, ch 29, § 12, eff. Apr. 1, 2021.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-307 - Coverage of joint employees of participating and nonparticipating political subdivisions.

3-12C-307. Coverage of joint employees of participating and nonparticipating political subdivisions.
If a participating unit and a nonparticipating South Dakota political subdivision or public corporation agree to provide certain public services on a joint basis, they may agree to consider persons employed pursuant to the agreement as if they were solely employees of the participating unit for the exclusive purposes of the system created in this chapter. The total compensation paid a person because of the employment shall be considered compensation paid by the participating unit and services rendered by the person because of the employment shall be considered service rendered by the employee to the participating unit.
Source:
SL 1973, ch 51, §1; SDCL Supp, §9-15-25.1; SL 1974, ch 35, §26; SDCL §3-12-68; SL 2019, ch 22, §§15, 45.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-308 - Accrued benefit deposit required when political subdivision or public corporation joins consolidated system--Participation by employees--Deferred payment of deposit.

3-12C-308. Accrued benefit deposit required when political subdivision or public corporation joins consolidated system--Participation by employees--Deferred payment of deposit.
Employees of an eligible political subdivision or public corporation not participating in the systems consolidated into the system created by this chapter, may become a participating unit in the system if the unit commits to deposit an amount equal to the present value of benefits earned to date, based on the employee's prior service to the unit to be covered by the system. The expense of the actuarial determination of this amount shall be borne by the applicant. All eligible employees of an applicant shall participate in the system upon admission. If the unit is unable to deposit this amount in a single sum, the unit shall have the option to pay the amount by periodic level installments over a period up to twenty years, the value of which, when discounted for compound interest at the assumed rate of return, is equal to the amount due at the date of participation.
Source:
SL 1967, ch 303, §10; SDCL §3-12-36; SL 1968, ch 216, §1; SL 1974, ch 35, §27; SL 2004, ch 42, §12; SL 2016, ch 31, §9; SDCL §3-12-69; SL 2019, ch 22, §§43, 45.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-309 - Effective date of participation of employees of participating unit.

3-12C-309. Effective date of participation of employees of participating unit.
The date when the participation of the employees of a participating unit may commence shall be at the beginning of the first month of a calendar quarter.
Source:
SL 1967, ch 303, §10; SDCL §3-12-37; SL 1968, ch 216, §1; SL 1974, ch 35, §28; SL 2009, ch 20, §1; SDCL §3-12-70; SL 2019, ch 22, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-310 - Privatization of governmental function.

3-12C-310. Privatization of governmental function.
If a participating unit determines that a governmental function is to be privatized, the participating unit shall pass a resolution to that effect determining the date that its employees will cease to be public employees eligible for membership in the system. The participating unit shall notify the system and the employees affected of the resolution and, after the effective date, cease to make contributions to the South Dakota Retirement System as required in §§3-12C-401 and 3-12C-403. Any member affected by privatization is entitled to the benefits accrued as of the effective date under the provisions of chapter 3-12C. For the purposes of determining eligibility for vesting and early retirement pursuant to §3-12C-1111, years of service with the successor employer shall be considered.
Source:
SL 1997, ch 30, §1; SL 2016, ch 31, §11; SDCL §3-12-72.4; SL 2019, ch 22, §1.