reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1630 - Benefits for Mitchell firefighters.

3-12C-1630. Benefits for Mitchell firefighters.
Each retired member or benefit recipient described in §3-12C-1629 shall receive the same benefit under the form of annuity provided by the city of Mitchell firemen's pension plan as in effect on June 30, 1996, except for the COLA. Each benefit shall be increased on July 1, 2008, and thereafter by the system's COLA. The benefits of members described in §3-12C-1629 who are entitled to receive benefits from the city of Mitchell firemen's pension plan as of July 1, 1996, shall be paid from the fund established by this chapter.
Source:
SL 1996, ch 28, §2; SL 2008, ch 26, §1; SL 2010, ch 20, §14; SL 2017, ch 27, §28; SDCL §3-12-154; 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-1631 - Calculation of Mitchell firefighter benefits.

3-12C-1631. Calculation of Mitchell firefighter benefits.
Upon retirement, each member described in §3-12C-1629 who is a vested inactive member on July 1, 1996, or an active firefighter in the employ of the city of Mitchell on July 1, 1996, shall receive the greater of:
(1)The member's retirement benefit calculated under this chapter; or
(2)The member's retirement benefit calculated under the city of Mitchell firemen's pension plan based on credited service up to June 30, 1996, and compensation up to June 30, 1996, and utilizing the plan's benefit terms and benefit formula, but applying the system's COLA, as specified in §3-12C-1630.
In either case, the retirement benefit shall be paid from the fund established by this chapter.
Source:
SL 1996, ch 28, §3; SL 2008, ch 26, §2; SL 2017, ch 27, §29; SDCL §3-12-155; 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-1632 - Amount of payment to system by city of Mitchell.

3-12C-1632. Amount of payment to system by city of Mitchell.
The city of Mitchell shall pay to the system an amount equal to the present value of all benefits earned by the members described in §3-12C-1629 up to July 1, 1996, multiplied by the funding ratio set forth in the valuation of the actuarial requirements and financial condition of the system as of June 30, 1996. That amount shall be calculated as of the close of business on June 30, 1996, by the system's actuary. Any amount to be paid to the system by the city of Mitchell which exceeds the value of the assets of the city of Mitchell firemen's pension plan, calculated as of the date of transfer of such assets, may be paid in periodic installments as provided in §3-12C-308.
Source:
SL 1996, ch 28, §4; SDCL §3-12-156; 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-1633 - Transfer of city of Mitchell firemen's pension plan funds as member contributions.

3-12C-1633. Transfer of city of Mitchell firemen's pension plan funds as member contributions.
All amounts transferred to the system from the city of Mitchell firemen's pension plan which under the plan were credited to the accounts of individual employees are considered member contributions under this chapter.
Source:
SL 1996, ch 28, §5; SDCL §3-12-157; 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-1634 - Information required of city of Mitchell.

3-12C-1634. Information required of city of Mitchell.
For purposes of payment of retiree benefits pursuant to §3-12C-1630 and to calculate the minimum benefit pursuant to §3-12C-1631, the city of Mitchell shall provide the following information:
(1)Each retired firefighter's benefit as of June 30, 1996, plus that benefits' COLA;
(2)Each active or inactive vested firefighter's accrued benefit as of June 30, 1996;
(3)Each active firefighter's final average compensation as of June 30, 1996;
(4)Each active firefighter's credited service as of June 30, 1996;
(5)Each active firefighter's employee contributions, with interest credited thereon, as of June 30, 1996; and
(6)The annual rate of salary for a first-class firefighter as of June 30, 1996.
Source: SL 1996, ch 28, §6; SDCL §
3-12-158
; SL 2019, ch 22, §1; SL 2021, ch 26, § 9.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1635 - Huron firefighters as members of system.

3-12C-1635. Huron firefighters as members of system.
On July 1, 1998, all members of the city of Huron firemen pension fund as of June 30, 1998, including all retirees, any deferred vested members and any benefit recipients, shall become members of the system. Each active member shall receive credited service under the system for all service earned under the city of Huron firemen pension fund.
Source:
SL 1998, ch 22, §1; SDCL §3-12-159; 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-1636 - Benefits for Huron firefighters.

3-12C-1636. Benefits for Huron firefighters.
Each retired member, any benefit recipient, or any deferred vested member described in §3-12C-1635 and in such status before July 1, 1998, shall receive the member's previously selected annuity option as provided under the city of Huron firemen pension fund as in effect on June 30, 1998, but is not eligible for a benefit pursuant to §3-12C-1114. Each such benefit in effect before July 1, 1998, shall be increased on that date and thereafter in accordance with §3-12C-703. The retirement benefit of a deferred vested member that goes into effect after July 1, 1998, shall be increased in accordance with §3-12C-703, but the member's final average compensation may not be increased before retirement by the COLA pursuant to §3-12C-601. The benefits of members described in §3-12C-1635 who are entitled to receive benefits from the city of Huron firemen pension fund before July 1, 1998, shall be paid from the fund established by this chapter and funded pursuant to §3-12C-1638.
Source:
SL 1998, ch 22, §2; SL 2004, ch 40, §11; SL 2017, ch 27, §30; SDCL §3-12-160; 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-1637 - Calculation of Huron firefighter benefits.

3-12C-1637. Calculation of Huron firefighter benefits.
Upon retirement, each member described in §3-12C-1635 who is an active firefighter in the employ of the city of Huron on July 1, 1998, shall receive the greater of:
(1)The member's retirement benefit calculated under this chapter; or
(2)The member's retirement benefit calculated under the city of Huron firemen pension fund based on credited service up to June 30, 1998, and compensation up to June 30, 1998, and utilizing the fund's benefit terms and benefit formula.
In either case, such retirement benefit shall be increased in accordance with the provisions of §3-12C-703, shall be paid from the fund established by this chapter and shall be funded pursuant to §§3-12C-1638 and 3-12C-401. Any benefit granted pursuant to subdivision (2) may not include a benefit pursuant to §3-12C-1114.
Source:
SL 1998, ch 22, §3; SL 2017, ch 27, §31; SDCL §3-12-161; 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-1638 - Amount of payment to system by City of Huron.

3-12C-1638. Amount of payment to system by City of Huron.
The city of Huron shall pay to the system an amount equal to the present value of all benefits earned by the members described in §3-12C-1635 up to July 1, 1998, multiplied by the funding ratio set forth in the valuation of the actuarial requirements and financial condition of the system as of June 30, 1998. That amount shall be calculated as of the close of business on June 30, 1998, by the system's actuary. Any amount to be paid to the system by the city of Huron which exceeds the value of the assets of the city of Huron firemen pension fund, calculated as of the date of transfer of such assets, may be paid in periodic installments as provided in §3-12C-308.
Source:
SL 1998, ch 22, §4; SDCL §3-12-162; 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-1639 - Transfer of city of Huron firemen's pension plan funds as member contributions.

3-12C-1639. Transfer of city of Huron firemen's pension plan funds as member contributions.
All amounts transferred to the system from the city of Huron firemen pension fund which under the fund were credited to the accounts of individual members are considered member contributions under this chapter.
Source:
SL 1998, ch 22, §5; SDCL §3-12-163; 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-1640 - Information required of city of Huron.

3-12C-1640. Information required of city of Huron.
For purposes of payment of retirement or other benefits pursuant to §3-12C-1636 and to calculate the minimum benefit pursuant to §3-12C-1637, the city of Huron shall provide the following information:
(1)Each retired firefighter's benefit and form of payment as of June 30, 1998;
(2)Each active or deferred vested firefighter's accrued benefit as of June 30, 1998;
(3)Each active firefighter's final average compensation as of June 30, 1998.
(4)Each active firefighter's credited service as of June 30, 1998;
(5)Each active firefighter's employee contributions, with interest credited thereon as of June 30, 1998; and
(6)The annual rate of salary for a first-class firefighter as of June 30, 1998.
Source:
SL 1998, ch 22, §6; SDCL §3-12-164; 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-1641 - Election by municipality of Sioux Falls to be participating unit.

3-12C-1641. Election by municipality of Sioux Falls to be participating unit.
Notwithstanding the provisions of §3-12C-306, any employee of the municipality of Sioux Falls who begins working after June 30, 2013, as a full-time employee shall be a member of the system if the municipality of Sioux Falls elects to be a participating unit by a duly passed resolution of its governing body.
Source: SL 2013, ch 19, §1; SL 2016, ch 31, §8; SDCL §
3-12-67.1
; SL 2019, ch 22, §1; SL 2021, ch 29, § 14, eff. Apr. 1, 2021.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1642 - Transfer of funds in cement plan retirement fund.

3-12C-1642. Transfer of funds in cement plan retirement fund.
Upon receipt of the appropriation pursuant to SL 2014, ch 21, §1, the state treasurer shall transfer the balance of the funds of the cement plant retirement fund to the South Dakota Retirement System trust fund.
Source:
SL 2014, ch 21, §2, eff. Apr. 1, 2014; SDCL §3-12-217 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-1643 - Members of cement plant retirement plan to be Class C members of system.

3-12C-1643. Members of cement plant retirement plan to be Class C members of system.
On April 1, 2014, all members of the cement plant retirement plan, including any retiree and any vested member, become Class C members of the system. The administration of retirement benefits for Class C members shall continue with the system.
Source:
SL 2014, ch 21, §3, eff. Apr. 1, 2014; SDCL §3-12-218; 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-1644 - Class C members to receive benefits as provided under cement plant retirement plan.

3-12C-1644. Class C members to receive benefits as provided under cement plant retirement plan.
Each Class C member shall receive the same benefit as provided pursuant to the member's respective cement plant retirement plan as in effect on June 30, 2013. The benefits of any Class C member and the member's beneficiaries shall be paid from the fund established by this chapter and funded pursuant to SL 2014, ch 21, §1 and §3-12C-1642.
Source:
SL 2014, ch 21, §4, eff. Apr. 1, 2014; SDCL §3-12-219; 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-1646 - Payment of benefits and operational expenses related to Class C members.

3-12C-1646. Payment of benefits and operational expenses related to Class C members.
Notwithstanding the provisions of §3-12C-210, any benefit payments and any operational expenses related to Class C members shall be paid from the fund established by this chapter.
Source:
SL 2014, ch 21, §6, eff. Apr. 1, 2014; SDCL §3-12-221; 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-1647 - Promulgation of rules to administer retirement benefits for Class C members.

3-12C-1647. Promulgation of rules to administer retirement benefits for Class C members.
The board may, pursuant to chapter 1-26, adopt rules to establish uniform procedures for the administration of the retirement benefits of Class C members.
Source:
SL 2014, ch 21, §7, eff. Apr. 1, 2014; SDCL §3-12-222; 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-1648 - Member election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.

3-12C-1648. Member election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.
Any vested member of the state cement plant retirement plan may elect to receive a lump sum trustee-to-trustee payment in lieu of monthly retirement benefit payments. The amount of the lump sum trustee-to-trustee payment shall be determined by the system's actuary based on the actuarial equivalent of the member's benefit as defined by the cement plant retirement plan. However, no lump sum trustee-to-trustee payment may be made unless both of the following requirements are satisfied:
(1)The member has not received any monthly benefits; and
(2)The member directs a trustee-to-trustee transfer of the lump sum payment to a receiving retirement custodian, trustee, or other approved recipient.
Any eligible member who desires to make the election authorized by this section shall submit an application to the system.
Source:
SL 2014, ch 22, §1; SDCL §3-12-223; 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-1649 - Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.

3-12C-1649. Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.
Upon the death of a vested member of the state cement plant retirement plan who died prior to starting a monthly retirement benefit, the member's surviving spouse may elect a lump sum trustee-to-trustee payment in lieu of monthly surviving spouse benefit payments. The amount of the lump sum trustee-to-trustee payment shall be determined by the system's actuary based on the actuarial equivalent, as defined by the cement plant retirement plan, of the spouse's age sixty-five survivor benefit. However, no lump sum trustee-to-trustee payment may be made unless the following requirements are satisfied:
(1)Neither the member nor the member's family nor the member's spouse received any monthly benefits from the plan; and
(2)The surviving spouse directs a trustee-to-trustee transfer of the lump sum payment to a receiving retirement custodian, trustee, or other approved recipient.
Any eligible surviving spouse who desires to make the election authorized by this section shall submit an application to the system.
Source:
SL 2014, ch 22, §2; SDCL §3-12-224; 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-1650 - Department of Labor and Regulation employees' retirement plan--Membership with system--Class D.

3-12C-1650  .  Department of Labor and Regulation employees' retirement plan--Membership with system--Class D.
As of July 1, 2020, each member of the Department of Labor and Regulation employees’ retirement plan, including any retiree and any vested member, is a Class D member of the system. No additional member may be added to Class D. The administration of retirement benefits for Class D members shall continue with the system in accordance with this chapter and chapter 3-13C.
Source:  SL 2020, ch 13, § 1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1651 - Class D membership--Benefits received.

3-12C-1651  .  Class D membership--Benefits received.
Each Class D member shall receive the same benefit as provided pursuant to the Department of Labor and Regulation employees’ retirement plan as in effect on June 30, 2020, and in accordance with chapter 3-13C. Each Class D member's benefit shall be annually increased by the COLA as determined by §   3-12C-704  . The benefits of any Class D member and the member's beneficiaries and any operational expenses related to Class D members shall be paid from the plan fund established by this chapter.
Source:  SL 2020, ch 13, § 2.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1701 - Correctional security staff benefits.

3-12C-1701. Correctional security staff benefits.
For purposes of determining the benefits of correctional security staff, for credited service earned prior to July 1, 1978, the benefits shall be calculated pursuant to §3-12C-1106 and for credited service after July 1, 1978, the benefits shall be calculated pursuant to §3-12C-1107.
Source:
SL 1977, ch 31, §4; SL 2018, ch 32, §5; SDCL §3-12-92.1; 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-1703 - Calculation of benefits of parole agent.

3-12C-1703. Calculation of benefits of parole agent.
For purposes of determining the benefits of a parole agent, for credited service earned prior to July 1, 1991, the benefits shall be calculated pursuant to §3-12C-1106 and for credited service after June 30, 1991, the benefits shall be calculated pursuant to §3-12C-1107.
Source:
SL 1991, ch 29, §3; SDCL §3-12-92.3; 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-1704 - Calculating benefits of air rescue firefighter.

3-12C-1704. Calculating benefits of air rescue firefighter.
For purposes of determining the benefits of an air rescue firefighter, for credited service earned prior to July 1, 1992, the benefits shall be calculated pursuant to §3-12C-1106 and for credited service after June 30, 1992, the benefits shall be calculated pursuant to §3-12C-1107.
Source:
SL 1992, ch 34, §3; SDCL §3-12-129; 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-1705 - Foundation member conservation officers.

3-12C-1705. Foundation member conservation officers.
For purposes of determining the retirement benefits of foundation member conservation officers, for credited service earned before July 1, 1983, benefits shall be calculated pursuant to §3-12C-1106 and for credited service earned after June 30, 1983, benefits shall be calculated pursuant to §3-12C-1107. For purposes of credited service earned before July 1, 1983, a conservation officer has a normal retirement age of sixty-five. For purposes of credited service earned after June 30, 1983, a foundation member conservation officer has a normal retirement age of fifty-five.
Source:
SL 1983, ch 19, §3; SL 1989, ch 38, §7; SL 2016, ch 32, §32; SDCL §3-12-62.8; 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-1706 - Benefits of conservation officers employed by Department of Game, Fish and Parks, Division of Custer State Park, and park rangers--Credited service.

3-12C-1706. Benefits of conservation officers employed by Department of Game, Fish and Parks, Division of Custer State Park, and park rangers--Credited service.
To determine the retirement benefits of conservation officers employed by the Department of Game, Fish and Parks, Division of Custer State Park, and park rangers, for credited service earned prior to July 1, 1995, the benefits shall be calculated pursuant to §3-12C-1106 and for credited service after June 30, 1995, the benefits shall be calculated pursuant to §3-12C-1107.
Source:
SL 1995, ch 18, §3; SDCL §3-12-62.9; 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-1801 - Participant--Definition.

3-12C-1801  .  Participant--Definition.
For the purposes of this part, a participant is a member, retiree, or the surviving spouse of a member or retiree, who is eligible to participate in the qualified benefit preservation arrangement as determined by §3-12C-1804.
Source:  SL 2020, ch 14, § 1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1802 - Qualified benefit preservation arrangement--Definition.

3-12C-1802  .  Qualified benefit preservation arrangement--Definition.
For the purposes of this part, the qualified benefit preservation arrangement is an arrangement under section 415(m) of the Internal Revenue Code and established in §3-12C-1803.
Source:  SL 2020, ch 14, § 2.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1803 - Qualified benefit preservations arrangement--Establishment--Purpose.

3-12C-1803  .  Qualified benefit preservations arrangement--Establishment--Purpose.
The qualified benefit preservation arrangement is established and placed under the management of the board. The purpose of the qualified benefit preservation arrangement is solely to provide a portion of the benefit that would otherwise have been payable by the system except for the limitations under section 415(b) of the Internal Revenue Code, as determined in §3-12C-1805. The qualified benefit preservation arrangement is intended to constitute a qualified governmental excess benefit arrangement under section 415(m) of the Internal Revenue Code and shall be interpreted and construed consistently with that intent. The qualified benefit preservation arrangement is a portion of the system solely to the extent required under, and within the meaning of, code section 415(m)(3) and §3-12C-1805.
The qualified benefit preservation arrangement is an exempt governmental deferred compensation plan described in code section 3121(v)(3). Code sections 83, 402(b), 457(a) and 457(f)(1) do not apply to the qualified benefit preservation arrangement. With respect to code section 457(a), the maximum amount that may be deferred under the qualified benefit preservation arrangement on behalf of any participant for the taxable year may exceed both the amount in code section 457(b)(2), as adjusted for cost of living increases, and the percent of the participant's includible compensation referred to in that code section. The system may not hold any assets or income under the qualified benefit preservation arrangement in trust for the exclusive benefit of participants.
Source:  SL 2020, ch 14, § 3.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1804 - Eligibility to participate.

3-12C-1804  .  Eligibility to participate.
Effective as of July 1, 2020, a participant is eligible to participate in the qualified benefit preservation arrangement for any calendar year, or portion of the calendar year, during which the participant is entitled to receive a benefit payment from the system, but the benefit is required to be reduced due to the application of the maximum benefit provisions of section 415(b) of the Internal Revenue Code. In that case, the participant may be eligible for a benefit as determined in §3-12C-1805.
The system shall determine which participants are eligible to participate in the qualified benefit preservation arrangement. Eligibility for participation begins in any month in which a participant is entitled to receive a benefit from the system that is required to be reduced due to the application of the maximum benefit provisions of section 415(b) of the Internal Revenue Code and ends in any month in which the benefit is not limited by code section 415(b) or when all benefits under the system have ended.
Eligibility to participate in the qualified benefit preservation arrangement is limited to those retirees or beneficiaries whose benefits under the system are required to be reduced based upon either of the following:
(1) The rules for retirement before age sixty-two under section 415(b)(2)(C) of the Internal Revenue Code; or
(2) The rules regarding benefits for which there is not an actuarial increase due to retirement after age sixty-five as set forth in section 415(b)(2)(D) of the Internal Revenue Code.
Source:  SL 2020, ch 14, § 4.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1806 - Cost of living adjustment after benefit begins--Change in benefit payable.

3-12C-1806  .  Cost of living adjustment after benefit begins--Change in benefit payable.
After retirement, the monthly retirement benefit that would have been payable to the participant if not for the application of section 415(b) of the Internal Revenue Code will increase with any cost of living adjustment as determined by the system, and the applicable benefit limits under 415(b) of the Internal Revenue Code will be adjusted in accordance with section 415(d)(1)(A) of the Internal Revenue Code. As a result, the benefit payable from the qualified benefit preservation arrangement may increase or decrease due solely to the interaction of the cost of living adjustment as determined by the system and the applicable benefit limit adjustment in accordance with section 415(d)(1)(A).
Source:  SL 2020, ch 14, § 6.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1807 - Qualified benefit preservation arrangement--Funding.

3-12C-1807  .  Qualified benefit preservation arrangement--Funding.
The qualified benefit preservation arrangement is, and shall remain, unfunded within the meaning of federal tax laws, and the rights, if any, of any participant to any benefit under the qualified benefit preservation arrangement are limited to those specified in this part.
Source:  SL 2020, ch 14, § 7.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1808 - Contributions.

3-12C-1808  .  Contributions.
The system shall determine the amount necessary to pay the benefits under §  3-12C-1805   for each calendar year. The required contribution will be the aggregate of the benefits payable under §  3-12C-1805   to all participants for the calendar year and an amount determined to be a necessary and reasonable expense of administering the qualified benefit preservation arrangement. Contributions may not be calculated in a manner designed to pay future benefits under §  3-12C-1805  . Each payment of contributions by an employer that would otherwise be made to the system fund will be reduced by the amount necessary to pay the benefits under §  3-12C-1805  , and these contributions will be deposited in the qualified benefit preservation arrangement trust fund. The employer contributions otherwise required under the terms of this chapter shall be divided into those contributions required to pay the benefits under §  3-12C-1805  , and those contributions paid into and accumulated in the system fund to pay the maximum benefits permitted. Under no circumstances may employer contributions to fund the benefits under §  3-12C-1805   be credited to or commingled with contributions paid into and accumulated in the system fund, as otherwise prohibited by §§  3-12C-219   and   3-12C-1803  . The amount deducted from employer contributions and deposited into the qualified benefit preservation arrangement fund does not increase the amount of employer contributions required under the system fund. Any contributions not used to pay the benefits under §  3-12C-1805   for a current calendar year, together with any income accruing to the qualified benefit preservation arrangement fund, shall be used to pay the administrative expenses of the qualified benefit preservation arrangement for the calendar year. Any contributions not used to pay the benefits under §  3-12C-1805   for the current calendar year that remain after paying administrative expenses shall be used to fund administrative expenses or benefits of participants in future years.
The system shall account separately for the amounts determined to be necessary to provide the benefits under §  3-12C-1805   for each participant. However, this separate accounting does not constitute setting aside these amounts for the benefit of a participant. Benefits under §  3-12C-1805   shall be paid from the qualified benefit preservation arrangement fund.
Any consultant or outside auditor, attorney, or actuary performing services for the system may also perform services for the qualified benefit preservation arrangement. Any fees attributable to services performed with respect to the qualified benefit preservation arrangement are payable solely from the qualified benefit preservation arrangement fund.
Source:  SL 2020, ch 14, § 8.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1809 - Qualified benefit preservation arrangement trust fund--Establishment--Purpose.

3-12C-1809  .  Qualified benefit preservation arrangement trust fund--Establishment--Purpose.
The qualified benefit preservation arrangement trust fund is established as a valid trust under the laws of the state, separate from the system fund, to hold contributions of the employers. Contributions to the qualified benefit preservation arrangement fund shall be held separate and apart from the funds comprising the system fund and may not be commingled with assets of the system fund and must be accounted for separately.
The qualified benefit preservation arrangement fund is maintained solely to provide certain benefits under a qualified governmental excess benefit arrangement within the meaning of section 415(m) of the Internal Revenue Code and to pay reasonable and necessary administrative expenses of the arrangement.
The qualified benefit preservation arrangement fund is intended to be a grantor trust, of which the employer is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the code, and shall be construed accordingly. This provision may not be construed to create an irrevocable trust of any kind.
The South Dakota Investment Council may, if it is determined advisable, hold assets of the qualified benefit preservation arrangement fund uninvested for making distributions under the qualified benefit preservation arrangement or may invest assets of the qualified benefit preservation arrangement as otherwise permitted by law.
Source:  SL 2020, ch 14, § 9.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1810 - Qualified benefit preservation arrangement assets--Income.

3-12C-1810  .  Qualified benefit preservation arrangement assets--Income.
Any assets held by the qualified benefit preservation arrangement to assist in meeting the employer's obligations under the qualified benefit preservation arrangement, including all amounts of employer contributions made under the qualified benefit preservation arrangement, all property and rights acquired or purchased with these amounts, and all income attributable to these amounts shall be held separate and apart from other funds of the employer and will be used exclusively for the uses and purposes of participants and general creditors as set forth in this part. Participants have no preferred claim on, or any beneficial interest in, any assets of the qualified benefit preservation arrangement fund. Any rights created under this part are unsecured contractual rights of a participant against the employer. Any assets held by the qualified benefit preservation arrangement fund are subject to the claims of the employer's general creditors under federal and state law in the event of the employer's insolvency.
Income accruing to the qualified benefit preservation arrangement fund constitutes income derived from the exercise of an essential governmental function upon which the qualified benefit preservation arrangement fund is exempt from tax under sections 115 and 415(m)(1) of the Internal Revenue Code.
Source:  SL 2020, ch 14, § 10.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1811 - Qualified benefit preservation arrangement--Administration.

3-12C-1811  .  Qualified benefit preservation arrangement--Administration.
The system shall administer the qualified benefit preservation arrangement. The system shall compile and maintain all records necessary for administration. The board has the same rights, duties, and responsibilities respecting the qualified benefit preservation arrangement as it has with respect to the system. The board shall, as necessary and appropriate, take the following actions:
(1) Establish procedures to administer the qualified benefit preservation arrangement not inconsistent with this part and the Internal Revenue Code, and to amend or rescind any of these procedures;
(2) Determine, consistent with this part, applicable law, rules, or regulations, all questions of law or fact that may arise as to eligibility for participation and eligibility for distribution of benefits, and the status of any person claiming benefits under the qualified benefit preservation arrangement;
(3) Make payments from the qualified benefit preservation arrangement fund to participants pursuant to this part;
(4) Contract with a third party to perform designated administrative services under this part;
(5) Construe and interpret this part as to administrative issues and to correct any defect, supply any omission, or reconcile any inconsistency in the qualified benefit preservation arrangement, subject to and consistent with the code; and
(6) Seek appropriate rulings from the Internal Revenue Service with regard to the status of the qualified benefit preservation arrangement under the Internal Revenue Code.
Source:  SL 2020, ch 14, § 11.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1812 - Qualified benefit preservation arrangement--No assignment.

3-12C-1812  .  Qualified benefit preservation arrangement--No assignment.
The rights of a person to a benefit, and the benefit itself, payable under this part 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 is unassignable and nontransferable, except as otherwise provided by §  3-12C-1809   or otherwise in the same manner as a retirement benefit under the system.
Source:  SL 2020, ch 14, § 12.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1813 - Conflicts.

3-12C-1813  .  Conflicts.
In resolving any conflict between provisions of this part, and in resolving any other uncertainty as to the meaning or intention of any provision of the qualified benefit preservation arrangement, the prevailing interpretation shall be the one that causes:
(1) The qualified benefit preservation arrangement to constitute a qualified governmental excess benefit arrangement under the provisions of section 415(m) of the Internal Revenue Code and the qualified benefit preservation arrangement fund to be exempt from tax under sections 115 and 415(m) of the Internal Revenue Code;
(2) The qualified benefit preservation arrangement and the system to comply with all applicable requirements of the code; and
(3) The qualified benefit preservation arrangement and the system to comply with all applicable state laws.
Source:  SL 2020, ch 14, § 13.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1814 - Limitation of rights.

3-12C-1814  .  Limitation of rights.
Neither the establishment or maintenance of the qualified benefit preservation arrangement, nor any amendment to the qualified benefit preservation arrangement, nor any act or omission under the qualified benefit preservation arrangement or resulting from the operation of the qualified benefit preservation arrangement, may be construed:
(1) As conferring upon any participant or any other person a right or claim against the system, board, executive director, trustees, or any employer, except to the extent that the right or claim is specifically expressed and provided in the qualified benefit preservation arrangement;
(2) As creating any responsibility or liability of any employer for the validity or effect of the qualified benefit preservation arrangement;
(3) As a contract between any employer and any participant or other person;
(4) As being consideration for, or an inducement or condition of, employment of any participant or other person, or as affecting or restricting in any manner or to any extent whatsoever the rights or obligations of any employer or any participant or other person to continue or terminate the employment relationship at any time; or
(5) As giving any participant the right to be retained in the employer's service or to interfere with the employer's right to discharge any participant or other person at any time.
Source:  SL 2020, ch 14, § 14.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1815 - Erroneous payments--Corrections.

3-12C-1815  .  Erroneous payments--Corrections.
Any benefit payment that should not have been made, according to the terms of the qualified benefit preservation arrangement and the benefits provided under the qualified benefit preservation arrangement, may be recovered as provided in §  3-12C-214  .
If in doubt concerning the correctness of any action in making a payment of a benefit, the payment may be suspended until verification as to the correctness of the payment or the person to receive the payment.
Source:  SL 2020, ch 14, § 15.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1816 - Administration of benefit--Release and receipt.

3-12C-1816  .  Administration of benefit--Release and receipt.
Any payment to any participant shall, to the extent paid, be in full satisfaction of the participant's claim being paid and may be conditioned on the delivery by the participant of the duly executed receipt and release in a form determined by the system.
Source:  SL 2020, ch 14, § 16.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1817 - Reservation of power to change.

3-12C-1817  .  Reservation of power to change.
The Legislature reserves the right at any time and, from time to time, to modify or amend, in whole or in part, any or all of the provisions of the qualified benefit preservation arrangement. No member of the system and no beneficiary of a member acquires any vested right to a payment under the qualified benefit preservation arrangement.
Source:  SL 2020, ch 14, § 17.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1901 - General rule.

3-12C-1901. General rule.
The system shall pay all benefits in accordance with a good faith interpretation of the requirements in § 401(a)(9) of the Internal Revenue Code and the regulations in effect under that section, as applicable to a governmental plan within the meaning of section 414(d) of the Internal Revenue Code.
The member's entire interest shall be distributed, or begin to be distributed, by the required beginning date, which is April first of the calendar year following the later of:
(1)The calendar year in which the member reaches age seventy-two, or age seventy and one-half if the member attained age seventy and one-half before January 1, 2020; or
(2)The calendar year in which the member retires.
A member or beneficiary eligible for benefits shall apply for benefits in order to commence distribution of benefits. The system, pursuant to a qualified domestic relations order, may establish separate benefits for a member and alternate payee.
Source:
SL 2021, ch 28, §2.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1902 - Member's death after distributions begun.

3-12C-1902. Member's death after distributions begun.
If a member dies after the required distribution of benefits has begun, the remaining portion of the member's interest shall be distributed at least as rapidly as under the same method of distribution before the member's death.
Source:
SL 2021, ch 28, §3.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1903 - Member's death before required distributions begun.

3-12C-1903. Member's death before required distributions begun.
If a member dies before required distribution of the member's benefits has begun, the member's interest shall be distributed as follows:
(1)If the member has a surviving spouse, the surviving spouse shall receive benefits over the life of the surviving spouse beginning as soon as administratively possible and effective the month after the member's death; or
(2)If the member has no surviving spouse, the member's remaining interest shall be distributed in a lump sum payment to the designated beneficiary within five years from the date of the member's death.
Source:
SL 2021, ch 28, §4.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1904 - Incidental benefit rule.

3-12C-1904. Incidental benefit rule.
The death and disability benefits provided by the system are limited by the incidental benefit rule set forth in § 401(a)(9)(G) of the Internal Revenue Code and Treasury Regulation § 1.401-1(b)(1)(i). As a result, the total death or disability benefits payable may not exceed twenty-five percent of the cost for all of the member's benefits received from the system.
Source:
SL 2021, ch 28, §5.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 12C - South Dakota Retirement System › Section 3-12C-1905 - Reasonable and made in good faith.

3-12C-1905. Reasonable and made in good faith.
Notwithstanding the other provisions of §§ 3-12C-1901 to 3-12C-1904, inclusive, or the provisions of United States Treasury regulations, benefit options may continue so long as the option satisfies § 401(a)(9) of the Internal Revenue Code based on a reasonable and good faith interpretation of that section.
Source:
SL 2021, ch 28, §6.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-49 - State deferred compensation plan--Agreements in writing--Administrative charge--Amounts deferred remitted to state deferred compensation fund.

3-13-49. State deferred compensation plan--Agreements in writing--Administrative charge--Amounts deferred remitted to state deferred compensation fund.
The board may establish the South Dakota deferred compensation plan for state government and political subdivision governments as determined by the board. Any eligible person wishing to participate shall execute such agreements as the board may require and shall specify in writing the amount of compensation to be deferred. Such agreement shall authorize reduction of compensation by the amount specified plus an administrative charge set by the board. The employer of each participating employee shall remit all amounts so deferred to the South Dakota deferred compensation fund, along with such documentation as may be required, no later than ten days after each payday. No deferral of compensation under this chapter may reduce compensation for the purpose of calculation of contributions and benefits under chapters 3-6E and 3-12C.
Source:
SL 1987, ch 38, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-49.1 - Political subdivisions.

3-13-49.1. Political subdivisions.
Notwithstanding the provisions of §3-13-49, any political subdivision may establish a deferred compensation program for its employees. Participation in such program shall be by written agreement between the employees and the governing body of the political subdivision. The agreement shall provide for the deferral of compensation and the investment and administration of such funds.
Source:
SL 1989, ch 43.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-50 - Administration of plan--Hiring and remuneration of additional employees.

3-13-50. Administration of plan--Hiring and remuneration of additional employees.
The executive director shall administer the plan. The executive director may hire additional employees as may be required and shall set the remuneration of the employees.
Source:
SL 1987, ch 38, §2; SL 2016, ch 31, §49.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-51.1 - Investment of funds--Investment officer as fiduciary.

3-13-51.1. Investment of funds--Investment officer as fiduciary.
A participant may invest in any investment selected by the state investment officer, including annuity contracts. The state investment officer may enter into contracts for investment alternatives. The executive director or third-party administrator may transfer funds to, from, and among the respective investment alternatives as directed by the participant or as required if the investment alternative is no longer available. The state investment officer shall be held to the standard of conduct of a fiduciary and shall carry out all functions solely in the interests of the participants and benefit recipients and for the exclusive purpose of providing benefits and defraying reasonable expenses incurred in performing the duties required by law.
Source:
SL 2000, ch 27, §2; SL 2016, ch 31, §50.