South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:16 - CEMENT PLANT EMPLOYEE RETIREMENT PLANS › Chapter 20:16:15 - Retirement plan 2A › Section 20:16:15:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms used in this chapter mean:
(1) "Plan," the retirement plan set forth in
				this chapter and any modifications, amendments, extensions, or renewals of
				it;
(2) "Collective bargaining
				agreement," any written contract between a union and the commission requiring
				contributions to the plan or setting forth benefits to be provided, including
				all extensions or renewals and its successor agreements of it;
(3) "Employee," an employed person, including
				an officer, whose customary employment is for at least 20 hours in a week and
				for at least five months in any calendar year;
(4) "Pensioner," an employee who is retired
				and who is receiving benefits under the plan;
(5) "Credited service," period of employment
				for purposes of determining eligibility for benefits under the plan, as set
				forth in §§
									20:16:15:21 to
				20:16:15:23, inclusive;
(6) "Actuarial equivalent," a benefit
				calculated to be of equal value to the benefit otherwise payable when computed
				on the basis of assumptions and methods last adopted for this purpose by the
				board on the advice of an actuary;
(7) "Beneficiary," any person, estate, or
				trust designated by the employee or pensioner to receive benefit payments, if
				any, after the death of the employee or pensioner;
(8) "Earnings," the compensation paid to an
				employee by the commission, excluding premium pay, overtime pay, and higher pay
				rates for temporary job assignments. For the purpose of converting an hourly
				rate to a monthly rate, four and one-third weeks per month at 40 hours per week
				shall be utilized;
(9) "Final
				average earnings," the average of an employee's highest consecutive 36 calendar
				months of earnings in the last 72 calendar months of the employee's credited
				service immediately preceding the earlier of the calendar month in which the
				employee's retirement date occurs or the calendar month in which the employee
				attains the age of 65. Final average earnings for any piece worker shall be
				calculated as stated above plus piece work pay as described in the collective
				bargaining agreement for vacations, sick leave, or authorized leaves of
				absence;
(10) "Effective date,"
				March 1, 1968;
(11) "Restated plan
				effective date," February 1, 1974;
(12) "Retirement date," the date an employee
				actually retires under the applicable provisions of the plan. "Normal
				retirement date" means the first day of the calendar month coincident with or
				next following the employee's 65* birthday;
(13) "Compulsory retirement date," the first
				day of the calendar month coincident with or next following the employee's 67*
				birthday;
(14) "Fund," the fund
				created pursuant to SDCL chapter 3-12 C;
(15) "Totally disabled," any disability which
				prevents the employee from performing the employee's duties and entitles the
				employee to receive a federal Social Security Act disability benefit;
(16) "Number," the singular number includes
				the plural unless a different meaning is plainly required by the
				context.
General Authority:
SDCL
					 3-12C-1647.
Law Implemented:
SDCL
					 3-12C-1643,
					 3-12C-1644.