South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:16 - CEMENT PLANT EMPLOYEE RETIREMENT PLANS › Chapter 20:16:19 - Retirement plan 6 › Section 20:16:19:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms used in this chapter mean:
(1) "Plan," "pension plan," the retirement
				plan set forth in this chapter and any modifications, amendments, extensions,
				or renewals of it;
(2) "Collective
				bargaining agreement," a 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 successor agreements of it;
(3) "Employee," a person employed on a full
				time basis, including an officer, whose customary employment is for at least 40
				hours in a week and 12 months in any calendar year and on a continuous
				basis;
(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 §§
									20:16:19:27 to
				20:16:19:31, inclusive;
(6) "Actuarial equivalent," a benefit
				calculated to be of equal value to the benefit otherwise payable when computed
				on the basis of the 1971 Group Annuity Mortality Table, as published in
				Appendix A at the end of this chapter, at 7.5 percent interest;
(7) "Beneficiary," any person, estate, or
				trust designated by the employee or pensioner to receive any benefit payments
				after the death of the employee or pensioner;
(8) "Earnings," compensation paid to an
				employee by the commission including base pay, the employee's elective
				contributions to deferred compensation plans, other deferred compensation, any
				short term and long term bonuses based on compensation and discretionary
				bonuses, but excluding any premium pay, overtime pay, higher pay rates for
				temporary job assignments, lump sum annual leave payment, sick leave retirement
				bonus payment, severance payment, or other compensation not specifically stated
				as being covered compensation for the retirement calculation;
(9) "Hourly conversion rate," for the purpose
				of converting an hourly rate to a monthly rate four and one-third weeks a month
				at 40 hours a week is used;
(10)
				"Final average earnings," the average of an employee's highest consecutive 36
				calendar months of earnings in the last 72 calendar months of the credited
				service immediately preceding employee's retirement date. The month in which
				the employee retires may be used as a full calendar month, if it is
				advantageous for the employee, even though it may only be a portion of a month
				because the employee's retirement date falls before the end of the
				month;
(11) "Effective date," May
				1, 2000;
(12) "Retirement date,"
				the date an employee actually retires under the applicable provisions of the
				plan;
(13) "Normal retirement
				date," the first day of the calendar month coincident with or next following
				the employee's 65th birthday;
(14) "Fund," the fund created pursuant to
				SDCL chapter 3-12 C;
(15) "Totally
				disabled," a disability that prevents the employee from performing duties and
				entitles the employee to receive a federal Social Security Act disability
				benefit;
(16) "Child or children,"
				any employee's unmarried dependent child who is under 19 years of age; any
				unmarried dependent child under 23 years of age who is a full-time student; any
				unmarried dependent child who is totally or permanently disabled, either
				physically or mentally, regardless of the child's age, if the disability
				occurred before age 19; any stepchild or foster child who depends on the
				employee for support and lives in the household of the employee, both of which
				shall have occurred prior to March 17, 2001, in a regular parent-child
				relationship; or any child of the employee conceived during the employee's
				lifetime and born after the employee's death, but for a child to be considered
				a dependent, the child shall have been born prior to March 17, 2001;
				and
(17) "Other public benefits,"
				the benefits by the federal Social Security Act, the federal civil service
				retirement program, federal military, disability, railroad retirement plans,
				workers' compensation, or any other public retirement system.
General Authority:
SDCL
					 3-12C-1647.
Law Implemented:
SDCL
					 3-12C-1643,
					 3-12C-1644.