South Dakota § 3-12C-108 Effective rate of interest defined.

South Dakota Statutes

§ 3-12C-108 — Effective rate of interest defined.

South Dakota·Title 3 PUBLIC OFFICERS AND EMPLOYEES·Ch. 3-12B SOUTH DAKOTA RETIREMENT SYSTEM

For purposes of this chapter, "effective rate of interest" means the interest at an annually compounded rate to be established by the board for each fiscal year. The rate may 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 must be as annually compounded on the preceding June thirtieth.

Free access — add to your briefcase to read the full text and ask questions with AI

For purposes of this chapter, "effective rate of interest" means the interest at an annually compounded rate to be established by the board for each fiscal year. The rate may 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 must be as annually compounded on the preceding June thirtieth.

South Dakota § 3-12C-108 (Effective rate of interest defined.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.