South Dakota § 3-12C-109 Minimum actuarial requirement to support benefits defined.

South Dakota Statutes

§ 3-12C-109 — Minimum actuarial requirement to support benefits defined.

South Dakota § 3-12C-109

Title 3PUBLIC OFFICERS AND EMPLOYEES

Ch. 3-12BSOUTH DAKOTA RETIREMENT SYSTEM

This text of South Dakota § 3-12C-109 (Minimum actuarial requirement to support benefits defined.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 3-12C-109 (2026).

Text

For purposes of this chapter, "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. In no event may the recognition reduce the minimum actuarial requirement to support benefits to a percentage less than the contribution rate.

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For purposes of this chapter, "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. In no event may the recognition reduce the minimum actuarial requirement to support benefits to a percentage less than the contribution rate.