South Dakota § 3-12C-1402 Reduction of retirement benefit during reemployment before July 1, 2004--Recalculation of additional benefit.

South Dakota Statutes

§ 3-12C-1402 — Reduction of retirement benefit during reemployment before July 1, 2004--Recalculation of additional benefit.

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

If a retired member whose benefits have been reduced pursuant to § 3-12C-1111 becomes employed as a permanent full-time employee by a participating unit before July 1, 2004, the member's monthly retirement benefit shall be reduced by fifteen percent and the COLA shall be eliminated throughout the period that the member reenters covered employment. If the member remains in such reemployment for at least three years pursuant to the provisions of § 3-12C-1403 and then again retires, the member's additional benefit shall be recalculated to consider only the member's credited service and final compensation earned during reentry.

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If a retired member whose benefits have been reduced pursuant to § 3-12C-1111 becomes employed as a permanent full-time employee by a participating unit before July 1, 2004, the member's monthly retirement benefit shall be reduced by fifteen percent and the COLA shall be eliminated throughout the period that the member reenters covered employment. If the member remains in such reemployment for at least three years pursuant to the provisions of § 3-12C-1403 and then again retires, the member's additional benefit shall be recalculated to consider only the member's credited service and final compensation earned during reentry.

South Dakota § 3-12C-1402 (Reduction of retirement benefit during reemployment before July 1, 2004--Recalculation of additional benefit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

SL 1970, ch 25, § 13; SDCL Supp, § 3-12-29.3; SL 1974, ch 35, § 65; SL 1982, ch 32, § 8; SL 1986, ch 37, § 10; SL 1997, ch 28, § 2; SL 2004, ch 38, § 3; SL 2017, ch 27, § 20; SDCL § 3-12-111; SL 2019, ch 22, § 1; SL 2021, ch 26, § 4; SL 2022, ch 15, § 9.