South Dakota § 3-12C-1631 Calculation of Mitchell firefighter benefits.

South Dakota Statutes

§ 3-12C-1631 — Calculation of Mitchell firefighter benefits.

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

Upon retirement, each member described in § 3-12C-1629 who is a vested inactive member on July 1, 1996, or an active firefighter in the employ of the city of Mitchell on July 1, 1996, shall receive the greater of:

(1)The member's retirement benefit calculated under this chapter; or (2) The member's retirement benefit calculated under the city of Mitchell firemen's pension plan based on credited service up to June 30, 1996, and compensation up to June 30, 1996, and utilizing the plan's benefit terms and benefit formula, but applying the system's COLA, as specified in § 3-12C-1630 . In either case, the retirement benefit shall be paid from the fund established by this chapter.

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Upon retirement, each member described in § 3-12C-1629 who is a vested inactive member on July 1, 1996, or an active firefighter in the employ of the city of Mitchell on July 1, 1996, shall receive the greater of: (1) The member's retirement benefit calculated under this chapter; or (2) The member's retirement benefit calculated under the city of Mitchell firemen's pension plan based on credited service up to June 30, 1996, and compensation up to June 30, 1996, and utilizing the plan's benefit terms and benefit formula, but applying the system's COLA, as specified in § 3-12C-1630 . In either case, the retirement benefit shall be paid from the fund established by this chapter.

South Dakota § 3-12C-1631 (Calculation of Mitchell firefighter benefits.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.