South Dakota § 3-12C-1632 Amount of payment to system by city of Mitchell.

South Dakota Statutes

§ 3-12C-1632 — Amount of payment to system by city of Mitchell.

South Dakota § 3-12C-1632

Title 3PUBLIC OFFICERS AND EMPLOYEES

Ch. 3-12BSOUTH DAKOTA RETIREMENT SYSTEM

This text of South Dakota § 3-12C-1632 (Amount of payment to system by city of Mitchell.) 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-1632 (2026).

Text

The city of Mitchell shall pay to the system an amount equal to the present value of all benefits earned by the members described in § 3-12C-1629 up to July 1, 1996, multiplied by the funding ratio set forth in the valuation of the actuarial requirements and financial condition of the system as of June 30, 1996. That amount shall be calculated as of the close of business on June 30, 1996, by the system's actuary. Any amount to be paid to the system by the city of Mitchell which exceeds the value of the assets of the city of Mitchell firemen's pension plan, calculated as of the date of transfer of such assets, may be paid in periodic installments as provided in § 3-12C-308 .

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The city of Mitchell shall pay to the system an amount equal to the present value of all benefits earned by the members described in § 3-12C-1629 up to July 1, 1996, multiplied by the funding ratio set forth in the valuation of the actuarial requirements and financial condition of the system as of June 30, 1996. That amount shall be calculated as of the close of business on June 30, 1996, by the system's actuary. Any amount to be paid to the system by the city of Mitchell which exceeds the value of the assets of the city of Mitchell firemen's pension plan, calculated as of the date of transfer of such assets, may be paid in periodic installments as provided in § 3-12C-308 .