South Dakota § 3-12C-407 Accumulated contributions defined--Foundation members.

South Dakota Statutes

§ 3-12C-407 — Accumulated contributions defined--Foundation members.

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

For any foundation member, "accumulated contributions" means the sum of:

(1)All contributions made by the member and any member contributions made by an employer after June 30, 1984, pursuant to § 3-12C-401 ;

(2)For a member whose contributory service concluded after June 30, 2010, eighty-five percent of the employer contributions or noncontributory service, if the member had three years or more of contributory service, and fifty percent of the employer contributions, if the member had less than three years of service; or for a member whose contributory service concluded before July 1, 2010, one hundred percent of the employer contributions or noncontributory service, if the member had three years or more of contributory service, and seventy-five percent of the employer contributio

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For any foundation member, "accumulated contributions" means the sum of: (1) All contributions made by the member and any member contributions made by an employer after June 30, 1984, pursuant to § 3-12C-401 ; (2) For a member whose contributory service concluded after June 30, 2010, eighty-five percent of the employer contributions or noncontributory service, if the member had three years or more of contributory service, and fifty percent of the employer contributions, if the member had less than three years of service; or for a member whose contributory service concluded before July 1, 2010, one hundred percent of the employer contributions or noncontributory service, if the member had three years or more of contributory service, and seventy-five percent of the employer contributions, if the member had less than three years of service; (3) Member redeposits and member-credited service purchases pursuant to §§ 3-12C-504 , 3-12C-509 , and 3-12C-511 ; and (4) The effective rate of interest earned on the sum of subdivisions (1), (2), and (3) of this section.

South Dakota § 3-12C-407 (Accumulated contributions defined--Foundation members.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.