This text of South Dakota § 3-12C-504 (Purchase of prior service credit--Calculation of amount due.) 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.
A current contributing member of the system may receive credited service by election to make, or have made on the member's behalf, contributions, based on the higher of the member's current compensation, or the member's final compensation calculated as if the member retired on the date of election, at an actuarially determined percentage times the member rate, for each year of service for which the member wishes to receive credit, if:
(1)The current contributing member of the system could have established credit for any South Dakota public service by making contributions under this chapter or any prior law; or (2) The current contributing member was not permitted to establish credit for any South Dakota public service. The amount of the credited service and the rate of contribution
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A current contributing member of the system may receive credited service by election to make, or have made on the member's behalf, contributions, based on the higher of the member's current compensation, or the member's final compensation calculated as if the member retired on the date of election, at an actuarially determined percentage times the member rate, for each year of service for which the member wishes to receive credit, if: (1) The current contributing member of the system could have established credit for any South Dakota public service by making contributions under this chapter or any prior law; or (2) The current contributing member was not permitted to establish credit for any South Dakota public service. The amount of the credited service and the rate of contribution must be at class A rates, unless the service for which credit is sought was rendered as a class B member, in which case class B rates apply. If a participating unit has failed to pay any employer or member contribution to the system on behalf of a member, as required under this chapter or under any predecessor system consolidated pursuant to § 3-12C-1601 , the amount due the system must be calculated in accordance with this section. The member rate in effect as of July 1, 2001, must be used in the calculation of the purchase cost of any service performed prior to July 1, 2002, if a contract to purchase the service was in place prior to July 1, 2004. The member rate in effect on and after July 1, 2002, must be the basis for calculation of the purchase cost of any service, if the contract to purchase the service was not in place until on or after July 1, 2004.
SL 1974, ch 35, § 40; SL 1977, ch 28, § 8; SL 1980, ch 31, § 4; SL 1984, ch 24, § 5; SL 1989, ch 38, § 16; SL 2002, ch 23, § 2; SL 2004, ch 39, § 1; SDCL § 3-12-83; SL 2019, ch 22, § 1; SL 2025, ch 27, § 35.