§ 3-12C-601 — Retirement benefit to terminated member with vested right--Calculation.

A terminated member who has a vested right in the system may leave the member's accumulated contributions on deposit with the system and receive a retirement benefit commencing at the member's retirement. In calculating such benefit, the member's final average compensation shall be increased by the COLA commencing each July first for each complete twelve-month period between the member's last termination and the date on which the member's retirement benefit commences.

Legislative History

SL 1974, ch 35, § 33; SL 1982, ch 32, § 4; SL 1986, ch 37, § 4; SL 1998, ch 17, § 3; SL 2004, ch 40, § 8; SL 2010, ch 20, § 9; SL 2017, ch 27, § 10; SDCL §