South Dakota § 3-12C-711 Maximum annual benefit--Promulgation of rules--Tax qualification--Limitation year defined.

South Dakota Statutes

§ 3-12C-711 — Maximum annual benefit--Promulgation of rules--Tax qualification--Limitation year defined.

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

The board may promulgate rules, in accordance with chapter 1-26 , to regulate the maximum annual benefit that may be paid to a member. The rules must be consistent with maintaining the tax qualification of the system. No benefit may exceed the limitations imposed by § 415 of the Internal Revenue Code, as indexed pursuant to § 415(d)(1) of the Internal Revenue Code. For purposes of administering the limitations imposed by § 415, "limitation year" means a period extending from July first of one calendar year through June thirtieth of the following calendar year.

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The board may promulgate rules, in accordance with chapter 1-26 , to regulate the maximum annual benefit that may be paid to a member. The rules must be consistent with maintaining the tax qualification of the system. No benefit may exceed the limitations imposed by § 415 of the Internal Revenue Code, as indexed pursuant to § 415(d)(1) of the Internal Revenue Code. For purposes of administering the limitations imposed by § 415, "limitation year" means a period extending from July first of one calendar year through June thirtieth of the following calendar year.

South Dakota § 3-12C-711 (Maximum annual benefit--Promulgation of rules--Tax qualification--Limitation year defined.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

SL 1984, ch 23, § 6; SL 1996, ch 29, § 2; SL 1997, ch 32, § 2; SL 2002, ch 22, § 3; SL 2013, ch 20, § 1; SDCL § 3-12-89.1; SL 2019, ch 22, § 1; SL 2025, ch 27, § 42.