South Dakota § 3-12C-907 Family benefit--Deceased member who was working--Total benefit--Effective date.

South Dakota Statutes

§ 3-12C-907 — Family benefit--Deceased member who was working--Total benefit--Effective date.

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

On the death of a contributing member after June 30, 2015, who has acquired at least three years of contributory service or noncontributory service, or who died while performing usual duties for an employer, and prior to the earlier of the member attaining normal retirement age or the member's retirement, a family benefit must be paid on behalf of any child of the member. The total family benefit is the greater of:

(1)Twenty-five percent of the member's final average compensation at the time of death; or (2) The member's unreduced accrued retirement benefit at the time of death. The family benefit is effective the first day of the month following the date on which the member's contributory service terminates and is payable upon the receipt of a completed application. The family bene

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On the death of a contributing member after June 30, 2015, who has acquired at least three years of contributory service or noncontributory service, or who died while performing usual duties for an employer, and prior to the earlier of the member attaining normal retirement age or the member's retirement, a family benefit must be paid on behalf of any child of the member. The total family benefit is the greater of: (1) Twenty-five percent of the member's final average compensation at the time of death; or (2) The member's unreduced accrued retirement benefit at the time of death. The family benefit is effective the first day of the month following the date on which the member's contributory service terminates and is payable upon the receipt of a completed application. The family benefit, which must be paid in monthly installments, shall be equally apportioned among any children of the member and shall be paid on behalf of any child in accordance with § 3-12C-902 . As a child becomes ineligible, the family benefit must be reallocated among any remaining eligible children of the deceased member. The family benefit terminates if there are no eligible children of the deceased member.

South Dakota § 3-12C-907 (Family benefit--Deceased member who was working--Total benefit--Effective date.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.