South Dakota § 3-13C-15 Accrued benefit determined.

South Dakota Statutes

§ 3-13C-15 — Accrued benefit determined.

South Dakota § 3-13C-15

Title 3PUBLIC OFFICERS AND EMPLOYEES

Ch. 3-13BDEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT

This text of South Dakota § 3-13C-15 (Accrued benefit determined.) 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.

Bluebook

S.D. Codified Laws § 3-13C-15 (2026).

Text

An active participant's monthly accrued benefit as of any date, subject to the modifications below, will be equal to the product of (1) and (2) as follows:

(1)An amount equal to two percent of average compensation; and (2) Credited service on such date. An active participant's monthly accrued benefit may not be less than the amount of the participant's monthly retirement benefit accrued as of December 11, 1984. After all other modifications have been applied, an active participant's monthly accrued benefit shall be reduced by the amount of deferred monthly retirement benefit under the normal form beginning on the normal retirement date in lieu of which the participant has received a single sum payment under the plan. The participant's accrued benefit resulting from employer contributions

Free access — add to your briefcase to read the full text and ask questions with AI

An active participant's monthly accrued benefit as of any date, subject to the modifications below, will be equal to the product of (1) and (2) as follows: (1) An amount equal to two percent of average compensation; and (2) Credited service on such date. An active participant's monthly accrued benefit may not be less than the amount of the participant's monthly retirement benefit accrued as of December 11, 1984. After all other modifications have been applied, an active participant's monthly accrued benefit shall be reduced by the amount of deferred monthly retirement benefit under the normal form beginning on the normal retirement date in lieu of which the participant has received a single sum payment under the plan. The participant's accrued benefit resulting from employer contributions is equal to the participant's total accrued benefit reduced by the required contribution accrued benefit.