21.257.13 96th Legislative Session 400
Introduced by: The Committee on Retirement Laws at the request of the South Dakota Retirement System
An Act to revise certain provisions relating to the South Dakota Retirement System.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That § 3-12C-212 be AMENDED.
3-12C-212. Applications for membership or benefits--Picture identification required.
Applications for membership or any benefit shall be made to the executive director on forms approved by the system. Each application shall be accompanied by a copy of the person's current driver license or other picture identification card issued by a government agency or tribe.
Section 2. That § 3-12C-602 be AMENDED.
3-12C-602. Withdrawal of accumulated contributions on leaving covered employment--Picture identification required--Limitation.
A member who has left covered
employment may withdraw the sum of the member's accumulated
contributions upon
notarized
application to the system
and submission of a copy of the member's current driver license or
other picture identification card issued by a government agency or
tribe. If the member is married, the spouse shall sign the
application and provide a copy of the spouse's current driver license
or other picture identification card issued by a government agency or
tribe.
A member who withdraws the member's accumulated contributions pursuant to this section forfeits all credited service and benefits provided in this chapter.
The right to withdraw accumulated contributions ceases if the member returns to covered employment with a participating unit.
Section 3. That § 3-12C-713 be AMENDED.
3-12C-713. Contribution credit defined--Payment of contribution credit and credited investment return.
For purposes of this section, the
term,
excess contributions
contribution credit,
means the employer and member contributions,
reduced by any variable retirement contributions,
on compensation not included in the computation of final average
compensation
as a result of the final average compensation limits provided
pursuant to §§ 3-12C-1104
and 3-12C-1202.
The
excess contributions
contribution credit
plus the credited investment return on the
excess contributions are
contribution credit is
payable at the retirement, disability, or death of the member. The
credited investment return, which shall be credited annually as of
June thirtieth, is the South Dakota Investment Council's reported
money-weighted investment return of the system, net of fees, for the
completed fiscal year. Any
excess contributions
contribution credit
made during the fiscal year shall receive one-half year's credited
investment return for that year. For any account distributed during
the fiscal year, the estimated investment return shall be credited to
the end of the month before the date on which the
retirement benefit
contribution credit
is paid
or the disability benefit is paid or death occurred, as applicable.
The
excess contributions
contribution credit
plus credited investment return
are
is payable to
the member
when the member commences
commencing a
retirement benefit or a disability benefit
or
three consecutive calendar months after the effective date of the
benefit. The contribution credit plus credited investment return is
payable to
the
a member's
eligible
child,
eligible
who is eligible for a family benefit or a member's
spouse,
or beneficiary
who is eligible for a surviving spouse benefit,
upon the death of the member. The
amount is not No
contribution credit is payable
to any member who withdraws his
or her accumulated
contributions from the system
or to any beneficiary who receives a lump sum payment of accumulated
contributions.
For the purpose of paying a distribution, the amount payable is the
total of
excess contributions
contribution credit
plus credited investment return or the total
of excess contributions
contribution credit,
whichever is greater. The amount may be paid in a lump sum, rolled
over to the South Dakota deferred compensation plan, rolled over to
another eligible plan, or used to purchase a supplemental pension
benefit. However, the purchase of a supplemental pension benefit is
only available upon the member's retirement.
Section 4. That § 3-12C-1208 be AMENDED.
3-12C-1208. Application for retirement benefit required--Picture identification required.
No retirement benefit may be paid
unless the system has received a completed application for a
retirement benefit, including the benefit option elected. The
application shall be signed by both
the
generational member
and the member's spouse, if applicable,
and
each signature shall be witnessed by a representative of the system
or notarized
the member shall provide a copy of the member's current driver
license or other picture identification card issued by a government
agency or tribe.
If the member is married, the spouse shall sign the application and
provide a copy of the spouse's current driver license or other
picture identification card issued by a government agency or tribe.
Section 5. That § 3-12C-1504 be AMENDED.
3-12C-1504. Types of supplemental pension benefits.
A supplemental pension participant who is a retiree receiving a benefit from the system shall receive one of three types of supplemental pension benefits:
(1) A supplemental pension benefit payable monthly for the lifetime of the participant;
(2) A supplemental pension benefit payable monthly for the lifetime of the participant and, upon the death of the participant, a supplemental pension benefit payable monthly to the participant's supplemental pension spouse equal to sixty percent of the monthly benefit amount that the participant was receiving at the time of death; or
(3) A supplemental pension benefit payable monthly for the lifetime of the participant and, upon the death of the participant, a supplemental pension benefit payable monthly to the participant's supplemental pension spouse equal to one hundred percent of the monthly benefit amount that the participant was receiving at the time of death.
A participant who is a retiree
receiving a benefit from the system may contract for any of the three
types of supplemental pension benefits provided in this section. A
participant who is the member's surviving spouse may contract only
for a supplemental pension benefit payable monthly for the lifetime
of the surviving spouse. The
contract shall be signed by both
the
supplemental pension participant,
and
the supplemental pension spouse, if applicable, and each signature
shall be witnessed by a representative of the system or notarized
the participant shall provide a copy of the participant's current
driver license or other picture identification card issued by a
government agency or tribe.
If the participant is married, the spouse shall sign the contract and
provide a copy of the spouse's current driver license or other
picture identification card issued by a government agency or tribe. A
participant who is the member's surviving spouse may contract only
for a supplemental pension benefit payable monthly for the lifetime
of the surviving spouse.
Section 6. That § 3-12C-1608 be AMENDED.
3-12C-1608. Board of Regents employees--Definition of balances.
Terms as used in §§ 3-12C-1608 to 3-12C-1612, inclusive, unless the context otherwise requires, shall mean:
(1) "Board of Regents' balance," the contributions from April 1, 1964, to June 30, 1975, plus accumulated interest, made by the Board of Regents and deposited on behalf of an employee in any pension fund that is established by contract with an insurance company;
(2) "Excess balance," the contributions in addition to those accumulated in the individual balance and made from April 1, 1964, to June 30, 1975, with accumulated interest, by a Board of Regents employee included in the provisions of §§ 3-12C-1608 to 3-12C-1612, inclusive, and deposited in any pension fund that is established by contract with an insurance company;
(3) "Individual balance,"
the contributions from April 1, 1964, to June 30, 1975, with
accumulated interest made on a matching basis by the Board of
Regents' employees included in the provisions of
§§ 3-12-69.1
to 3-12-69.5
§§ 3-12C-1608
to 3-12C-1612,
inclusive, and the Board of Regents and deposited on behalf of the
employee in any pension fund that is established by contract with an
insurance company.
Section 7. That § 3-12C-1613 be AMENDED.
3-12C-1613. Allowance to surviving spouse of law enforcement officer retired for disability.
Notwithstanding
the repeal of § 3-13-25 by chapter 35 of the 1974 Session Laws,
the The
surviving
spouse of a disability retiree under the Law Enforcement Officers'
Retirement System as consolidated into the South Dakota Retirement
System pursuant to § 3-12C-1601
shall upon the death of the member be entitled to an annuity equal to
one-half the member's annuity at the time of death. The retirement
for disability upon which annuity was based shall have been approved
prior to July 1, 1974.
Catchlines are not law. (§ 2-16-13.1) Underscores indicate new language.
Overstrikes
indicate deleted language.