(HB 1033)
South Dakota Retirement System benefits improved.
Section
1.
That
§
3-12-91
be amended to read as follows:
3-12-91.
Upon retirement, a member shall receive a normal retirement allowance, commencing
at normal retirement age or thereafter as provided in
§
3-12-90, for Class A credited service, equal
to the larger of 1.625% of final compensation for each year of Class A credited service before
July 1, 2002, plus
1.3%
1.55%
of final compensation for each year of Class A credited service after
July 1, 2002, or 2.325% of final compensation for each year of Class A credited service before
July 1, 2002, plus
2.0%
2.25%
of final compensation for each year of Class A credited service after
July 1, 2002, less other public benefits. For purposes of this section, federal military retirement or
federal national guard retirement benefits are not other public benefits.
For the purposes of this
section, any Class A member who did not participate in federal social security during the period of
credited service shall be presumed to be entitled to the maximum primary social security benefit
permitted at the time of retirement.
Class A credited service includes all credited service under this
or any of the retirement systems consolidated pursuant to
§
3-12-46.
Section
2.
That
§
3-12-83
be amended to read as follows:
3-12-83.
A current contributing member of the system may receive credited service by election
to make, or have made on
his
the member's
behalf, contributions, based on the higher of
his
the
member's
current compensation, or
his
the member's
final compensation calculated as if
he
the
member
retired on the date of election, at seventy-five percent of twice the member rate, for each
year of service for which
he
the member
wishes to receive credit, if:
Section
3.
That
§
3-12-84
be amended to read as follows:
3-12-84.
If a current contributing member of this system has other public service for which
he
the member
is not entitled to retirement benefits from another public retirement system,
he
the
member
may elect to deposit or have deposited on
his
the member's
behalf an amount equal to
seventy-five percent of twice the Class A rate of contribution multiplied by the higher of
his
the
member's
annual compensation at the time of making the election, or
his
the member's
final
compensation calculated as if
he
the member
retired on the date of
his
the member's
election, for
each year of other public service for which
he
the member
wishes to receive credit as a Class A
member.
Section
4.
The benefit formula multiplier increases in section 1 of this Act are effective on
July 1, 2002, only if the provisions of chapter 23 of the 2000 Session Laws are in effect on that
date. If the provisions of chapter 23 of the 2000 Session Laws are repealed, the benefit formula
multiplier increases found in section 1 of this Act are likewise repealed. However, if repealed, the
benefit formula multiplier increases in section 1 of this Act are applicable for any time period that
increased contributions pursuant to chapter 23 of the 2000 Session Laws are received by the
system.
Section
5.
That chapter
3-12
be amended by adding thereto a NEW SECTION to read as
follows: