South Dakota § 3-12C-1106 - Normal retirement benefit for foundation members for Class A credited service.

§ 3-12C-1106. Normal retirement benefit for foundation members for Class A credited service.

Upon retirement, a foundation member shall receive a normal retirement benefit, commencing at normal retirement age or thereafter as provided for in § 3-12C-1113, for Class A credited service, equal to the larger of one and seven-tenths percent of final average compensation for each year of Class A credited service before July 1, 2008, plus one and fifty-five hundredths percent of final average compensation for each year of Class A credited service after July 1, 2008, or two and four-tenths percent of final average compensation for each year of Class A credited service before July 1, 2008, plus two and twenty-five hundredths percent of final average compensation for each year of Class A credited service after July 1, 2008, less other public benefits.

For purposes of this section:

(1)    Federal military retirement or federal national guard retirement benefits are not other public benefits; and

(2)    Any Class A member with a period of employment with any public employer not covered by federal social security is presumed to be entitled to the maximum primary social security benefit permitted at the time of retirement. Class A credited service is all credited service under the system or any of the retirement systems consolidated pursuant to § 3-12C-1601.

Source: SL 1967, ch 303, § 7; SDCL § 3-12-27; SL 1968, ch 216, § 1; SDCL Supp, § 3-12-25; SL 1970, ch 25, § 5; SL 1974, ch 35, § 47; SL 1975, ch 39, § 5; SL 1982, ch 39; SL 1986, ch 37, § 5; SL 1987, ch 37, §§ 7, 8; SL 1989, ch 38, § 4; SL 1990, ch 37; SL 1991, ch 32; SL 1993, ch 44, § 4; SL 1994, ch 34, § 3; SL 1997, ch 26, § 2; SL 1998, ch 15, § 15; SL 1999, ch 15, § 2; SL 2000, ch 25, § 1; SL 2002, ch 23, § 1; SL 2008, ch 23, § 1; SL 2016, ch 32, § 36; SDCL § 3-12-91; SL 2019, ch 22, § 1; SL 2023, ch 14, § 5; SL 2025, ch 27, § 49.