South Dakota § 3-12C-228 - Funding of system--Review--Report--Corrective action.
Full text of South Dakota South Dakota Codified Laws § 3-12C-228 — Funding of system--Review--Report--Corrective action., with citation guidance and answers to common questions.
§ 3-12C-228. Funding of system--Review--Report--Corrective action.
The board shall review the funding of the system and shall make a report to the Governor and the Retirement Laws Committee if the funding of the system does not meet both of the following conditions:
(1) The fair value funded ratio is greater than or equal to one hundred percent; and
(2) The contribution rate meets or exceeds the minimum actuarial requirement to support benefits.
The report shall include recommendations for the circumstances and timing for any corrective action, including benefit changes, to improve the conditions in subdivisions (1) and (2). For Class D members, corrective action is limited to reducing or eliminating the cost of living adjustment. Based on this report and the recommendations of the board, the Legislature may adopt corrective action to improve the conditions in subdivisions (1) and (2).
Eligibility for benefits, the amount of any benefit, and the rate of member contributions established in this chapter are not the contractual rights of any member and are subject to change by the Legislature for purposes of corrective action to improve the conditions in subdivisions (1) and (2).
Source: SL 1974, ch 35, § 75; SL 1986, ch 37, § 12; SL 2004, ch 42, § 1; SL 2008, ch 20, § 15; SL 2013, ch 21, § 1; SL 2016, ch 31, § 26; SL 2017, ch 27, § 2; SL 2018, ch 33, § 14; SDCL § 3-12-122; SL 2019, ch 22, § 1; SL 2020, ch 13, § 4.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 3-12C-228
What does South Dakota Codified Laws § 3-12C-228 cover?
Section 3-12C-228 ("Funding of system--Review--Report--Corrective action.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 3-12C-228?
A common citation format is "South Dakota Codified Laws § 3-12C-228" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 3-12C-228 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.