3-12C-1109. Adjustments in benefit for certain retirees based on time and circumstances of retirement. Each member who retired before July 1, 2008, and each beneficiary of a deceased member who retired prior to July 1, 2008, shall receive a retirement benefit based on the provisions of § 3-12C-1106, 3-12C-1107, or 3-12C-1108 as applicable based on the member's final average compensation, credited service, and other public benefits at retirement and the benefit formulas in §§ 3-12C-1106, 3-12C-1107, and 3-12C-1108 when increased by the COLA from the date of retirement to July 1, 2008.
Increased benefits as provided by any amendment to this section are prospective in nature and are effective July 1, 2008.
Each member or beneficiary of a member who retired before July 1, 1974, who is receiving benefits pursuant to § 3-12C-1605 or each member or beneficiary of a member who elected to retire pursuant to § 3-12C-1606, shall have a benefit increased by an additional two percent as of July 1, 2008, in lieu of the increase provided in this section.
If a member retired before normal retirement age, the benefit shall be adjusted in accordance with the law in effect at the time of retirement. If a member elected an alternate method of payment under the law in effect at the time of retirement, the benefit shall be adjusted in accordance with the law in effect at the time of retirement. If the additional benefit is to be paid to a beneficiary of a deceased member, the additional benefit shall be adjusted in accordance with the law in effect at the time of the member's retirement.
No member or beneficiary whose retirement benefit terminated before July 1, 2008, may receive any benefits pursuant to this section.
Source: SL 1997, ch 26, § 7; SL 1998, ch 15, § 19; SL 1999, ch 15, § 6; SL 2000, ch 25, § 4; SL 2008, ch 23, § 4; SL 2017, ch 27, § 13; SDCL § 3-12-92.6; SL 2019, ch 22, § 1.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.