3-12C-1113. Effective date of retirement benefit of foundation member--Last payment--Retroactive retirement benefits. Unless a foundation member's required beginning date for retirement occurs first, the early or normal retirement benefit of a foundation member is effective in accordance with whichever of the following is last:
(1) The first day of the month following the date on which the member's contributory service terminated;
(2) The first day of the month following an intervening complete calendar month after the date on which the member's written application for retirement benefits is received by the system; or
(3) The first day of the month specified in the member's application for retirement.
The last payment of the member's benefit is for the month in which the member's death occurs.
Any foundation member who fails to make a timely application for retirement benefits may receive three months of benefits retroactive from the effective date of the member's retirement benefit. However, no foundation member may receive any retroactive benefits for any period of time before the first day of the month following the date on which the member's contributory service terminated.
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, § 46; SL 1978, ch 32, § 4; SL 1993, ch 42, § 4; SL 2016, ch 32, § 35; SDCL § 3-12-90; SL 2019, ch 22, § 1.
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