3-12C-1504. Types of supplemental pension benefits. A supplemental pension participant who is a retiree receiving a benefit from the system shall receive one of three types of supplemental pension benefits:
(1) A supplemental pension benefit payable monthly for the lifetime of the participant;
(2) A supplemental pension benefit payable monthly for the lifetime of the participant and, upon the death of the participant, a supplemental pension benefit payable monthly to the participant's supplemental pension spouse equal to sixty percent of the monthly benefit amount that the participant was receiving at the time of death; or
(3) A supplemental pension benefit payable monthly for the lifetime of the participant and, upon the death of the participant, a supplemental pension benefit payable monthly to the participant's supplemental pension spouse equal to one hundred percent of the monthly benefit amount that the participant was receiving at the time of death.A participant who is a retiree receiving a benefit from the system may contract for any of the three types of supplemental pension benefits provided in this section. A participant who is the member's surviving spouse may contract only for a supplemental pension benefit payable monthly for the lifetime of the surviving spouse. The contract shall be signed by both the supplemental pension participant and the supplemental pension spouse, if applicable, and each signature shall be witnessed by a representative of the system or notarized.
Source: SL 2008, ch 24, § 5; SL 2016, ch 32, § 48; SL 2018, ch 33, § 16; SDCL § 3-12-192; 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.