61-2-15. Retirement program for department personnel. The Department of Labor and Regulation may establish and contract for a retirement program, except as provided by chapter 3-12C, for the personnel of the divisions in cooperation with the appropriate agency of the federal government. The department's share of the costs of the program shall be paid from the administrative funds granted to the department by the federal government. No obligation may be incurred against the state's general fund to pay for this program. The department may execute a contract or contracts with the retirement plan administrators as the employee's retirement board selects. In making the selection, the board shall consider, among other things, financial stability, experience and claims facilities. In evaluating these factors, the board may employ the services of impartial, professional analysts or actuaries, or both.
Source: SDC 1939, § 17.0805 as added by SL 1961, ch 104; SL 1968, ch 90; SL 1980, ch 33, § 3; SL 1981, ch 24, § 3; SL 1989, ch 447, § 1; SL 2011, ch 1 (Ex. Ord. 11-1), § 33, eff. Apr. 12, 2011; SL 2013, ch 258, § 8; SL 2019, ch 22, §§ 1 and 45.
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