3-12C-102. Actuarial equivalent defined.
For the purposes of this chapter, the term, actuarial equivalent, is a benefit of equal value, computed on the basis of the interest rate, mortality, and baseline COLA assumptions adopted by the board for purposes of the actuarial valuation. If the board adopts a select and ultimate rate of interest, the interest rate is the ultimate rate. Mortality is based on a unisex rate that is fifty percent male and fifty percent female for employees and beneficiaries, based on the mortality rates for retired employees and beneficiaries, including, if the board adopts a generational mortality table, projection of mortality improvement to the year specified by the board based on the member's and beneficiary's ages as of the date of the calculation and projected generationally after that year. The system shall make the interest rate, mortality, and baseline COLA assumptions public.
Source: SL 2016, ch 32, §51; SL 2017, ch 27, §6; SDCL §3-12-47.5; SL 2019, ch 22, §1.