3-12C-1106. Normal retirement benefit for foundation members for Class A credited service.
Upon retirement, a foundation member shall receive a normal retirement benefit, commencing at normal retirement age or thereafter as provided in §3-12C-1113, for Class A credited service, equal to the larger of one and seven-tenths percent of final average compensation for each year of Class A credited service before July 1, 2008, plus one and fifty-five hundredths percent of final average compensation for each year of Class A credited service after July 1, 2008, or two and four-tenths percent of final average compensation for each year of Class A credited service before July 1, 2008, plus two and twenty-five hundredths percent of final average compensation for each year of Class A credited service after July 1, 2008, less other public benefits. For purposes of this section, federal military retirement or federal national guard retirement benefits are not other public benefits. For the purposes of this section, any Class A member who did not participate in federal social security during the period of credited service shall be presumed to be entitled to the maximum primary social security benefit permitted at the time of retirement. Class A credited service includes all credited service under this or any of the retirement systems consolidated pursuant to §3-12C-1601.
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, §47; SL 1975, ch 39, §5; SL 1982, ch 39; SL 1986, ch 37, §5; SL 1987, ch 37, §§7, 8; SL 1989, ch 38, §4; SL 1990, ch 37; SL 1991, ch 32; SL 1993, ch 44, §4; SL 1994, ch 34, §3; SL 1997, ch 26, §2; SL 1998, ch 15, §15; SL 1999, ch 15, §2; SL 2000, ch 25, §1; SL 2002, ch 23, §1; SL 2008, ch 23, §1; SL 2016, ch 32, §36; SDCL §3-12-91; SL 2019, ch 22, §1.