3-12C-502. Credited service defined for foundation members.
For any foundation member, the term, credited service, means:
(1)Years of service, or fractions thereof, for which member contributions were made to the system;
(2)Years of noncontributory service, or fractions thereof, credited before July 1, 1974, previously credited under the provisions of the retirement systems consolidated pursuant to §3-12C-1601;
(3)Any period of authorized leave of absence or sick leave with pay for which deductions for member contributions are made, deposited, and credited to the fund;
(4)Any period of authorized leave of absence or sick leave without pay or temporary layoff, during or for which a member obtained credit by payments to the fund made in lieu of salary deductions;
(5)Any period during which a member is on an authorized leave of absence to enter military service, if the member fulfills the provisions of §3-12C-514;
(6)Years of service, or fractions thereof, by faculty and administrators employed by the board of regents before April 1, 1964, credited pursuant to §§3-12C-1611 and 3-12C-1612;
(7)Years of noncontributory service, or fractions thereof, earned before July 1, 1967, but not credited under the South Dakota public employee retirement system as it was consolidated pursuant to §3-12C-1601 because the person earned the service prior to attaining the age of thirty. The service shall be credited only to those persons who are contributing members on July 1, 1987. No service may be credited pursuant to this subdivision to any member who has withdrawn the member's accumulated contributions after July 1, 1967; and
(8)Years of noncontributory service, or fractions thereof, earned by a member from July 1, 1967, to June 30, 1974, inclusive, but not credited under the South Dakota public employee retirement system because of the age and service restrictions established under that system.
Source: SL 2016, ch 32, §25; SDCL §3-12-89.3; SL 2019, ch 22, §1.