3-13A-2. Definitions.
The definitions contained in chapter 3-12 apply to this chapter unless otherwise specified. In addition, the following terms used in this chapter mean:
(1)"Account," the record for each participant reflecting the amount of the participant's special pay transmitted to the fund, allocated investment gains and losses thereon, and administrative charges against those amounts;
(2)"Accounting date," the date on which an investment is valued and the total investment return is allocated to a participant's account;
(3)"Board," the South Dakota Retirement System Board of Trustees as established under §3-12C-203;
(4)"Executive director," the executive director of the South Dakota Retirement System as provided in §3-12C-209;
(5)"Fund," the South Dakota special pay fund established pursuant to §3-13A-3;
(6)"Normal retirement date," the date a participant may retire pursuant to the provisions of chapter 3-12C without reduced benefits;
(7)"Participant," a terminated employee of a participating unit who has reached the calendar month before the month of the employee's fifty-fifth birthday and who received six hundred dollars or more in special pay;
(8)"Participating unit," the State of South Dakota, the South Dakota Board of Regents, or any other political subdivision of the state that participates in the program;
(9)"Plan year," a calendar year ending on December thirty-first;
(10)"Program," the South Dakota Special Pay Retirement Program created pursuant to §§3-13A-1 to 3-13A-25, inclusive;
(11)"Special pay," compensation other than regular salary or wages granted to a participant and transferred in a lump-sum to the fund at the termination of the participant's employment;
(12)"Third-party administrator," a person who, pursuant to contract, handles administration of the program on behalf of the board and the executive director;
(13)"Vendor," a person or organization selected by the state investment officer to provide investment or insurance products to the program.
Source: SL 2004, ch 43, §2; SDCL §3-12-166; SL 2005, ch 28, §1; SL 2006, ch 22, §1; SL 2008, ch 20, §18; SL 2013, ch 20, §19; SL 2013, ch 22, §§1, 2; SL 2016, ch 31, §54.