S.D. Admin. R. 20:16:18:07

Current through Register Vol. 50, page 162, June 24, 2024

Section 20:16:18:07 - Amount of the normal pension

The normal pension amount for any employee who retires after June 30, 1999, shall be the sum of:

(1) 1.55 percent of final average earnings times all years of credited service prior to July 1, 2000; and

(2) 1.3 percent of final average earnings times all years of credited service after June 30, 2000.

The amount of earnings under the plan may not exceed the limit on compensation allowed under § 401(a)(17) of the Internal Revenue Code.

S.D. Admin. R. 20:16:18:07

28 SDR 109, effective 2/11/2002; 36 SDR 207, effective 7/1/2010; 40 SDR 197, effective 5/27/2014; 45 SDR 142, effective 7/1/2019

General Authority: SDCL 3-12C-1647.

Law Implemented: SDCL 3-12C-1643, 3-12C-1644.