S.D. Codified Laws § 3-12C-711

Current through the 2024 Legislative Session

Section 3-12C-711 - Rules regulating maximum annual benefit-Tax qualification-Limitation year defined

Pursuant to chapter 1-26, the board shall adopt rules regulating the maximum annual benefit that may be paid to a member. The rules shall be consistent with maintaining the tax qualification of the system. No benefit may exceed the limitations imposed by § 415 of the Internal Revenue Code. For the purposes of administering the limitations imposed by § 415, the term, limitation year, means a period extending from July first of one calendar year through June thirtieth of the following calendar year.

SDCL 3-12C-711

SL 1984, ch 23, § 6; SL 1996, ch 29, § 2; SL 1997, ch 32, § 2; SL 2002, ch 22, §3; SL 2013, ch 20, §1; SDCL § 3-12-89.1; SL 2019, ch 22, §1.