There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 3-12-122 — System funding review--Report required upon existence of specified conditions--Recommended changes.
3-12-122. System funding review--Report required upon existence of specified conditions-- Recommended changes. The board shall review the funding of the system and shall make a report to the Governor and the Retirement Laws Committee if any of the following exists as of the latest annual actuarial valuation of the system:
(1) The contributions do not equal the
actuarial requirement for funding;
(2) The funded ratio is less than eighty
percent, or a ratio based on the market value of assets is less
than eighty percent; or
(3) The market value of assets is less
than ninety percent of the actuarial value of assets.
The report
shall include an analysis of the conditions required for an
improvement of the funded status of the system and recommendations
for the circumstances and timing for any future benefit changes in
actuarial assumptions. If any of the conditions set out by this
section exist for a period of three consecutive annual actuarial
valuations, benefit reductions, contribution changes, or both,
shall be recommended by the board to the Governor and the
Retirement Laws Committee, effective as soon as possible, to
improve the funded status of the system.
Source: SL 1974, ch 35, § 75; SL 1986, ch 37, § 12; SL 2004, ch 42, § 1.
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