There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 3-12-83 — Purchase of prior service credit--Calculation of amount due.
3-12-83. Purchase of prior service credit--Calculation of amount due. A current contributing member of the system may receive credited service by election to make, or have made on the member's behalf, contributions, based on the higher of the member's current compensation, or the member's final compensation calculated as if the member retired on the date of election, at an actuarially- determined percentage times the member rate, for each year of service for which the member wishes to receive credit, if:
(1) The current contributing member of the
system could have established credit for any South Dakota public
service by making contributions under this chapter or any prior
law; or
(2) The current contributing member was
not permitted to establish credit for any South Dakota public
service.
The amount
of the credited service and the rate of contribution shall be at
class A rates unless the service for which credit is sought was
rendered as a class B member in which case class B rates shall
apply. If a participating unit has failed to pay employer or member
contributions to the system on behalf of a member as required under
this chapter or under any predecessor system consolidated pursuant
to § 3-12-46, the amount due the system shall be
calculated in accordance with this section.
The member
rate in effect as of July 1, 2001, shall be used in calculation of
the purchase cost of any service performed prior to July 1, 2002,
if a contract to purchase such service is in place prior to July 1,
2004. The member rate in effect on and after July 1, 2002, shall be
the basis for calculation of the purchase cost of any service if
the contract to purchase such service is not in place until on or
after July 1, 2004.
Source: SL 1974, ch 35, § 40; SL 1977, ch 28, § 8; SL 1980, ch 31, § 4; SL 1984, ch 24, § 5; SL 1989, ch 38, § 16; SL 2002, ch 23, § 2; SL 2004, ch 39, § 1.
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