2006 South Dakota Code - 3-13A-2 — Definitions.

3-13A-2. Definitions. The definitions contained in § 3-12-47 apply to §§ 3-13A-1 to 3-13A- 25, inclusive. In addition, the following terms 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) "Administrator," the administrator of the South Dakota Retirement System as provided in § 3-12-55;

(4) "Board," the South Dakota Retirement System Board of Trustees as established under § 3- 12-48;

(5) "Code," the Internal Revenue Code of 1986, as amended through January 1, 2004;

(6) "Fund," the South Dakota special pay fund established pursuant to § 3-13A-3;

(7) "Normal retirement date," the date a participant may retire pursuant to the provisions of chapter 3-12 without reduced benefits;

(8) "Participant," a terminated employee of a participating unit who has reached the calendar month prior to the month of the member's fifty-fifth birthday and who received six hundred dollars or more in special pay;

(9) "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;

(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 a member of the system and transferred in a lump-sum to the fund at the termination of the member's employment;

(12) "Third-party administrator," a person who, pursuant to contract, handles administration of the program on behalf of the board and the administrator; and

(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.

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