S.D. Admin. R. 62:01:02:10

Current through Register Vol. 51, page 67, December 16, 2024

Section 62:01:02:10 - Preparation and expiration of a contract to purchase credited service

If a member chooses to purchase credited service pursuant to SDCL 3-12C-504, 3-12C-509, or 3-12C-511, system staff shall prepare a contract for the purchase and shall mail the contract to the member for the member's signature. The contract shall include provisions outlining the amount of credited service to be purchased, the duration of the contract, the total cost of the purchase, and the number and amount and timeliness of payments. If the member does not sign, date, and return the contract to the system within 45 days from the date it is mailed, the contract expires.

35 SDR 82, effective 10/22/2008; 45 SDR 142, effective 7/1/2019; 47 SDR 137, effective 7/1/2021

General Authority: SDCL 3-12C-211.

Law Implemented: SDCL 3-12C-504, 3-12C-509, 3-12C-511.