S.D. Codified Laws § 3-12C-1504

Current through the 2024 Legislative Session

Section 3-12C-1504 - Types of supplemental pension benefits

A supplemental pension participant who is a retiree receiving a benefit from the system shall receive one of three types of supplemental pension benefits:

(1) A supplemental pension benefit payable monthly for the lifetime of the participant;

(2) A supplemental pension benefit payable monthly for the lifetime of the participant and, upon the death of the participant, a supplemental pension benefit payable monthly to the participant's supplemental pension spouse equal to sixty percent of the monthly benefit amount that the participant was receiving at the time of death; or

(3) A supplemental pension benefit payable monthly for the lifetime of the participant and, upon the death of the participant, a supplemental pension benefit payable monthly to the participant's supplemental pension spouse equal to one hundred percent of the monthly benefit amount that the participant was receiving at the time of death.

A participant who is a retiree receiving a benefit from the system may contract for any of the three types of supplemental pension benefits provided in this section. The contract shall be signed by the supplemental pension participant, and the participant shall provide a copy of the participant's current driver license or other picture identification card issued by a government agency or tribe. If the participant is married, the spouse shall sign the contract and provide a copy of the spouse's current driver license or other picture identification card issued by a government agency or tribe. A participant who is the member's surviving spouse may contract only for a supplemental pension benefit payable monthly for the lifetime of the surviving spouse.

SDCL 3-12C-1504

SL 2008, ch 24, §5; SL 2016, ch 32, §48; SL 2018, ch 33, §16; SDCL § 3-12-192; SL 2019, ch 22, §1; SL 2021, ch 27, §5.

Amended by S.L. 2021, ch. 27,s. 5, eff. 7/1/2021.