Section 3-12C-407 - Accumulated contributions defined for foundation membersFor any foundation member, the term, accumulated contributions, means the sum of:
(1) All contributions made by the member, including member contributions made by an employer after June 30, 1984, pursuant to § 3-12C-401;(2) For a member whose contributory service concluded after June 30, 2010, eighty-five percent of the employer contributions or noncontributory service if the member had three years or more of contributory service and fifty percent of the employer contributions if the member had less than three years of service; or for a member whose contributory service concluded before July 1, 2010, one hundred percent of the employer contributions or noncontributory service if the member had three years or more of contributory service and seventy-five percent of the employer contributions if the member had less than three years of service;(3) Member redeposits and member credited service purchases pursuant to §§ 3-12C-504, 3-12C-509, and 3-12C-511; and(4) The effective rate of interest earned on the sum of subdivisions (1), (2), and (3).SL 2016, ch 32, §24; SDCL § 3-12-89.2; SL 2019, ch 22, §§19, 45.