Section 3-12-199 - Invalid retirement--Repayment of retirement annuity payments. - South Dakota Statutes

3-12-199. Invalid retirement--Repayment of retirement annuity payments. If, on or after April 1, 2010, a retired member reenters covered employment within the three consecutive calendar months that start with the member's effective date of retirement, the member's retirement is deemed invalid. If the member received one or more retirement annuity payments during the invalid retirement, the member shall either repay the payments as a lump sum immediately or the repayments shall be by contractual payments over a period of up to three years, which payments shall include interest at the assumed rate of return, or the repayments shall be by an actuarial reduction in eventual monthly benefits based on the mortality table and scale used to determine an actuarial equivalent, as defined in subdivision 3-12-47(3).

Source: SL 2010, ch 23, § 1, eff. Apr. 1, 2010.