Section 5-17-5.3 - Actuary used to determine benefit maximum--Qualifications--Cost of evaluations--Frequency and scope--Reports. - South Dakota Statutes

5-17-5.3. Actuary used to determine benefit maximum--Qualifications--Cost of evaluations--Frequency and scope--Reports. An actuary shall be used in determining that the retirement benefits of the State Cement Plant Retirement Plan are no greater than those benefits provided in chapter 3-12, and such actuary shall be named by the Board of Trustees of the South Dakota Retirement System as provided in chapter 3-12; provided, however, that such actuary shall meet the professional requirements as defined in chapter 3-12 and further that such costs of the actuarial evaluation shall be paid from the funds of the State Cement Plant Commission. Actuarial evaluations shall be made no less than every two years, shall be of the same scope as provided in § 3-12-120, and the actuarial reports presented to the commission, board of trustees, and the Legislature. When calculating the benefits of the State Cement Plant plan are no greater than the benefits of chapter 3-12, the actuary shall allow for reasonable variations that are necessary, justified, or insignificant as determined by the actuary.

Source: SL 1976, ch 39, § 2.