Section 5-17-5.4 - Early retirement incentive program authorized--Minimum requirements--Adoptionof rules. - South Dakota Statutes

5-17-5.4. Early retirement incentive program authorized--Minimum requirements--Adoption of rules. The Cement Plant Commission may establish an early retirement incentive program to provide early retirement incentives to employees. Any early retirement program established by the Cement Plant Commission, under this section is subject to the following minimum requirements:
(1) No employee is eligible unless the total of his age plus years of service is at least equal to eighty-five;
(2) An employee who has accrued a vested benefit of at least five years or more and is at least fifty-five years old, shall be paid from the cement plant retirement fund;
(3) Supplemental benefits paid under this incentive program may not be paid from the cement plant retirement fund.
The Cement Plant Commission, pursuant to chapter 1-26, may adopt rules governing eligibility for the plan, the amount of benefits to be paid, the time and manner of payment of the benefits, and such other rules as may be necessary to implement the plan.

Source: SL 1988, ch 54.