Except as provided in § 3-12C-1401.1, if a retired member reenters 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 benefit payments during the invalid retirement, the member shall repay the payments as a lump sum immediately, repay the payments by contractual payments over a period of up to three years, which payments shall include interest at the assumed rate of return, or repay the payments by an actuarial equivalent reduction in eventual monthly benefits.
S.D. Codified Laws § 3-12C-1406
Invalid retirement--Repayment of retirement benefit payments
Known as the South Dakota Retirement Act
The act spans §§ 3-12C-1001 to 3-12C-907 (298 sections).
Source: SL 2010, ch 23, § 1, eff
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.