The amount calculated under subdivision 3-12C-1603(2) will be adjusted to its actuarial equivalent if the retired member had elected an optional form of payment other than the normal form provided by the retirement system from which the member retired, or if the age of a retired member is less than the normal retirement age necessary for receiving a normal retirement benefit as provided by the retirement system from which the member retired.
S.D. Codified Laws § 3-12C-1604
Adjustment of increase for retired members electing optional payment or early retirement
Known as the South Dakota Retirement Act
The act spans §§ 3-12C-1001 to 3-12C-907 (298 sections).
Source: SL 1974, ch 35, § 79; SL 2017, ch 27, § 25; SDCL § 3-12-125; SL 2019, ch 22, § 1.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.