If the system is terminated, or if contributions to the system are discontinued, the rights of all members to benefits that have accrued as of the date of termination or discontinuation of contributions shall vest. A member's recourse against the fund shall be limited by the extent to which the member's benefits are funded.
S.D. Codified Laws § 3-12C-221
Rights of members on termination of system or discontinuance of contributions
Known as the South Dakota Retirement Act
The act spans §§ 3-12C-1001 to 3-12C-907 (298 sections).
Source: SL 1984, ch 23, § 4; SDCL § 3-12-72.2; SL 2019, ch 22, §§ 13, 45.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.