To the extent required by § 414(u)(12) of the Internal Revenue Code, a member receiving differential wage payments, as defined under § 3401(h)(2) of the Internal Revenue Code, from a member's employer shall be treated as employed by that employer, and the differential wage payment shall be treated as compensation for purposes of calculating final average compensation and applying the limits on annual additions under § 415(c) of the Internal Revenue Code. This provision shall be applied to all similarly situated members in a reasonably equivalent manner.
S.D. Codified Laws § 3-12C-516
Members receiving differential wage payments
Known as the South Dakota Retirement Act
The act spans §§ 3-12C-1001 to 3-12C-907 (298 sections).
Source: SL 2016, ch 31, § 17; SDCL § 3-12-86.2; SL 2019, ch 22, § 1; SL 2023, ch 14, § 4.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.