The board may provide under its rules for a modified monthly benefit to a member or beneficiary in lieu of the monthly benefit payable under any provision of this chapter if the benefit is not greater than the actuarial equivalent of the benefit due the member or beneficiary under this chapter.
S.D. Codified Laws § 3-12C-706
Modified monthly benefit permitted
Known as the South Dakota Retirement Act
The act spans §§ 3-12C-1001–3-12C-907 (298 sections).
Source: SL 1968, ch 216, § 1; SDCL Supp, § 3-12-41; SL 1970, ch 25, § 11; SL 1974, ch 35, § 62; SL 2017, ch 27, § 18; SDCL § 3-12-108; SL 2019, ch 22, §§ 24, 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.