Section 3-12-122 - System funding review--Report required upon existence of specified conditions--Recommended changes. - South-dakota Statutes

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Statutes > South-dakota > Title-3 > Chapter-12 > Statute-3-12-122

3-12-122. System funding review--Report required upon existence of specified conditions--Recommended changes. The board shall review the funding of the system and shall make a report to the Governor and the Retirement Laws Committee if any of the following exists as of the latest annual actuarial valuation of the system:
(1) The contributions do not equal the actuarial requirement for funding;
(2) The funded ratio is less than eighty percent, or a ratio based on the market value of assets is less than eighty percent; or
(3) The market value of assets is less than ninety percent of the actuarial value of assets.
The report shall include an analysis of the conditions required for an improvement of the funded status of the system and recommendations for the circumstances and timing for any future benefit changes, contribution changes, or changes in actuarial assumptions. If any of the conditions set out by this section exist for a period of three consecutive annual actuarial valuations, benefit reductions, contribution changes, or both, shall be recommended by the board to the Governor and the Retirement Laws Committee, effective as soon as possible, to improve the funded status of the system.

Source: SL 1974, ch 35, § 75; SL 1986, ch 37, § 12; SL 2004, ch 42, § 1; SL 2008, ch 20, § 15.

State Codes and Statutes

Statutes > South-dakota > Title-3 > Chapter-12 > Statute-3-12-122

3-12-122. System funding review--Report required upon existence of specified conditions--Recommended changes. The board shall review the funding of the system and shall make a report to the Governor and the Retirement Laws Committee if any of the following exists as of the latest annual actuarial valuation of the system:
(1) The contributions do not equal the actuarial requirement for funding;
(2) The funded ratio is less than eighty percent, or a ratio based on the market value of assets is less than eighty percent; or
(3) The market value of assets is less than ninety percent of the actuarial value of assets.
The report shall include an analysis of the conditions required for an improvement of the funded status of the system and recommendations for the circumstances and timing for any future benefit changes, contribution changes, or changes in actuarial assumptions. If any of the conditions set out by this section exist for a period of three consecutive annual actuarial valuations, benefit reductions, contribution changes, or both, shall be recommended by the board to the Governor and the Retirement Laws Committee, effective as soon as possible, to improve the funded status of the system.

Source: SL 1974, ch 35, § 75; SL 1986, ch 37, § 12; SL 2004, ch 42, § 1; SL 2008, ch 20, § 15.

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State Codes and Statutes

Statutes > South-dakota > Title-3 > Chapter-12 > Statute-3-12-122

3-12-122. System funding review--Report required upon existence of specified conditions--Recommended changes. The board shall review the funding of the system and shall make a report to the Governor and the Retirement Laws Committee if any of the following exists as of the latest annual actuarial valuation of the system:
(1) The contributions do not equal the actuarial requirement for funding;
(2) The funded ratio is less than eighty percent, or a ratio based on the market value of assets is less than eighty percent; or
(3) The market value of assets is less than ninety percent of the actuarial value of assets.
The report shall include an analysis of the conditions required for an improvement of the funded status of the system and recommendations for the circumstances and timing for any future benefit changes, contribution changes, or changes in actuarial assumptions. If any of the conditions set out by this section exist for a period of three consecutive annual actuarial valuations, benefit reductions, contribution changes, or both, shall be recommended by the board to the Governor and the Retirement Laws Committee, effective as soon as possible, to improve the funded status of the system.

Source: SL 1974, ch 35, § 75; SL 1986, ch 37, § 12; SL 2004, ch 42, § 1; SL 2008, ch 20, § 15.