Section 3-12A-30 - Compensation deductions. - South-dakota Statutes

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3-12A-30. Compensation deductions. By electing to participate, a member agrees with the member's employer to reduce his or her compensation by an amount equal to the costs of the benefits selected under the flexible benefits plan. Compensation reductions made pursuant to §§ 3-12A-27 to 3-12A-33, inclusive, do not impact member compensation used to calculate benefits and contributions for the State Retirement System authorized in chapter 3-12. The employer of the participant shall credit the participant with an equal amount of flexible dollars. Any flexible dollars not spent during the plan year revert to the participating employer.

Source: SL 1989, ch 42, § 4; SL 2010, ch 19, § 93.

State Codes and Statutes

Statutes > South-dakota > Title-3 > Chapter-12a > Statute-3-12a-30

3-12A-30. Compensation deductions. By electing to participate, a member agrees with the member's employer to reduce his or her compensation by an amount equal to the costs of the benefits selected under the flexible benefits plan. Compensation reductions made pursuant to §§ 3-12A-27 to 3-12A-33, inclusive, do not impact member compensation used to calculate benefits and contributions for the State Retirement System authorized in chapter 3-12. The employer of the participant shall credit the participant with an equal amount of flexible dollars. Any flexible dollars not spent during the plan year revert to the participating employer.

Source: SL 1989, ch 42, § 4; SL 2010, ch 19, § 93.

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State Codes and Statutes

Statutes > South-dakota > Title-3 > Chapter-12a > Statute-3-12a-30

3-12A-30. Compensation deductions. By electing to participate, a member agrees with the member's employer to reduce his or her compensation by an amount equal to the costs of the benefits selected under the flexible benefits plan. Compensation reductions made pursuant to §§ 3-12A-27 to 3-12A-33, inclusive, do not impact member compensation used to calculate benefits and contributions for the State Retirement System authorized in chapter 3-12. The employer of the participant shall credit the participant with an equal amount of flexible dollars. Any flexible dollars not spent during the plan year revert to the participating employer.

Source: SL 1989, ch 42, § 4; SL 2010, ch 19, § 93.