Section 3-13B-2 - Maximum retirement benefits for cement plant former employees--Computation ofbenefits. - South-dakota Statutes

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3-13B-2. Maximum retirement benefits for cement plant former employees--Computation of benefits. The retirement plan benefits for State Cement Plant employees shall be no greater than the retirement benefits provided in chapter 3-12; provided, however, that normal retirement benefits for those employed prior to July 1, 1977, shall be equal to one and four-tenths percent times the final compensation times the number of years of credited service. Retirement benefits for employees whose date of first employment is after July 1, 1977, shall be no greater than the benefits provided in chapter 3-12. If benefits outlined in § 3-12-91 exceed one and four-tenths percent times the final compensation times the number of years of credited service, then the benefits of § 3-12-91, when applicable, shall supersede the provisions of this section.

Source: SL 1976, ch 39, § 1; SDCL § 5-17-5.2; SL 2010, ch 32, § 7.

State Codes and Statutes

Statutes > South-dakota > Title-3 > Chapter-13b > Statute-3-13b-2

3-13B-2. Maximum retirement benefits for cement plant former employees--Computation of benefits. The retirement plan benefits for State Cement Plant employees shall be no greater than the retirement benefits provided in chapter 3-12; provided, however, that normal retirement benefits for those employed prior to July 1, 1977, shall be equal to one and four-tenths percent times the final compensation times the number of years of credited service. Retirement benefits for employees whose date of first employment is after July 1, 1977, shall be no greater than the benefits provided in chapter 3-12. If benefits outlined in § 3-12-91 exceed one and four-tenths percent times the final compensation times the number of years of credited service, then the benefits of § 3-12-91, when applicable, shall supersede the provisions of this section.

Source: SL 1976, ch 39, § 1; SDCL § 5-17-5.2; SL 2010, ch 32, § 7.

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Statutes > South-dakota > Title-3 > Chapter-13b > Statute-3-13b-2

3-13B-2. Maximum retirement benefits for cement plant former employees--Computation of benefits. The retirement plan benefits for State Cement Plant employees shall be no greater than the retirement benefits provided in chapter 3-12; provided, however, that normal retirement benefits for those employed prior to July 1, 1977, shall be equal to one and four-tenths percent times the final compensation times the number of years of credited service. Retirement benefits for employees whose date of first employment is after July 1, 1977, shall be no greater than the benefits provided in chapter 3-12. If benefits outlined in § 3-12-91 exceed one and four-tenths percent times the final compensation times the number of years of credited service, then the benefits of § 3-12-91, when applicable, shall supersede the provisions of this section.

Source: SL 1976, ch 39, § 1; SDCL § 5-17-5.2; SL 2010, ch 32, § 7.