SDCL § 3-12C-711: Maximum annual benefit--Promulgation of rules--Tax qualification--Limitation year defined.

The board may promulgate rules, in accordance with chapter 1-26, to regulate the maximum annual benefit that may be paid to a member. The rules must be consistent with maintaining the tax qualification of the system. No benefit may exceed the limitations imposed by § 415 of the Internal Revenue Code, as indexed pursuant to § 415(d)(1) of the Internal Revenue Code.

For purposes of administering the limitations imposed by § 415, "limitation year" means a period extending from July first of one calendar year through June thirtieth of the following calendar year.