{"data":{"id":"us-sd/sdcl-3-12c-711.1","jurisdiction":"us-sd","citation":"SDCL § 3-12C-711.1","heading":"Maximum annual benefit--Applicability of limits.","body":"If a member has been credited with less than ten years of credited service, the maximum annual retirement benefit must be reduced by multiplying the maximum annual pension by a fraction, the numerator of which is the number of the member's years of credited service and the denominator of which is ten.\nThe limits as provided by § 415 of the Internal Revenue Code apply to a straight life annuity with no ancillary benefits and to an annuity that constitutes a qualified joint and survivor annuity, provided payment begins between ages sixty-two and sixty-five. The limits do not apply to any portion of a benefit resulting from required member contributions made on an after-tax basis.\nIf payment begins before age sixty-two, the limits are reduced so they are actuarially equivalent to a benefit beginning at age sixty-two.\nFor a police officer or firefighter who is a member of the system, the limit may not be reduced for retirement before age sixty-two, regardless of retirement age, provided that the member has completed at least fifteen years of credited service.\nIf a member's benefit is limited by the maximum annual retirement benefit, the member may be eligible for a benefit as determined by § 3-12C-1805. The interest assumption for purposes of determining actuarial equivalency under this section is five percent annually. The mortality assumption is the applicable mortality table under § 417(e)(3) of the Internal Revenue Code.","path":["TITLE 3. PUBLIC OFFICERS AND EMPLOYEES","CHAPTER 3-12C. SOUTH DAKOTA RETIREMENT SYSTEM"],"source_url":"https://sdlegislature.gov/Statutes/3-12C-711.1","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:56Z","sha256":"845d887ac54141566d4896e4f7146e4540a9cb750dbe2401ba438524c6b1c866","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-3-12c-711","next":"us-sd/sdcl-3-12c-712"},"notice":"GroundRules: Original legal text. Not legal advice."}