The bill seeks to modernize the South Dakota Retirement System by amending existing definitions and introducing new terms to better reflect the diverse roles of employees covered under the system. Key amendments include clarifying definitions such as "actuarial accrued liability," "actuarial experience analysis," and "actuarial valuation," while also adding new categories like "air rescue firefighter," "campus security officer," and "emergency medical services personnel." The bill further modifies the definition of "actuarial equivalent" to ensure that benefits are calculated based on specific assumptions adopted by the Board of Trustees, enhancing the accuracy and fairness of benefit calculations.

Additionally, the bill introduces new sections that address the administration of benefits, contributions, and governance of the retirement system. It specifies the conditions for cost-of-living adjustments (COLA), outlines the handling of overpayments, and clarifies the implications of qualified domestic relations orders on beneficiary designations. The governance structure is reinforced by detailing the process for filling vacancies on the Board of Trustees and ensuring accountability for the executive director. Overall, the bill aims to improve clarity and efficiency in the administration of the retirement system while protecting the rights and benefits of its members.

Statutes affected:
Introduced, 01/08/2025: 3-12C-101, 3-12C-102, 3-12C-104, 3-12C-105, 3-12C-106, 3-12C-107, 3-12C-108, 3-12C-109, 3-12C-110, 3-12C-111, 3-12C-112, 3-12C-203, 3-12C-207, 3-12C-209, 3-12C-214, 3-12C-226, 3-12C-227, 3-12C-308, 3-12C-310, 3-12C-402, 3-12C-403, 3-12C-407, 3-12C-502, 3-12C-503, 3-12C-504, 3-12C-514, 3-12C-518, 3-12C-519, 3-12C-603, 3-12C-702, 3-12C-703, 3-12C-711, 3-12C-804, 3-12C-808, 3-12C-809, 3-12C-901, 3-12C-1001, 3-12C-1106, 3-12C-1114, 3-12C-1403, 3-12C-1405, 3-12C-1606, 3-12C-1612, 3-12C-1624, 3-12C-1628, 3-12C-1633, 3-12C-1639, 3-12C-1645, 3-12C-1702, 3-12C-1705, 3-12C-1706, 3-12C-1801, 3-12C-1802, 3-12C-1808, 3-12C-1810, 3-13-55, 3-13-57, 3-13A-2
Enrolled, 02/10/2025: 3-12C-101, 3-12C-102, 3-12C-104, 3-12C-105, 3-12C-106, 3-12C-107, 3-12C-108, 3-12C-109, 3-12C-110, 3-12C-111, 3-12C-112, 3-12C-203, 3-12C-207, 3-12C-209, 3-12C-214, 3-12C-226, 3-12C-227, 3-12C-308, 3-12C-310, 3-12C-402, 3-12C-403, 3-12C-407, 3-12C-502, 3-12C-503, 3-12C-504, 3-12C-514, 3-12C-518, 3-12C-519, 3-12C-603, 3-12C-702, 3-12C-703, 3-12C-711, 3-12C-804, 3-12C-808, 3-12C-809, 3-12C-901, 3-12C-1001, 3-12C-1106, 3-12C-1114, 3-12C-1403, 3-12C-1405, 3-12C-1606, 3-12C-1612, 3-12C-1624, 3-12C-1628, 3-12C-1633, 3-12C-1639, 3-12C-1645, 3-12C-1702, 3-12C-1705, 3-12C-1706, 3-12C-1801, 3-12C-1802, 3-12C-1808, 3-12C-1810, 3-13-55, 3-13-57, 3-13A-2