The bill seeks to amend and enhance the South Dakota Retirement System by updating definitions, clarifying procedures, and introducing new provisions related to benefits and contributions. Key changes include the introduction of new definitions such as "air rescue firefighter," "campus security officer," and "emergency medical services personnel," which expand the categories of employees eligible for retirement benefits. The bill also clarifies terms like "actuarial equivalent" and establishes guidelines for calculating benefits based on interest rates and mortality assumptions. Additionally, it modifies the governance structure of the Board of Trustees and outlines the process for handling overpayments of benefits, ensuring fair treatment of members and beneficiaries.

Moreover, the bill introduces provisions for automatic enrollment and escalation in deferred compensation plans for permanent employees, streamlining the process for participation. It establishes default deferral amounts and annual increases for contributions, while also clarifying conditions for distributions and the handling of excess deferrals. The amendments aim to improve the clarity and efficiency of the retirement system's operations, ensuring compliance with federal regulations and enhancing the overall experience for members and their beneficiaries.

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