Section 9-16-25 – Firemen’s contributions to pension fund–Deduction from salary.
9-16-25. Firemen’s contributions to pension fund–Deduction from salary. Each member of the firemen’s pension fund may be required to contribute to the fund, as determined by ordinance adopted by the municipality of the first class, the contributions to be deducted from his salary beginning with the date of his entry into city service as a […]
Section 9-16-26 – Refund of members’ contributions on termination of employment prior to retirement.
9-16-26. Refund of members’ contributions on termination of employment prior to retirement. In the event any member leaves city service before a pension becomes payable on account of his participation in the said pension fund, the total of his contributions to the said fund may be either retained by the said fund or returned to […]
Section 9-16-5.5 – Administrator–Qualifications–Employees–Bond.
9-16-5.5. Administrator–Qualifications–Employees–Bond. The Board of Trustees may appoint an administrator, who shall be qualified by training and experience requirements set by the board. The administrator may hire additional employees as may be required to transact the business of the retirement system. The board shall require bonding of the administrator in an amount set by the […]
Section 9-16-5.6 – Summary system description–Availability–Contents.
9-16-5.6. Summary system description–Availability–Contents. An administrator of a retirement system subject to the provisions of this chapter shall make available to any member of the system and to any beneficiary of the system a summary system description. The summary system description shall be written in a manner to be understood by the average member of […]
Section 9-16-5.7 – Description furnished to member–Charge.
9-16-5.7. Description furnished to member–Charge. The administrator of a system shall, upon written request of any participant or beneficiary, furnish a copy of the latest updated summary system description, the latest annual report and any bargaining agreement, trust agreement, contract, or other instrument under which the system is established or operated. The administrator may make […]
Section 9-16-5.8 – Information furnished to members annually.
9-16-5.8. Information furnished to members annually. Each administrator of a system under this chapter annually shall furnish to each system member or beneficiary a statement showing, on the basis of the latest available information, his total contributions, if any, his total benefits accrued and his nonforfeitable benefits, if any, which have accrued or the earliest […]
Section 9-16-5.9 – Records of employer.
9-16-5.9. Records of employer. An employer who employs one or more individuals who are members of a system covered under this chapter shall maintain records with respect to each employee sufficient to determine benefits due or which may become due to the employee. The employer shall furnish to the system administrator any information necessary for […]
Section 9-16-5.10 – Fiduciary of system–Duties–Definition.
9-16-5.10. Fiduciary of system–Duties–Definition. Every fiduciary of a retirement system subject to the provisions of this chapter shall discharge his duties solely in the interest of the participants and beneficiaries of the system, for the exclusive purpose of providing benefits to participants and their beneficiaries and with the skill, care, prudence, and diligence, under the […]
Section 9-16-5.11 – Time for compliance–Remedy for noncompliance.
9-16-5.11. Time for compliance–Remedy for noncompliance. Each retirement system subject to the provisions of this chapter shall be in compliance with §9-16-3.1 and §§9-16-5.1 to 9-16-5.8, inclusive, no later than June 12, 1987. At any time thereafter, if the members of the Retirement Laws Committee determine that any such system is not in compliance with […]
Section 9-16-9 – Gifts, devises, and bequests for fund.
9-16-9. Gifts, devises, and bequests for fund. The first or second class municipality may accept gifts, devises, and bequests for the pension fund. Source: SL 1925, ch 239, §5; SL 1937, ch 177; SDC 1939, §45.1202; SL 1945, ch 199; SL 1947, ch 204; SL 1949, ch 183, §2; SL 1955, ch 201, §2; SL […]