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 […]
Section 9-16-10 – Investment of moneys of retirement system.
9-16-10. Investment of moneys of retirement system. All moneys belonging to the retirement system not required for the payment of current annuities, pensions, retirement allowances, other benefits, or administrative expenses in lieu thereof may be invested. Source: SL 1925, ch 239, §5; SL 1937, ch 177; SDC 1939, §45.1202; SL 1945, ch 199; SL 1947, […]
Section 9-16-11 – Previously granted pensions as obligation of retirement system.
9-16-11. Previously granted pensions as obligation of retirement system. All pensions granted by a first or second class municipality prior to the adoption of a retirement system under §9-16-3 shall become an obligation of the retirement system adopted by said municipality under said section. Source: SL 1949, ch 183, §6; SDC Supp 1960, §45.1204-2; SL […]
Section 9-16-5.4 – Audit of financial statements.
9-16-5.4. Audit of financial statements. The financial statements contained in the report required by §9-16-5.3 shall be audited by an independent qualified, certified public accountant. The actuarial valuation required in the report shall include the information required under the provisions of subdivision 3-12C-101(3) and shall be performed by an approved actuary as defined by subdivision […]
Section 9-16-3.1 – Board of Trustees.
9-16-3.1. Board of Trustees. The Board of Trustees required under the provisions of §9-16-3 shall be composed as follows: (1)Members of the governing body of the municipality or other individuals appointed by the governing body to represent it, the number to be set by ordinance; (2)Members of the retirement and pension system selected by the […]