§ 3-12c-109

3-12C-109. Minimum actuarial requirement to support benefits defined.For the purposes of this chapter, the phrase, minimum actuarial requirement to support benefits, means the normal cost and the interest on and amortization of the unfunded actuarial accrued liability over a period not to exceed twenty years, all expressed in terms of a percentage of covered payroll and based on the baseline COLA or the restricted COLA, as applicable. If the actuarial value of assets exceeds the actuarial accrued liability, the minimum actuarial requirement to support benefits includes recognition of the amount by which the actuarial value of assets exceeds the actuarial accrued liability. However, in no event may the recognition reduce the minimum actuarial requirement to support benefits to a percentage less than the contribution rate. Source: SL 2018, ch 33, §13; SDCL §3-12-120.4; SL 2019, ch 22, §1; SL 2023, ch 16, §3.