3-12C-701. Benefits only payable monthly--Lump-sum payments prohibited unless specified.A member in the system may claim the benefits provided for in this chapter only in the form of a monthly benefit payment and only after such time as these benefits are payable. Unless otherwise specifically provided, no member or a former member of the system may receive a lump-sum cash payment in lieu of the normal retirement benefit. Source: SL 1967, ch 303, §8; SDCL §3-12-29; SL 1968, ch 216, §1; SL 1970, ch 25, §7; SL 1974, ch 35, §66; SL 2017, ch 27, §22; SDCL §3-12-112; SL 2019, ch 22, §1.
South Dakota Legal Code