3-12C-711. Rules regulating maximum annual benefit--Tax qualification--Limitation year defined.Pursuant to chapter 1-26, the board shall adopt rules regulating the maximum annual benefit that may be paid to a member. The rules shall be consistent with maintaining the tax qualification of the system. No benefit may exceed the limitations imposed by §415 of the Internal Revenue Code. For the purposes of administering the limitations imposed by §415, the term, limitation year, means a period extending from July first of one calendar year through June thirtieth of the following calendar year. Source: SL 1984, ch 23, §6; SL 1996, ch 29, §2; SL 1997, ch 32, §2; SL 2002, ch 22, §3; SL 2013, ch 20, §1; SDCL §3-12-89.1; SL 2019, ch 22, §1.
South Dakota Legal Code