§ 3-13a-2

3-13A-2. Definitions.The definitions contained in chapter 3-12 apply to this chapter unless otherwise specified. In addition, the following terms used in this chapter mean:(1)'Account,' the record for each participant reflecting the amount of the participant's special pay transmitted to the fund, allocated investment gains and losses thereon, and administrative charges against those amounts;(2)'Accounting date,' the date on which an investment is valued and the total investment return is allocated to a participant's account;(3)'Board,' the South Dakota Retirement System Board of Trustees as established under §3-12C-203;(4)'Executive director,' the executive director of the South Dakota Retirement System as provided in §3-12C-209;(5)'Fund,' the South Dakota special pay fund established pursuant to §3-13A-3;(6)'Normal retirement date,' the date a participant may retire pursuant to the provisions of chapter 3-12C without reduced benefits;(7)'Participant,' a terminated employee of a participating unit who has reached the calendar month before the month of the employee's fifty-fifth birthday and who received six hundred dollars or more in special pay;(8)'Participating unit,' the State

cipating unit who has reached the calendar month before the month of the employee's fifty-fifth birthday and who received six hundred dollars or more in special pay;(8)'Participating unit,' the State of South Dakota, the South Dakota Board of Regents, or any other political subdivision of the state that participates in the program;(9)'Plan year,' a calendar year ending on December thirty-first;(10)'Program,' the South Dakota Special Pay Retirement Program created pursuant to §§3-13A-1 to 3-13A-25, inclusive;(11)'Special pay,' compensation other than regular salary or wages granted to a participant and transferred in a lump-sum to the fund at the termination of the participant's employment;(12)'Third-party administrator,' a person who, pursuant to contract, handles administration of the program on behalf of the board and the executive director; (13)'Vendor,' a person or organization selected by the state investment officer to provide investment or insurance products to the program. Source: SL 2004, ch 43, §2; SDCL §3-12-166; SL 2005, ch 28, §1; SL 2006, ch 22, §1; SL 2008, ch 20, §18; SL 2013, ch 20, §19; SL 2013, ch 22, §§1, 2; SL 2016, ch 31, §54.