South Dakota Administrative Rules
Title 47 - Department of Labor And Regulation
Article 47:10 - Department of Labor and Regulation employees' retirement board
Chapter 47:10:01 - General provisions
Section 47:10:01:01 - Definitions

(1) "Actuarial valuation," the calculation to determine the normal cost, the entry age normal level contribution requirements accumulated to date according to entry age normal cost method, and the present value of the benefits earned to date of a benefit plan, based upon stated assumptions as to rates of interest, mortality, disability, salary progressions, withdrawal, and retirement as established by a periodic actuarial survey which takes into account census data of all active members, vested terminated members, and retired members and their beneficiaries under the plan;

(2) "Approved actuary," an actuary who is a fellow of the Society of Actuaries or who has at least 15 years of service to public employees' funds; any firm retaining such an actuary on its staff;

(3) "Beneficiary," the person designated by a member of the retirement plan to receive payments after the death of a member;

(4) "Benefits," the amounts paid to a member or to the spouse and family or beneficiary;

(5) "Board," the South Dakota Department of Labor and Regulation employees' retirement board;

(6) "Department," the South Dakota Department of Labor and Regulation;

(7) "Fund," the South Dakota Department of Labor and Regulation employees' retirement fund or funds established for the purposes of administration of the retirement plan established in SDCL 61-2-15;

(8) "Member," a person who is participating in and who has made contributions to the retirement plan, but not a person who withdraws his contributions at termination of employment;

(9) "Retirement plan" or "plan," South Dakota Department of Labor and Regulation, job service, unemployment division, and office of administrative services retirement plans A and B, entered into by the department prior to September 25, 1989, with subsequent amendments.