Definitions

Terms used in this chapter mean: (1) "Actuarial accrued liability," the present value of all benefits less the present value of future normal cost contributions; (2) "Actuarial experience analysis," a periodic report that reviews basic experience data and furnishes actuarial analysis that substantiates the assumptions adopted for the purpose of making an actuarial valuation of the system; (3) "Actuarial valuation," a projection of the present value of all benefits and the current funded status of the system, based upon stated assumptions as to rates of interest, mortality, disability, salary progressions, withdrawal, and retirement as established by a periodic actuarial experience analysis that takes into account the census data of all active members, vested terminated members, retired members, and their beneficiaries under the system; (4) "Actuarial value of assets," equal to the fair value of assets; (5) "Actuarially determined contribution rate," the fixed, statutory contribution rate, no less than the normal cost rate with expenses assuming the minimum COLA, and no greater than the normal cost rate with expenses assuming the maximum COLA; (6) "Air rescue firefighter," an employee of the Department of the Military who is stationed at Joe Foss Field, Sioux Falls, and who is directly involved in firefighting activities on a daily basis; (7) "Approved actuary," any actuary who is a member of the American Academy of Actuaries or an associate or a fellow of the Society of Actuaries who meets the qualification standards of the American Academy of Actuaries to issue actuarial opinions regarding the system, or any firm retaining the actuary on the firm's staff, and who is appointed by the board to perform actuarial services; (8) "Assumed rate of return," the actuarial assumption adopted by the board pursuant to § 3-12C-227 , as the annual assumed percentage return on trust fund assets, compounded; (9) "Beneficiary," the person designated by a member of the system to receive any payments after the death of the member; (10) "Benefits," the amounts paid to a member, spouse, child, or beneficiary as a result of the provisions of this chapter; (11) "Board," the Board of Trustees of the South Dakota Retirement System; (12) "Calendar quarter," a period of three calendar months ending March thirty-first, June thirtieth, September thirtieth, or December thirty-first of any year; (13) "Campus security officer," an employee of the Board of Regents whose position is subject to the minimal educational training standards established by the Law Enforcement Officers Standards Commission, pursuant to chapter 23-3 , who satisfactorily completes the training required by chapter 23-3 , within one year of employment, and whose primary duty as a sworn law enforcement officer is to preserve the safety of the students, faculty, staff, visitors, and the property of the university. The employer shall file with the system evidence of the appointment as a sworn law enforcement officer at the time of employment and shall file evidence of satisfactory completion of the training program pursuant to chapter 23-3 , within one year of employment; (14) "Certified school employee," any employee of a participating unit who is required to have a certificate, as defined in § 13-42-1 ; (15) "Class A credited service," service credited as a Class A member of the system; (16) "Class A member," any member other than a Class B member or a Class C member and is either a foundation member or a generational member. A member is a Class A member until proof is supplied to the executive director that a member is a Class B member; (17) "Class B credited service," service credited as a Class B member of the system; (18) "Class B judicial member," any Class B member who is a justice, judge, or magistrate judge; (19) "Class B member," a member who is a justice, judge, state law enforcement officer, magistrate judge, police officer, firefighter, county sheriff, deputy county sheriff, correctional security staff, parole agent, air rescue firefighter, emergency medical services personnel, campus security officer, court services officer, juvenile corrections agent, gaming enforcement agent, conservation officer, or park ranger, and is either a foundation member or a generational member; (20) "Class B public safety member," any Class B member other than a justice, judge, or magistrate judge; (21) "Class C credited service," service credited as a Class C member of the system; (22) "Class C member," any member of the cement plant retirement plan including any retiree or any vested member; (23) "Class D credited service," service credited as a Class D member of the system; (24) "Class D member," any member who was a member of the Department of Labor and Regulation employees' retirement plan as of June 30, 2020; (25) "Classified employee," an employee: (a) Of a public school district who is not required by law to be a certified school employee; (b) Of a college or university under the control of the Board of Regents who is not a faculty member or an administrator and comes within the provisions of chapter 3-6D ; (c) Of a public corporation; (d) Of a chartered governmental unit; or (e) Who participates in the system and is not provided for elsewhere in this chapter; (26) "Comparable level position," a member's position of employment that is generally equivalent to the member's prior position of employment in terms of required education, required experience, required training, required work history, geographic location, and compensation and benefits; (27) "Conservation officer," an employee of the Department of Game, Fish and Parks and the Division of Wildlife or Division of Custer State Park who is employed pursuant to § 41-2-11 and whose position is subject to the requirements as to education and training provided for in chapter 23-3 ; (28) "Consumer price index," the consumer price index for urban wage earners and clerical workers calculated by the United States Bureau of Labor Statistics; (29) "Contributory service," service to a participating unit during which contributions were made to a South Dakota Retirement System, which may not include years of credited service as provided for in § 3-12C-509 or 3-12C-511 ; (30) "Correctional security staff," the warden, deputy warden, and any other correctional staff holding a security position, as verified by the Department of Corrections and approved by the Bureau of Human Resources and Administration and the Bureau of Finance and Management, and determined by the board as Class B members; (31) "Court services officer," an individual appointed pursuant to § 26-7A-8 ; (32) "Covered employment," a member's employment as a full-time employee of a participating unit; (33) "Deputy county sheriff," an individual who is: (a) An employee of a county that is a participating unit; (b) Appointed by the board of county commissioners, pursuant to §§ 7-12-9 and 7-12-10 ; and (c) Subject to the minimum educational and training standards established by the Law Enforcement Officers Standards Commission, pursuant to chapter 23-3 . The term does not include jailers or clerks appointed pursuant to §§ 7-12-9 and 7-12-10 , unless the participating unit has requested that the jailer be considered as a deputy county sheriff and the board has approved the request; (34) "Disability advisory committee," a committee composed of: (a) The secretary of the Department of Human Services or the secretary's designee; (b) An attorney appointed by the executive director; and (c) A physician appointed by the executive director; (35) "Effective date of retirement," the first day of the month in which a retirement benefit is payable; (36) "Eligible retirement plan," a plan described in section 402(c)(8)(B) of the Internal Revenue Code; (37) "Eligible rollover distribution," any distribution to a member of accumulated contributions pursuant to §