Interest must be credited from December 1, 1984, on contributions made and interest credited; (34) "Required contribution accrued benefit," the amount of monthly retirement benefit under the normal form accrued by an active participant as of any date and payable at the normal retirement date derived from the participant's required contributions; (35) "Retirement date," the date a retirement benefit will begin and is a participant's early, normal, or late retirement date; (36) "Severance from employment," notwithstanding the provisions of § 3-13C-17, an employee has ceased to be an employee. An employee does not have a severance from employment if, in connection with a change of employment, the employee's new employer maintains this plan with respect to the employee. Severance from employment must have occurred in accordance with the applicable regulations; (37) "Spouse," a person the participant is continuously married to at least throughout the one-year period ending on the date of death; (38) "South Dakota Retirement System," or "system," the system created in chapter 3-12C and the administrator of the plan; (39) "Vested accrued benefit," on any date, the participant’s accrued benefit resulting from employer contributions multiplied by the participant's vesting percentage on that date, plus the participant's required contribution accrued benefit; (40) "Yearly date," August 1, 1961, and each following August first through August 1, 1969, and each following July first; (41) "Years of service," the total of an employee's credited service, expressed as whole years and fractional parts of a year. A period of military duty is included as service with the employer to the extent it has not already been credited. Source: SL 2020, ch 13 , § 8.
Interest must be credited on each required contribution from the end of the plan year for which it was made until the monthly date on or before the date of determination
— under DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT.