Payment of a deposit with the system for the conversion of credited service in accordance with this section must be determined and due at the time the notice of intention to make the payment is received by the system

The amount due may be paid by periodic level installments over a period of up to ten years, the value of which, if discounted for interest at the assumed rate of return, is equal to the amount due at the date of the notice. If a member dies before completion of the installment payments, the surviving spouse may complete the payments due to the system. However, if a member dies before completion of the installment payments and the payments are being made by a participating unit, the amount must be paid in full within ninety days of the member's death or retirement. If the periodic payments are not completed or paid when due, the executive director may make a pro rata adjustment to the credited service, benefits payable under this chapter, or schedule of payments to allow for the default. If the credited service of any member or group of members becomes a Class B credited service on a prospective basis after June 30, 1993, the prior credited service as a Class A member may be converted to Class B credited service in accordance with this section. If a jailer becomes a Class B public safety member, the jailer is eligible to convert prior credited service as a jailer under this section. Source: SL 1993, ch 44 , § 1; SL 1997, ch 27 , § 3; SL 1999, ch 14 , § 3; SL 2003, ch 24 , § 1; SL 2004, ch 39 , § 3; SL 2004, ch 40 , § 9; SL 2008, ch 20 , § 16; SL 2012, ch 26 , § 12; SL 2016, ch 31 , § 28; SL 2018, ch 32 , § 6; SDCL § 3-12-130; SL 2019, ch 22 , § 1; SL 2025, ch 27 , § 37.