Retirement benefit to terminated member with vested right--Calculation

A terminated member who has a vested right in the system may leave the member's accumulated contributions on deposit with the system and receive a retirement benefit commencing at the member's retirement. In calculating such benefit, the member's final average compensation shall be increased by the COLA commencing each July first for each complete twelve-month period between the member's last termination and the date on which the member's retirement benefit commences. Source: SL 1974, ch 35 , § 33; SL 1982, ch 32 , § 4; SL 1986, ch 37 , § 4; SL 1998, ch 17 , § 3; SL 2004, ch 40 , § 8; SL 2010, ch 20 , § 9; SL 2017, ch 27 , § 10; SDCL § 3-12-75 ; SL 2019, ch 22 , § 1.