Benefits only payable monthly--Lump-sum payments prohibited unless specified

A member in the system may claim the benefits provided for in this chapter only in the form of a monthly benefit payment and only after such time as these benefits are payable. Unless otherwise specifically provided, no member or a former member of the system may receive a lump-sum cash payment in lieu of the normal retirement benefit. Source: SL 1967, ch 303 , § 8; SDCL § 3-12-29; SL 1968, ch 216 , § 1; SL 1970, ch 25 , § 7; SL 1974, ch 35 , § 66; SL 2017, ch 27 , § 22; SDCL § 3-12-112 ; SL 2019, ch 22 , § 1.