COLA applied to benefits--COLA elimination

The COLA payable must be applied annually to all benefits except those based on the member's accumulated contributions, variable retirement account, or contribution credit. The COLA must be eliminated for any period of time that a retired member reenters covered employment in the system, unless the member retired as a Class B public safety member and subsequently has reentered covered employment as a Class A member, or the member retired without a benefit suspension pursuant to § 3-12C-1402 , and then reentered active status before July 1, 2004. The elimination of the COLA must cease when the member again retires and draws either a refund or an additional retirement benefit. Source: SL 1974, ch 35 , § 44; SL 2004, ch 38 , § 2; SL 2005, ch 26 , § 1; SL 2017, ch 27 , § 12; SDCL § 3-12-88; SL 2019, ch 22 , § 1; SL 2021, ch 26 , § 2; SL 2025, ch 27 , § 41.