Maximum annual benefit--Promulgation of rules--Tax qualification--Limitation year defined

The board may promulgate rules, in accordance with chapter 1-26 , to regulate the maximum annual benefit that may be paid to a member. The rules must be consistent with maintaining the tax qualification of the system. No benefit may exceed the limitations imposed by § 415 of the Internal Revenue Code, as indexed pursuant to § 415(d)(1) of the Internal Revenue Code. For purposes of administering the limitations imposed by § 415, "limitation year" means a period extending from July first of one calendar year through June thirtieth of the following calendar year. Source: SL 1984, ch 23 , § 6; SL 1996, ch 29 , § 2; SL 1997, ch 32 , § 2; SL 2002, ch 22 , § 3; SL 2013, ch 20 , § 1; SDCL § 3-12-89.1; SL 2019, ch 22 , § 1; SL 2025, ch 27 , § 42.