South Dakota Codified Laws 3-12C-304. Continuation of previously established retirement plan–Vote of employees required to participate in consolidated system
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Any political subdivision or public corporation may operate a retirement plan created prior to July 1, 1974, unless the retirement plan of the political subdivision or public corporation is accepted in the system created by this chapter. Notwithstanding the provisions of this section and § 3-12C-306 , no political subdivision or public corporation with a retirement plan may be accepted as a participating unit unless two-thirds of the members of the retirement plan vote to become members of the system created by this chapter.
Terms Used In South Dakota Codified Laws 3-12C-304
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Political subdivision: includes any municipality, school district, county, chartered governmental unit, public corporation or entity, and special district created for any governmental function. See South Dakota Codified Laws 3-12C-101
Source: SL 1974, ch 35, § 23; SDCL § 3-12-65 ; SL 2019, ch 22, § 1; SL 2020, ch 12, § 6.