Except as provided in § 3-12C-1401.1, if a retired member reenters employment within the three consecutive calendar months that start with the member’s effective date of retirement, the member’s retirement is deemed invalid. If the member received one or more retirement benefit payments during the invalid retirement, the member shall repay the payments as a lump sum immediately, repay the payments by contractual payments over a period of up to three years, which payments shall include interest at the assumed rate of return, or repay the payments by an actuarial equivalent reduction in eventual monthly benefits.

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Source: SL 2010, ch 23, § 1, eff. Apr. 1, 2010; SL 2016, ch 31, § 34; SDCL § 3-12-199; SL 2019, ch 22, § 1; SL 2021, ch 29, § 7, eff. Apr. 1, 2021.