South Dakota Codified Laws 3-12C-1623. Amount to be paid by municipality of Aberdeen
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The municipality of Aberdeen shall pay to the system an amount equal to the present value of all benefits earned by individuals described in § 3-12C-1621 up to July 1, 1994, multiplied by the funding ratio set forth in the valuation of the actuarial requirements and financial condition of the system as of June 30, 1992. That amount shall be determined on July 1, 1994, by the system’s actuary. Any amount to be paid to the system by the municipality of Aberdeen which exceeds the value of the assets of the municipality of Aberdeen firemen’s relief and pension fund, determined as of the date of transfer, shall be paid pursuant to the provisions of § 3-12C-308.
Terms Used In South Dakota Codified Laws 3-12C-1623
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Source: SL 1994, ch 37, § 3; SDCL § 3-12-135; SL 2019, ch 22, § 1.