South Dakota Codified Laws 3-12C-1626. Watertown firefighters benefits paid from the system–Minimum benefit
Each individual described in § 3-12C-1625 shall receive the same benefit under the form of annuity provided by the city of Watertown firemen pension fund in effect on June 30, 1995, which benefit shall be increased on July 1, 1995, and thereafter in accordance with § 3-12C-703. The benefits of individuals described in § 3-12C-1625 who are entitled to receive benefits from the city of Watertown firemen pension fund as of July 1, 1995, shall be paid from the fund established by this chapter and funded pursuant to §§ 3-12C-1627 and 3-12C-1628.
Firefighters who are not retired on July 1, 1994, are guaranteed a minimum benefit equal to the accrued benefit under the city of Watertown firemen pension fund as of July 1, 1994. If the minimum benefit is paid in lieu of a benefit under this chapter, the minimum benefit may not be increased annually as provided in § 3-12C-703 and the member is not entitled to benefits pursuant to § 3-12C-1114 or subdivision 3-12C-901(4).
Terms Used In South Dakota Codified Laws 3-12C-1626
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Source: SL 1995, ch 19, § 2; SL 2017, ch 27, § 9; SDCL § 3-12-62.11; SL 2019, ch 22, § 1.