South Dakota Codified Laws 3-12C-1630. Benefits for Mitchell firefighters
Current as of: 2023 | Check for updates
|
Other versions
Each retired member or benefit recipient described in § 3-12C-1629 shall receive the same benefit under the form of annuity provided by the city of Mitchell firemen’s pension plan as in effect on June 30, 1996, except for the COLA. Each benefit shall be increased on July 1, 2008, and thereafter by the system’s COLA. The benefits of members described in § 3-12C-1629 who are entitled to receive benefits from the city of Mitchell firemen’s pension plan as of July 1, 1996, shall be paid from the fund established by this chapter.
Terms Used In South Dakota Codified Laws 3-12C-1630
- 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 1996, ch 28, § 2; SL 2008, ch 26, § 1; SL 2010, ch 20, § 14; SL 2017, ch 27, § 28; SDCL § 3-12-154; SL 2019, ch 22, § 1.