South Dakota Codified Laws 3-12C-1638. Amount of payment to system by City of Huron
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The city of Huron shall pay to the system an amount equal to the present value of all benefits earned by the members described in § 3-12C-1635 up to July 1, 1998, multiplied by the funding ratio set forth in the valuation of the actuarial requirements and financial condition of the system as of June 30, 1998. That amount shall be calculated as of the close of business on June 30, 1998, by the system’s actuary. Any amount to be paid to the system by the city of Huron which exceeds the value of the assets of the city of Huron firemen pension fund, calculated as of the date of transfer of such assets, may be paid in periodic installments as provided in § 3-12C-308.
Terms Used In South Dakota Codified Laws 3-12C-1638
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Source: SL 1998, ch 22, § 4; SDCL § 3-12-162; SL 2019, ch 22, § 1.