South Dakota Codified Laws 3-12C-305. Newly established retirement plans of political subdivisions and public corporations to participate in consolidated system
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No political subdivision or public corporation, including municipalities, counties, and chartered governmental units, may establish any retirement plan unless such political subdivision or public corporation becomes a participating unit of the system created in this chapter.
Terms Used In South Dakota Codified Laws 3-12C-305
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Political subdivision: includes any municipality, school district, county, chartered governmental unit, public corporation or entity, and special district created for any governmental function. See South Dakota Codified Laws 3-12C-101
Source: SL 1974, ch 35, § 24; SDCL § 3-12-66; SL 2019, ch 22, § 1.