§ 3-12C-101 Definitions
§ 3-12C-102 Actuarial equivalent defined
§ 3-12C-103 Child defined
§ 3-12C-104 COLA or cost of living adjustment defined
§ 3-12C-105 Compensation defined
§ 3-12C-106 Contributing member defined
§ 3-12C-107 Disability defined
§ 3-12C-108 Effective rate of interest defined
§ 3-12C-109 Minimum actuarial requirement to support benefits defined
§ 3-12C-110 Spouse defined
§ 3-12C-111 Terminated defined
§ 3-12C-112 Vested defined
§ 3-12C-201 Citation of chapter
§ 3-12C-202 System managed by board–Standard of conduct–Legal advice
§ 3-12C-203 Board of Trustees created–Composition
§ 3-12C-204 Election of trustees–Terms of office
§ 3-12C-205 Resignation of trustee due to loss of qualifying status–Filling of vacancy
§ 3-12C-206 Trustees–Oath of office
§ 3-12C-207 Compensation and expenses of trustees
§ 3-12C-208 Meetings of board–Chair and vice chair–Votes required for decision
§ 3-12C-209 Appointment of executive director–Compensation–Employment of personnel–Bond
§ 3-12C-210 Expense fund continued–Transfer from retirement system fund–Report of budget–Appropriation and disbursement for expenses
§ 3-12C-211 Rules for administration
§ 3-12C-212 Applications for membership or benefits–Picture identification required
§ 3-12C-213 Grievance procedure–Administrative and judicial review
§ 3-12C-214 Correction of records–Adjustment for underpayment or overpayment–Limitation
§ 3-12C-215 Confidentiality of records–Exceptions
§ 3-12C-216 Exemption of contributions and benefits from taxation and process
§ 3-12C-217 Domestic relations orders–Determination as to whether qualified–Restrictions on provisions
§ 3-12C-218 Business name of system–Treasurer
§ 3-12C-219 Use of fund restricted
§ 3-12C-220 Diversion of funds prohibited–Legislative policy
§ 3-12C-221 Rights of members on termination of system or discontinuance of contributions
§ 3-12C-222 Application of forfeitures
§ 3-12C-223 Investment of assets by investment council–Pooling of funds–Standards for investment–Compliance with federal divestiture enactments
§ 3-12C-224 Quadrennial independent report on investment performance
§ 3-12C-225 Review of investment policy when return lower than average–Report to Governor and Legislature
§ 3-12C-226 Annual actuarial valuation of system–Scope of valuation
§ 3-12C-227 Actuarial assumptions on which valuation based–Report of change
§ 3-12C-228 Funding of system–Review–Report–Corrective action
§ 3-12C-229 Annual report of funded status of system
§ 3-12C-230 Record of board proceedings–Annual report
§ 3-12C-301 Members of system
§ 3-12C-302 Membership in system–Exclusions
§ 3-12C-303 Newly elected officials permitted to join system–Requirements–Credited service
§ 3-12C-304 Continuation of previously established retirement plan–Vote of employees required to participate in consolidated system
§ 3-12C-305 Newly established retirement plans of political subdivisions and public corporations to participate in consolidated system
§ 3-12C-306 Election by political subdivision or public corporation to participate in consolidated system
§ 3-12C-307 Coverage of joint employees of participating and nonparticipating political subdivisions
§ 3-12C-308 Accrued benefit deposit required when political subdivision or public corporation joins consolidated system–Participation by employees–Deferred payment of deposit
§ 3-12C-309 Effective date of participation of employees of participating unit
§ 3-12C-310 Privatization of governmental function
§ 3-12C-401 Rate of contributions–Deduction from pay–Employer to make members’ contributions
§ 3-12C-402 Additional contribution for foundation members by participating unit
§ 3-12C-403 Monthly transmission of contributions–Deposit in fund
§ 3-12C-404 Deduction of delinquent contributions from payments due from state–Penalty and interest
§ 3-12C-405 Service records and employee information furnished by employers
§ 3-12C-406 Knowing transmission of report with excluded compensation as misdemeanor
§ 3-12C-407 Accumulated contributions defined for foundation members
§ 3-12C-408 Accumulated contributions defined for generational members
§ 3-12C-409 Refund of unpaid accumulated contributions upon termination–Reversion of unclaimed payments to system
§ 3-12C-410 Lump-sum payments where designated beneficiary does not survive member–Reversion to system of unclaimed payments
§ 3-12C-501 Uniform application of service credit rules
§ 3-12C-502 Credited service defined for foundation members
§ 3-12C-503 Credited service defined for generational members
§ 3-12C-504 Purchase of prior service credit–Calculation of amount due
§ 3-12C-505 Prospective increase for credited service related to years of noncontributory service
§ 3-12C-506 Refund for purchase cost of noncontributing service
§ 3-12C-509 Purchase of prior service credit for public service not covered by retirement plan
§ 3-12C-510 Acquisition of credited service through transfer of funds–Requirements
§ 3-12C-511 Purchase of nonqualified permissive service credit allowed
§ 3-12C-512 Acquisition of credited service for members mobilized into certain federal military service
§ 3-12C-513 Service credit for leave of absence–Contributions to cover period of absence
§ 3-12C-514 Credited service for leave of absence due to qualified military service–Return to employment after discharge
§ 3-12C-515 Death or disability of member on leave of absence due to qualified military service–Return to service date and benefits
§ 3-12C-516 Members receiving differential wage payments
§ 3-12C-517 Valuation of purchased prior service credit–Installment payments–Death of member–Adjustment when installments not paid
§ 3-12C-518 Conversion of credited service
§ 3-12C-519 Purchase of certain public service as Class B service
§ 3-12C-520 Prior service credit on return of nonvested member to employment
§ 3-12C-601 Retirement benefit to terminated member with vested right–Calculation
§ 3-12C-602 Withdrawal of accumulated contributions on leaving covered employment–Picture identification required–Limitation
§ 3-12C-603 Distribution by direct rollover
§ 3-12C-604 Contributions left in system on termination of employment without vested right–Maximum period–Forfeiture
§ 3-12C-605 Uncollected payments from system–Reversion
§ 3-12C-606 Reinstatement of terminated rights
§ 3-12C-607 Early withdrawal precludes additional refund
§ 3-12C-608 Eligibility for benefits upon becoming full-time employee within twelve months after withdrawal
§ 3-12C-701 Benefits only payable monthly–Lump-sum payments prohibited unless specified
§ 3-12C-702 Person’s birthday for purposes of eligibility
§ 3-12C-703 COLA applied to benefits–COLA elimination
§ 3-12C-704 Determination of COLA payable
§ 3-12C-705 Date of application of prorated payment of COLA
§ 3-12C-706 Modified monthly benefit permitted
§ 3-12C-707 Highest annual compensation
§ 3-12C-708 Time of termination of benefits
§ 3-12C-709 Duplicate benefits prohibited unless from another member’s contributions
§ 3-12C-710 Member who leaves employment–Spouse and minor children
§ 3-12C-711 Rules regulating maximum annual benefit–Tax qualification–Limitation year defined
§ 3-12C-712 Compensation limits in Internal Revenue Code § 401(a)(17)
§ 3-12C-713 Contribution credit defined–Payment of contribution credit and credited investment return
§ 3-12C-801 Criteria for determining disability–Uniform application
§ 3-12C-802 Disability documentation inadmissible for proceedings relative to workers’ compensation
§ 3-12C-803 Disability benefits eligibility–Applications before July 1, 2015–Required information–Filing deadline
§ 3-12C-804 Employer certification of inability to provide effective accommodations or comparable employment–Applications before July 1, 2015
§ 3-12C-805 Amount of monthly disability benefit–Applications before July 1, 2015
§ 3-12C-806 Elimination or addition of disability benefit pertaining to children–Applications before July 1, 2015
§ 3-12C-807 Deduction of other public benefits from disability benefit–Reduction when children become ineligible–Applications before July 1, 2015
§ 3-12C-808 Conversion of disability benefit to retirement benefit at retirement age–Applications before July 1, 2015
§ 3-12C-809 Termination of disability benefit based on application before July 1, 2015
§ 3-12C-810 Maximum amount of disability benefit–Reporting earned income–Applications before July 1, 2015
§ 3-12C-811 Disability benefits for applications received after June 30, 2015
§ 3-12C-812 Disability benefits eligibility
§ 3-12C-813 Application for disability benefits–Required information–Filing deadline
§ 3-12C-814 Employer certification of inability to provide accommodations or comparable employment
§ 3-12C-815 Health care provider certification of disability
§ 3-12C-816 Advice of disability advisory committee–Independent examination or assessment–Notice of disapproval of application
§ 3-12C-817 Notice of approval of disability benefits–Commencement of benefits
§ 3-12C-818 Calculation of disability benefits–Foundation members
§ 3-12C-819 Disability benefits for generational members
§ 3-12C-820 No credited service for disability benefit period
§ 3-12C-821 Contributions for period of employment while receiving disability benefits
§ 3-12C-822 Termination of disability benefits
§ 3-12C-823 Contributions upon return to covered employment
§ 3-12C-824 Retirement benefit of member who received disability benefits and returned to covered employment
§ 3-12C-825 Retirement benefit of member whose disability benefits were terminated but who did not return to covered employment
§ 3-12C-826 Family benefit–Member dies before normal retirement age while receiving disability benefits
§ 3-12C-827 Surviving spouse benefit where member received disability benefits
§ 3-12C-828 Surviving spouse benefit where member dies after normal retirement age while receiving disability benefits
§ 3-12C-901 Family and surviving spouse benefits–Death of contributing member before retirement or death of member receiving disability based on application before July 1, 2015–Amount of benefit–Effective date
§ 3-12C-902 Payment or delivery to minors
§ 3-12C-903 Benefits payable directly to child at age eighteen–Elimination upon ineligibility
§ 3-12C-904 Elimination of family benefit as children become ineligible
§ 3-12C-905 Deductions of member’s primary social security from benefits
§ 3-12C-906 Family benefits in lieu of other death benefits–Election by designated beneficiary to withdraw accumulated contributions
§ 3-12C-907 Family benefit–Deceased member who was working–Total benefit–Effective date
§ 3-12C-1001 Election of additional survivor protection–Commencement and termination of additional contribution
§ 3-12C-1002 Extension of survivor protection option to current contributing members–Limitation on future extensions
§ 3-12C-1003 New enrollments in additional survivor protection prohibited
§ 3-12C-1004 Amount of additional survivor protection benefits–Termination
§ 3-12C-1101 Final average compensation for foundation members whose contributory service concluded before July 1, 2021
§ 3-12C-1102 Limitations on final average compensation for foundation members whose contributory service concluded before July 1, 2020
§ 3-12C-1103 Final average compensation for foundation members whose contributory service concludes after June 30, 2021
§ 3-12C-1104 Limitations on final average compensation for foundation members whose contributory service concludes after June 30, 2020
§ 3-12C-1105 Normal retirement age for foundation members
§ 3-12C-1106 Normal retirement benefit for foundation members for Class A credited service
§ 3-12C-1107 Normal retirement benefit for foundation members for Class B credited service other than justice, judge, or magistrate judge
§ 3-12C-1108 Normal retirement benefit for foundation members for Class B credited service as justice, judge, or magistrate judge
§ 3-12C-1109 Adjustments in benefit for certain retirees based on time and circumstances of retirement
§ 3-12C-1110 Reduction age defined for foundation members
§ 3-12C-1111 Early retirement benefits for foundation members
§ 3-12C-1112 Adjustment of early retirement benefits for foundation members who retire before eligible for social security
§ 3-12C-1113 Effective date of retirement benefit of foundation member–Last payment–Retroactive retirement benefits
§ 3-12C-1114 Surviving spouse benefit–Retired foundation member–Effective dates
§ 3-12C-1115 Surviving spouse benefit–Foundation member–Calculation of benefit
§ 3-12C-1116 Early surviving spouse benefit for foundation member’s spouse
§ 3-12C-1201 Final average compensation defined for generational members
§ 3-12C-1202 Limitations on final average compensation for generational members
§ 3-12C-1203 Normal retirement age for generational members
§ 3-12C-1204 Normal retirement benefit for generational members for Class A credited service
§ 3-12C-1205 Normal retirement benefit for generational members for Class B credited service other than justice, judge, or magistrate judge
§ 3-12C-1206 Normal retirement benefit for generational members for Class B credited service as justice, judge, or magistrate judge
§ 3-12C-1207 Early retirement benefits for generational members
§ 3-12C-1208 Application for retirement benefit required–Picture identification required
§ 3-12C-1209 Monthly benefit options for generational members
§ 3-12C-1210 Irrevocable benefit election by generational members
§ 3-12C-1211 Effective date of retirement benefit of generational member–Last payment
§ 3-12C-1212 Retroactive retirement benefits for generational members
§ 3-12C-1213 Surviving spouse benefit–Retired generational member–Amount of benefit
§ 3-12C-1214 Surviving spouse benefit–Generational member dying after normal retirement age but before start of benefit–Amount of benefit
§ 3-12C-1215 Amount of surviving spouse benefit for generational member
§ 3-12C-1216 Early surviving spouse benefit for generational member’s spouse
§ 3-12C-1301 Variable retirement accounts of generational members–Contributions and credited investment return
§ 3-12C-1302 Variable retirement contributions of generational members
§ 3-12C-1303 Distributions from generational member’s variable retirement account
§ 3-12C-1400 Three consecutive calendar months of separation described
§ 3-12C-1401 Reemployment of retired member–Separation of service required–Hiring procedures
§ 3-12C-1401.1 Reemployment of retired member–Limited exception to separation of service requirement
§ 3-12C-1402 Reduction of retirement benefit during reemployment before July 1, 2004–Recalculation of additional benefit
§ 3-12C-1403 Retirement benefits for members who reentered covered employment after June 30, 2004 and before April 1, 2010
§ 3-12C-1404 Reduction of retirement benefit during reemployment for members who reentered employment between July 1, 2004 and April 1, 2010–Benefit upon subsequent retirement
§ 3-12C-1405 Retired members–Reentrance to covered employment–Benefits and membership
§ 3-12C-1405.1 Reemployment of retired member–Limited exception to benefit and membership provisions for part-time employment
§ 3-12C-1405.2 Reemployment of retired member–Employer tracking
§ 3-12C-1406 Invalid retirement–Repayment of retirement benefit payments
§ 3-12C-1501 Supplemental pension benefit created
§ 3-12C-1502 Interest rate assumption–Suspension of new supplemental pension contracts–No right to particular price
§ 3-12C-1503 Rollover of funds–Single premium–Contract effective upon signing–Payment of benefits
§ 3-12C-1504 Types of supplemental pension benefits
§ 3-12C-1505 COLA applicable to supplemental pension benefits
§ 3-12C-1506 Death of participant or spouse–Lump sum distribution to beneficiaries–Time for making claim
§ 3-12C-1507 Contract purchases and benefit payments deemed qualified plan distributed annuity contracts
§ 3-12C-1508 Minimum distribution rules–Annual benefit limitations
§ 3-12C-1509 Applicability of certain retirement system provisions
§ 3-12C-1510 Exemption from Title 58 and from securities and agent registration
§ 3-12C-1601 Previous retirement systems consolidated–Purpose
§ 3-12C-1602 Intent to provide increased benefits to previously retired members of systems
§ 3-12C-1603 Increase in benefits for previously retired members of systems
§ 3-12C-1604 Adjustment of increase for retired members electing optional payment or early retirement
§ 3-12C-1605 Previously retired members paid from consolidated fund
§ 3-12C-1606 Members of consolidated systems entitled to benefits of prior law–Retention of Codified Laws
§ 3-12C-1607 Amount of benefits for justice or judge mandatorily retired
§ 3-12C-1608 Board of Regents employees–Definition of balances
§ 3-12C-1609 Existing regents’ contracts preserved–Expansion of retirement plan–Transition
§ 3-12C-1610 Contract for purchase of service for Board of Regents
§ 3-12C-1611 Contributory service credited to Board of Regents employees–Eligibility of nonparticipating employees–Qualification for prior credited service
§ 3-12C-1612 Normal retirement allowance reduced by actuarial equivalent–Deposit of individual balance–Member contributions
§ 3-12C-1613 Allowance to surviving spouse of law enforcement officer retired for disability
§ 3-12C-1615 Rapid City firefighter membership in system–Benefits and credited service
§ 3-12C-1616 Rapid City firefighter retirement benefits–Normal retirement age
§ 3-12C-1617 Payments from public employees retirement fund to Rapid City firefighters
§ 3-12C-1618 Payments by Rapid City
§ 3-12C-1619 Crediting of transfers from Rapid City pension fund
§ 3-12C-1620 Retirement benefits for certain city of Aberdeen employees
§ 3-12C-1621 Aberdeen firefighters to participate in system
§ 3-12C-1622 Eligible benefits for Aberdeen firefighters
§ 3-12C-1623 Amount to be paid by municipality of Aberdeen
§ 3-12C-1624 Funds from Aberdeen municipality considered member contributions
§ 3-12C-1625 Watertown firefighters pension fund members–Credited service
§ 3-12C-1626 Watertown firefighters benefits paid from the system–Minimum benefit
§ 3-12C-1627 Payments by Watertown
§ 3-12C-1628 Crediting transfers from city of Watertown firemen pension fund
§ 3-12C-1629 Mitchell firefighters as members of system
§ 3-12C-1630 Benefits for Mitchell firefighters
§ 3-12C-1631 Calculation of Mitchell firefighter benefits
§ 3-12C-1632 Amount of payment to system by city of Mitchell
§ 3-12C-1633 Transfer of city of Mitchell firemen’s pension plan funds as member contributions
§ 3-12C-1634 Information required of city of Mitchell
§ 3-12C-1635 Huron firefighters as members of system
§ 3-12C-1636 Benefits for Huron firefighters
§ 3-12C-1637 Calculation of Huron firefighter benefits
§ 3-12C-1638 Amount of payment to system by City of Huron
§ 3-12C-1639 Transfer of city of Huron firemen’s pension plan funds as member contributions
§ 3-12C-1640 Information required of city of Huron
§ 3-12C-1641 Election by municipality of Sioux Falls to be participating unit
§ 3-12C-1642 Transfer of funds in cement plan retirement fund
§ 3-12C-1643 Members of cement plant retirement plan to be Class C members of system
§ 3-12C-1644 Class C members to receive benefits as provided under cement plant retirement plan
§ 3-12C-1645 Funds transferred from cement plant retirement fund considered member contributions
§ 3-12C-1646 Payment of benefits and operational expenses related to Class C members
§ 3-12C-1647 Promulgation of rules to administer retirement benefits for Class C members
§ 3-12C-1648 Member election to receive lump sum trustee-to-trustee payment in lieu of monthly payments
§ 3-12C-1649 Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments
§ 3-12C-1650 Department of Labor and Regulation employees’ retirement plan–Membership with system–Class D
§ 3-12C-1651 Class D membership–Benefits received
§ 3-12C-1701 Correctional security staff benefits
§ 3-12C-1702 Calculation of benefits for sheriffs and deputies–Prior elective rights preserved
§ 3-12C-1703 Calculation of benefits of parole agent
§ 3-12C-1704 Calculating benefits of air rescue firefighter
§ 3-12C-1705 Foundation member conservation officers
§ 3-12C-1706 Benefits of conservation officers employed by Department of Game, Fish and Parks, Division of Custer State Park, and park rangers–Credited service
§ 3-12C-1801 Participant–Definition
§ 3-12C-1802 Qualified benefit preservation arrangement–Definition
§ 3-12C-1803 Qualified benefit preservations arrangement–Establishment–Purpose
§ 3-12C-1804 Eligibility to participate
§ 3-12C-1805 Benefit payable
§ 3-12C-1806 Cost of living adjustment after benefit begins–Change in benefit payable
§ 3-12C-1807 Qualified benefit preservation arrangement–Funding
§ 3-12C-1808 Contributions
§ 3-12C-1809 Qualified benefit preservation arrangement trust fund–Establishment–Purpose
§ 3-12C-1810 Qualified benefit preservation arrangement assets–Income
§ 3-12C-1811 Qualified benefit preservation arrangement–Administration
§ 3-12C-1812 Qualified benefit preservation arrangement–No assignment
§ 3-12C-1813 Conflicts
§ 3-12C-1814 Limitation of rights
§ 3-12C-1815 Erroneous payments–Corrections
§ 3-12C-1816 Administration of benefit–Release and receipt
§ 3-12C-1817 Reservation of power to change
§ 3-12C-1901 General rule
§ 3-12C-1902 Member’s death after distributions begun
§ 3-12C-1903 Member’s death before required distributions begun
§ 3-12C-1904 Incidental benefit rule
§ 3-12C-1905 Reasonable and made in good faith
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Terms Used In South Dakota Codified Laws > Title 3 > Chapter 12C - South Dakota Retirement System

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • 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.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Children: includes children by birth and by adoption. See South Dakota Codified Laws 2-14-2
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Dependent: A person dependent for support upon another.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Grantor: The person who establishes a trust and places property into it.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Intestate: Dying without leaving a will.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Magistrate judges: Judicial officers who assist U.S. district judges in getting cases ready for trial, who may decide some criminal and civil trials when both parties agree to have the case heard by a magistrate judge instead of a judge.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • 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
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Quorum: The number of legislators that must be present to do business.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Subpoena: A command to a witness to appear and give testimony.
  • Trustee: A person or institution holding and administering property in trust.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2