20:16:17:09The deferred pension amount shall be calculated using the benefit

formula in effect at the time of the employee's termination with the commission and the years of continuous employment to the date of termination. If this plan is terminated, the accrued benefits of each participant in the plan immediately become 100 percent vested and nonforfeitable. If an employee becomes a participant in the retirement plan within the five-year period preceding the employees 65th birthday, the participant's normal retirement date is the first day of the calendar month coincident with or immediately following the participant's fifth anniversary of the plan participation. If a participant's employment with the commission is terminated at or after attainment of the participant's normal retirement date, the participant is vested in and entitled to receive the participant's accrued benefit.

Source: 28 SDR 109, effective February 11, 2002; 36 SDR 207, effective July 1, 2010; 40 SDR 197, effective May 27, 2014; 45 SDR 142, effective July 1, 2019.