This bill updates the definitions of technical actuarial terms used by the South Dakota Retirement System, such as clarifying that the "actuarial value of assets" now equals the fair value of assets and refining what "actuarially determined contribution rate" means. These changes standardize the language the retirement system uses to calculate pension fund health and contribution requirements. The revisions align the system's terminology with modern actuarial practices recommended by the retirement system itself.
AI-generated summary
This bill does not directly amend codified state law.
Signed by the Governor H.J. 544
Delivered to the Governor H.J. 494
Signed by the President S.J. 417
Signed by the Speaker H.J. 446
Senate Do Pass Passed, YEAS 34, NAYS 1. S.J. 371
Senate Remove from Consent Calendar S.J. 348
Retirement Laws Certified uncontested, placed on consent
Retirement Laws Do Pass Passed, YEAS 5, NAYS 0.
Retirement Laws Scheduled for hearing
First read in Senate and referred to Senate Retirement Laws S.J. 261
House of Representatives Do Pass Passed, YEAS 59, NAYS 8. H.J. 283
Retirement Laws Certified uncontested, placed on consent
Retirement Laws Do Pass Passed, YEAS 4, NAYS 0.
Retirement Laws Scheduled for hearing H.J. 1
House of Representatives Referred to House Retirement Laws H.J. 24
First Reading House H.J. 14
Do Pass
Retirement Laws — Do Pass
Do Pass
Retirement Laws — Do Pass