Modified monthly benefit permitted

The board may provide under its rules for a modified monthly benefit to a member or beneficiary in lieu of the monthly benefit payable under any provision of this chapter if the benefit is not greater than the actuarial equivalent of the benefit due the member or beneficiary under this chapter. Source: SL 1968, ch 216, § 1; SDCL Supp, § 3-12-41; SL 1970, ch 25, § 11; SL 1974, ch 35, § 62; SL 2017, ch 27, § 18; SDCL § 3-12-108 ; SL 2019, ch 22, §§ 24, 45.