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For the purposes of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACCUMULATED CONTRIBUTIONS. The sum of all amounts deducted from the compensation of a member and credited to his or her individual accumulated contributions account, together with regular interest thereon.
ANNUITY. An annual amount, derived from a member's accumulated contributions, payable in equal monthly installments throughout the future life of a person, or for a temporary period.
BENEFICIARY. Any person, except a retirant, who is in receipt of, or who is designated to receive, a retirement allowance or other benefit payable by the retirement system.
BOARD OF TRUSTEES or BOARD. The board of trustees provided in this subchapter.
CHILD. An eligible child who is an unmarried child under age 18, born to or legally adopted by the member.
COMPENSATION. A member's regular salary or wages paid to the member by the city for personal services rendered to the city. If a member's COMPENSATION is not all paid in money, the council shall fix the value of the portion of COMPENSATION that is not paid in money. In determining regular salary or wages paid, persons receiving workers' compensation or payments in lieu of sick leave shall be treated as if they had not received workers' compensation payments or payments in lieu of sick leave but had been paid their regular salary or wages during the period of time under consideration.
CREDITED SERVICE. The number of years and months of service standing to a member's credit.
ELIGIBLE HANDICAPPED CHILD.
(1) An unmarried, dependent child born to or legally adopted by the member, irrespective of age, including any child for whom an application is currently pending, and for which the board is provided medical proof that the child is permanently unable to hold fully self-supporting gainful employment because of mental or physical disability. Whether the child is dependent shall be determined in the discretion of the board on an individual basis. Factors which may be considered in determining dependency include, but are not limited to:
A. Whether the child is claimed as a dependent on another person's federal income tax return; and
B. Whether, and the extent to which, the child receives economic, social or other living assistance.
(2) The board shall decide in each individual case how often to require confirming medical proof of handicapped or evidence of dependency for continuation of benefits.
EMPLOYER. The city of Sioux Falls.
FINAL AVERAGE PAY.
(1) As it applies to all members, means the average of the highest annual compensation paid during any three consecutive years of credited service, selected by the member, contained within the ten years of credited service immediately preceding the date employment with the city last terminates. If a member has less than three years of credited service, FINAL AVERAGE PAY shall be the average of the annual rates of compensation for the total period of service of the member. For any year chosen, that year's annual compensation shall include sick leave payments and vacation payments, if received in that year, but shall not include payments for mileage reimbursement, car allowance, clothing allowance and other incidental payments.
(2) Notwithstanding any provision to the contrary, the annual compensation of each member taken into account in determining the FINAL AVERAGE PAY used to determine benefit accruals in any calendar year beginning after December 31, 2003, shall not exceed $205,000. The $205,000 limit on annual compensation shall be adjusted for cost-of-living increases in accordance with § 401(a)(17)(B) of the Internal Revenue Code. The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within the calendar year.
FINAL PAY. A member's annual rate of compensation at the time his or her employment with the city last terminates.
GENERAL MEMBER. Any member except a police officer member or a firefighter member.
INTERNAL REVENUE CODE.
(1) All references to the Internal Revenue Code mean the Internal Revenue Code of 1986, as amended.
(2) The plan year is the fiscal year commencing January 1 and ending December 31.
(3) For 415 testing purposes, the limitation year is the calendar year.
MANAGEMENT MEMBER. Any member who is elected as mayor, appointed or employed by the city as an appointive officer, or manager of the city, but shall not include temporary employees nor elected members of the council.
MEMBER. Any person who is included in the membership of the retirement system.
PENSION. An annual amount, derived from contributions made by the city, payable in equal monthly installments throughout the future life of a person, or for a temporary period.
POLICE OFFICER MEMBER. Any member who is employed in the police department holding the rank of police officer, including probationary police officer, or higher rank; but it shall not include any person who is privately employed as a police officer, nor any person who is temporarily employed as a police officer for an emergency, nor any civilian employee in the police department.
REGULAR INTEREST. The rate of interest per annum as the board shall from time to time adopt.
RETIRANT. Any member who retires with a retirement allowance payable by the retirement system.
RETIREMENT. A member's withdrawal from city employment with a retirement allowance payable by the retirement system.
RETIREMENT ALLOWANCE. The sum of the annuity and pension payable to a retirant or beneficiary.
RETIREMENT SYSTEM. The city Employee's Retirement System. The retirement system is established as a qualified defined benefit plan under Chapter 39 of the city of Sioux Falls, South Dakota, Code of Ordinances as amended from time to time, pursuant to Internal Revenue Code §§ 401(a) and 414(d) or such other provisions of the Internal Revenue Code as applicable and applicable Treasury Regulations and other guidance. The retirement system consists of:
(1) All sums of money or property that are contributed by gifts, devises and bequests;
(2) All income derived from the investments of monies in the retirement system;
(3) An amount as may be annually designated by the council pursuant to law;
(4) All contributions by members of the retirement system; and
(5) All contributions by the city.
SERVICE. Personal service rendered to the city by the mayor or appointed officer of the city or by an employee of the city.
VOLUNTARY RETIREMENT AGE.
(1) Age 60 years with five or more years of credited service or age 55 years with 30 or more years of credited service for a general member; and
(2) Age 50 years for a police officer member.
WORKERS' COMPENSATION PERIOD. The period a person is in receipt of workers' compensation on account of a member's disability or death arising out of and in the course of his or her city employment. If the person is paid a single sum in lieu of his or her future workers' compensation, his or her workers' compensation period shall be the period, if any, he or she was in receipt of workers' compensation in weekly or other periodic payments plus the period arrived at by dividing the single sum by his or her weekly or other periodic payment award.
(1957 Rev. Ords., § 2.502; 1992 Code, § 35-16) (Ord. 2491, passed 8-7-1967; Ord. 2757, passed 6-8-1971; Ord. 2791, passed 12-6-1971; Ord. 36-73, passed 4-30-1973; Ord. 12-74, passed 4-8-1974; Ord. 112-80, passed 11-24-1980; Ord. 124-81, passed 12-28-1981; Ord. 108-85, passed 12-2-1985; Ord. 64-86, passed 6-30-1986; Ord. 96-87, passed 11-16-1987; Ord. 110-89, passed 10-16-1989; Ord. 110-90, passed 12-3-1990; Ord. 83-93, passed 11-22-1993; Ord. 36-95, passed 3-6-1995; Ord. 127-99, passed 12-13-1999; Ord. 5-05, passed 1-10-2005; Ord. 118-16, passed 12-20-2016)
Definitions and rules of construction generally, see § 10.002