Section 3-12-112 - Benefits payable only as monthly allowance--Lump-sum payments prohibited unlessspecified.
3-12-112. Benefits payable only as monthly allowance--Lump-sum payments prohibited unless specified. A member in the system may claim the benefits provided for in this chapter only in the form of a monthly benefit payment and only after such time as these benefits are payable. Unless otherwise specifically provided, there shall be no circumstances which shall allow a member or a former member of the system a lump-sum cash payment in lieu of the normal retirement allowance.
Source: SL 1967, ch 303, § 8; SDCL, § 3-12-29; SL 1968, ch 216, § 1; SL 1970, ch 25, § 7; SL 1974, ch 35, § 66.