-Specifies that if a member of the South Dakota Retirement System reenters covered employment within 3 consecutive months after retirement, the member's retirement is no longer valid (Sec. 1).
-Requires a retiree to repay, including interest, all funds received from the South Dakota Retirement System during an invalid retirement period either at one time or in payments over a time period of up to 3 years (Sec. 1).
-Specifies that if a member of the South Dakota Retirement System reenters employment after the 3 months marking the beginning of the member's date of retirement, retirement benefits and membership will be administered (Sec. 2).
-Requires a member's monthly retirement annuity to be reduced by fifteen percent and the annual increase to be eliminated during the time that the member maintains employment (Sec 2).
-Specifies that if the retired member's benefits have been reduced, the benefits will be suspended during employment and the increase to the benefits will be eliminated during the time of employment (Sec. 2).
-Specifies that if a retired member whose benefits have been reduced becomes employed full time by a participating agency or employer, the payment of the member's retirement allowance will be suspended during employment (Sec. 7).
-Specifies that if a retired member whose benefits have been reduced is employed full time by a participating employer for at least 3 years the member after later retirement will receive an additional allowance based upon service and final compensation earned during reemployment (Sec. 7).
-Requires a retired member who is rehired as a full time employee by a participating employer to first end the original relationship with the first or initial participating employer (Sec. 8).
-Specifies that if the participating employer is both the first and seconding participating employer, it has to follow all termination and hiring procedures for the member (Sec. 8).