CHAPTER 62:04:01
DEFINITIONS AND TERMINOLOGY
Section
62:04:01:01 Definitions in general.
62:04:01:02 Definition of specific terms.
62:04:01:03 Qualifications in regard to compensation.
62:04:01:01. Definitions in general. Terms used in this article have the same meaning as they are defined in SDCL 3-12C-101 or in SDCL 3-13A-2, unless otherwise so specified.
Source: 31 SDR 191, effective May 22, 2005; 45 SDR 142, effective July 1, 2019.
General Authority: SDCL 3-13A-4.
Law Implemented: SDCL 3-13A-4.
62:04:01:02. Definition of specific terms. Terms used in
this article mean:
(1) "Direct
rollover," a payment by the program to an eligible retirement plan
specified by the participant;
(2) "Distributee,"
a participant or former participant; a participant's or former participant's
surviving spouse with regard to the interest of the surviving spouse; or a
participant's or former participant's former spouse who is an alternate payee
under a qualified domestic relations order, as defined in § 414(p) of the
code, with regard to the interest of the former spouse;
(3) "Eligible
retirement plan," an individual retirement account described in
§ 408(a) of the code; an individual retirement annuity described in
§ 408(b) of the code; a Roth individual retirement plan described in
§ 408A of the code; an annuity plan described in § 403(a) of the
code; or a qualified plan described in § 401 of the code, any of which
accepts a participant's or a participant's surviving spouse's rollover
distribution, except that in the case of an eligible rollover distribution to a
beneficiary who is not a participant's surviving spouse, an eligible retirement
plan is an individual retirement account or individual retirement annuity;
(4) "Eligible rollover
distribution," any distribution of all or any portion of the balance to
the credit of the participant, except that an eligible rollover distribution
does not include any distribution that is one of a series of substantially
equal periodic payments (not less frequently than annually) made for the life
or life expectancy of the participant or the joint lives or joint life
expectancies of the participant and the participant's designated beneficiary,
or for a specified period of ten years or more; any distribution to the extent
the distribution is required under § 401(a)(9) of the code; or any other
distribution that is reasonably expected to total less than two hundred dollars
during a single plan year;
(5) "Plan year,"
a calendar year ending on December 31.
Source:
31 SDR 191, effective May 22, 2005; 34 SDR 297, effective June 2, 2008.
General
Authority: SDCL 3-13A-4.
Law
Implemented: SDCL 3-13A-4.
62:04:01:03. Qualifications in regard to compensation. A participant's compensation, for purposes of application of the provisions of SDCL 3-13A-5, paid or made available during a plan year shall include any elective deferral, as defined in § 402(g)(3) of the code, and any amount which is contributed or deferred by the participant's employer at the election of the participant and which is not includible in the gross income of the participant by reason of § 125, § 132(f)(4), or § 457(b) of the code.
Source: 31 SDR 191, effective May 22, 2005; 39 SDR 227, effective July 1, 2013.
General Authority: SDCL 3-13A-4.
Law Implemented: SDCL 3-13A-5.
