20:16:18:39.  Limitation on benefits. This section does not constitute an election under § 415(b)(10)(C) of the Internal Revenue Code. Benefit payments under this plan shall follow the annual benefit limitations of § 415(b)(1)(A) of the Internal Revenue Code, as the code is defined in § 3-12C-101, and as set forth in §§ 3-12C-1801 to 3-12C-1817, inclusive.

    Source: 28 SDR 109, effective February 11, 2002; 36 SDR 207, effective July 1, 2010; 40 SDR 197, effective May 27, 2014; 45 SDR 142, effective July 1, 2019; 47 SDR 138, effective July 1, 2021.

    General Authority: SDCL 3-12C-1647.

    Law Implemented: SDCL 3-12C-1643, 3-12C-1644.