3-12C-1303. Distributions from generational member's variable retirement account.

The variable retirement account is payable to the generational member when the member commences a retirement benefit or a disability benefit or to the generational member's eligible spouse at the death of the member. For the purpose of paying a distribution, the variable retirement account is the amount in the member's variable retirement account or the total of the variable retirement contributions made on behalf of the member, whichever is greater.

The variable retirement account may be paid in a lump sum, rolled over to the South Dakota deferred compensation plan, rolled over to another eligible plan, or used to purchase a supplemental pension benefit.

The variable retirement account is not payable to any member who withdraws his or her accumulated contributions from the system and is not payable in the case of the death of a member without an eligible spouse.

Source: SL 2016, ch 32, § 23; SDCL § 3-12-521; SL 2019, ch 22, § 1; SL 2022, ch 15, § 8.

Effective July 1, 2023

3-12C-1303. Distributions from generational member's variable retirement account.

The variable retirement account is payable to the generational member when the member commences a retirement benefit or a disability benefit. If a generational member dies before commencing a benefit, the variable retirement account is payable at the death of the member to the member's spouse who meets the requirements for an immediate or deferred surviving spouse benefit under § 3-12C-1214 or 3-12C-1215. For the purpose of paying a distribution, the variable retirement account is the amount in the member's variable retirement account or the total of the variable retirement contributions made on behalf of the member, whichever is greater.

The variable retirement account may be paid in a lump sum, rolled over to the South Dakota deferred compensation plan, rolled over to another eligible plan, or used to purchase a supplemental pension benefit.

The variable retirement account is not payable to any member who withdraws his or her accumulated contributions from the system.

Source: SL 2016, ch 32, § 23; SDCL § 3-12-521; SL 2019, ch 22, § 1; SL 2022, ch 15, § 8; SL 2023, ch 14, § 6.