<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 3-12C-1649 - Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033489Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033489SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033489CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033489Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033489DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033489Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2033489Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033489000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033489SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033489SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2033489Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12C-1649"><span class="s2033489SENU">3-12C-1649</span></a><span xml:space="preserve" class="s2033489SENU">. </span><span class="s2033489CL">Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.</span></p><p dir="ltr" class="s2033489Normal-000000"><span class="s2033489DefaultParagraphFont">Upon the death of a vested member of the state cement plant retirement plan who died prior to starting a monthly retirement benefit, the member's surviving spouse may elect a lump sum trustee-to-trustee payment in lieu of monthly surviving spouse benefit payments. The amount of the lump sum trustee-to-trustee payment shall be determined by the system's actuary based on the actuarial equivalent, as defined by the cement plant retirement plan, of the spouse's age sixty-five survivor benefit. However, no lump sum trustee-to-trustee payment may be made unless the following requirements are satisfied:</span></p><p dir="ltr" class="s2033489Normal-000001"><span class="s2033489DefaultParagraphFont">(1)    Neither the member nor the member's family nor the member's spouse received any monthly benefits from the plan; and</span></p><p dir="ltr" class="s2033489Normal-000001"><span class="s2033489DefaultParagraphFont">(2)    The surviving spouse directs a trustee-to-trustee transfer of the lump sum payment to a receiving retirement custodian, trustee, or other approved recipient.</span></p><p dir="ltr" class="s2033489Normal-000002"><span class="s2033489DefaultParagraphFont">Any eligible surviving spouse who desires to make the election authorized by this section shall submit an application to the system.</span></p><p dir="ltr" class="s2033489Normal"><span xml:space="preserve" class="s2033489000003"> </span></p><p dir="ltr" class="s2033489Normal"><span class="s2033489SCL">Source:</span><span xml:space="preserve" class="s2033489SCL-000004"> SL 2014, ch 22, § 2; SDCL § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12-224"><span class="s2033489SCL-000004">3-12-224</span></a><span class="s2033489SCL-000004">; SL 2019, ch 22, § 1.</span></p></div></body></html>