<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 3-13-58 - Required minimum distributions--General rule.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sb63b400a53f948e4b7783d8e8ba959f5Normal { 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.sb63b400a53f948e4b7783d8e8ba959f5SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sb63b400a53f948e4b7783d8e8ba959f5CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sb63b400a53f948e4b7783d8e8ba959f5Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; 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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.sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sb63b400a53f948e4b7783d8e8ba959f5SCL { 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><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 3-13-58 - Required minimum distributions--General rule."><meta property="og:description" content="SDLRC Codified Law 3-13-58 - Required minimum distributions--General rule."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/3-13-58"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5Normal"><a href="https://sdlegislature.gov/Statutes?Statute=3-13-58" rel="noopener"><span class="sb63b400a53f948e4b7783d8e8ba959f5SENU">3-13-58</span></a><span xml:space="preserve" class="sb63b400a53f948e4b7783d8e8ba959f5SENU">. </span><span class="sb63b400a53f948e4b7783d8e8ba959f5CL">Required minimum distributions--General rule.</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5Statute"><span class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont">The system shall pay all benefits in accordance with a good faith interpretation of the requirements in § 401(a)(9) of the Internal Revenue Code and the regulations in effect under that section, as applicable to a governmental plan within the meaning of § 414(d) of the Internal Revenue Code.</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5Statute"><span class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont">The participant's entire interest must be distributed, or begin to be distributed, by the required beginning date, which is April first of the calendar year following the later of:</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5StatuteNumber1"><span class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont">(1)    The calendar year in which the participant reaches the applicable age, which is determined as follows:</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5StatuteNumber2"><span class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont">(a)    If the member was born before July 1, 1949, the applicable age is seventy and one-half;</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5StatuteNumber2"><span class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont">(b)    If the member attained age seventy-two before January 1, 2023, the applicable age is seventy-two;</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5StatuteNumber2"><span class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont">(c)    If the member attains age seventy-two after December 31, 2022, the applicable age is seventy-three; or</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5StatuteNumber2"><span class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont">(d)    Effective January 1, 2033, applicable age shall have the meaning set forth in § 401(a)(9)(C)(v) of the Internal Revenue Code; or</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5StatuteNumber1"><span class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont">(2)    The calendar year in which the participant retires and separates from service with the member's employer.</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5Statute"><span class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont">A participant or beneficiary eligible for benefits must apply for benefits in order to commence distribution of benefits. The system, pursuant to a qualified domestic relations order, may establish separate benefits for a participant and alternate payee.</span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5Normal"><span xml:space="preserve" class="sb63b400a53f948e4b7783d8e8ba959f5000000"> </span></p><p dir="ltr" class="sb63b400a53f948e4b7783d8e8ba959f5NoIndent"><span xml:space="preserve" class="sb63b400a53f948e4b7783d8e8ba959f5DefaultParagraphFont-000001">Source: </span><span class="sb63b400a53f948e4b7783d8e8ba959f5SCL">SL 2021, ch 28, § 7; SL 2024, ch 21, § 3.</span></p></div></body></html>