<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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sb03d5612915e4ee09b8faf6f381840b8Normal { text-align: center; 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.sb03d5612915e4ee09b8faf6f381840b8HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sb03d5612915e4ee09b8faf6f381840b8HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sb03d5612915e4ee09b8faf6f381840b8Normal-000000 { 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; } p.sb03d5612915e4ee09b8faf6f381840b8B { margin-left: 1.38in; text-indent: -1.38in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT"><meta property="og:description" content="SDLRC Codified Law 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/3-13C"><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="sb03d5612915e4ee09b8faf6f381840b8Normal"><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=3-13C" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C</span></a></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8Normal"><span class="sb03d5612915e4ee09b8faf6f381840b8HG4C">DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8Normal-000000"><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont"> </span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-1" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-1</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Definitions.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-2" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-2</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Actuarial equivalent--Distribution expected--Determination of amount.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-3" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-3</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Compensation determined.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-4" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-4</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Credited past service--Determination.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-5" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-5</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Credited service--Determination.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-6" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-6</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Eligible retirement plan--Determination.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-7" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-7</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Eligible rollover distribution.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-8" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-8</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Normal retirement date--Determination.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-9" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-9</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Confidentiality of records--Exceptions.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-10" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-10</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Class D members vested--Contributions not required--Participation ceases.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-11" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-11</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Beneficiaries--Records.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-12" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-12</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Direct rollovers--Election by distributee.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-13" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-13</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Required minimum distributions--General rule. </span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-13.1" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-13.1</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Required minimum distributions--Member's death after distributions begun.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-13.2" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-13.2</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Required minimum distributions--Member's death before distributions begun.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-13.3" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-13.3</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Required minimum distributions--Incidental benefit rule.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-13.4" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-13.4</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Required minimum distributions--Reasonable and made in good faith.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-14" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-14</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Vested accrued benefit--Distribution--Small amounts payment.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-15" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-15</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Accrued benefit determined.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-16" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-16</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Amount of benefit at retirement.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-17" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-17</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Benefit limitation.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-18" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-18</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Preretirement death benefits--Payment recipient--Conditions--Determination of amount.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-19" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-19</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Death benefit after retirement determination--Payment amount determined.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-20" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-20</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Vested benefits--Distribution amount determined.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-21" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-21</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Retirement benefits--Optional forms.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-22" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-22</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Death benefits--Optional forms.</span></p><p dir="ltr" class="sb03d5612915e4ee09b8faf6f381840b8B"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-23" rel="noopener"><span class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">3-13C-23</span></a><span xml:space="preserve" class="sb03d5612915e4ee09b8faf6f381840b8DefaultParagraphFont">    Election of benefits--Requirements.</span></p></div></body></html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } p.pt-StatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-1"> <span class="pt-SENU">3-13C-1</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Definitions.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Terms used in this chapter mean:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">"Accrued benefit," on any date, the amount of monthly retirement benefit under the normal form accrued by an active participant as of any date and payable at normal retirement date, or any later date;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">"Active participant," an eligible employee who is actively participating as a Class D member of the South Dakota Retirement System;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span xml:space="preserve" class="pt-DefaultParagraphFont">"Adjustment factor," the annual cost of living adjustment determined in § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12C-704"> <span class="pt-DefaultParagraphFont">3-12C-704</span> </a> <span class="pt-DefaultParagraphFont">;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">"Alternate payee," any spouse, former spouse, child, or other dependent of a participant who is recognized by a qualified domestic relations order as having a right to receive all, or a portion of, the benefits payable as a Class D member of the South Dakota Retirement System;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(5)</span> <span class="pt-DefaultParagraphFont">"Annuity contract," an annuity contract for guaranteed benefits, for the investment of contributions in separate accounts, and for the payment of benefits under the plan provided in this chapter;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(6)</span> <span class="pt-DefaultParagraphFont">"Average compensation," on any given date, the average of an employee's monthly compensation for those five consecutive compensation dates, or all compensation dates if less than five, that give the highest average out of all compensation dates. The term includes compensation dates within the period beginning on the participant's entry date and ending on the date of determination. In computing average compensation, the plan must exclude compensation dates in which the employee terminates employment with the employer and compensation dates in which an employee performs no hours of service;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(7)</span> <span xml:space="preserve" class="pt-DefaultParagraphFont">"Beneficiary," any person named by a participant to receive any benefits when the participant dies; </span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(8)</span> <span class="pt-DefaultParagraphFont">"Compensation date," the July first immediately before an employee's entry date and the same date of each following year in which the employee is an active participant;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(9)</span> <span class="pt-DefaultParagraphFont">"Contingent participant," a person named by the participant to receive a lifetime benefit after the participant's death in accordance with a survivorship life annuity;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(10)</span> <span class="pt-DefaultParagraphFont">"Dependent child," any natural born child, legally adopted child, stepchild, or foster child of the participant, if the child is unmarried, is not in the Armed Forces of any country, has not attained age nineteen or older, or age twenty-four for a child who is attending school on a full-time basis, and, before the participant s death, was dependent upon the participant for principal support and maintenance, and, if a stepchild or foster child, resided in the participant s household. School vacation periods during any calendar year, that interrupt but do not terminate what otherwise would have been a continuous course of study in that calendar year, must be considered a part of school attendance on a full-time basis. A dependent child may also include any child born after the participant s death;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(11)</span> <span class="pt-DefaultParagraphFont">"Designated beneficiary," the person who is designated by the participant, or the participant s surviving spouse, as the beneficiary of the participant s interest as a Class D member and who is the designated beneficiary under 26 U.S.C. §§ 401(a)(9) and 26 C.F.R. § 1.401(a)(9)-4;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(12)</span> <span class="pt-DefaultParagraphFont">"Direct rollover," a payment by the system to the eligible retirement plan specified by the distributee;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(13)</span> <span class="pt-DefaultParagraphFont">"Distributee," an employee or former employee. In addition, the employee's or former employee's surviving spouse and the employee's or former employee's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in 26 U.S.C. § 414(p), are distributees with regard to the interest of the spouse or former spouse. A distributee includes the employee's or former employee's nonspouse designated beneficiary, in which case, the distribution can only be transferred to a traditional individual retirement account or Roth individual retirement account established on behalf of the nonspouse designated beneficiary and that must be treated as an inherited individual retirement account pursuant to the provisions of 26 U.S.C. § 402(c)(11);</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(14)</span> <span class="pt-DefaultParagraphFont">"Eligible employee," any employee of the employer whose employment commenced prior to July 1, 1980, including an employee who was on probationary status by this date, and excluding the following:</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">An employee who is not employed on a full-time permanent status. Full-time permanent status means an employee works an average of twenty hours per week, or in the opinion of the employer, can be expected to work an average of twenty hours per week over the next year;</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">An employee who has elected to become a Class A member of the South Dakota Retirement System on or after July 1, 1980, and before July 1, 1981; and</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(c)</span> <span class="pt-DefaultParagraphFont">An employee who retired before January 1, 1987;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(15)</span> <span class="pt-DefaultParagraphFont">"Employee," a person who is employed by the employer or any other employer required to be aggregated with the employer under 26 U.S.C. § 414(b), (c), (m), or (o). The term includes any person receiving differential wage payments;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(16)</span> <span class="pt-DefaultParagraphFont">"Employer," the South Dakota Department of Labor and Regulation, Job Service, Reemployment Assistance formerly known as the Unemployment Insurance Division, and Office of Administrative Services;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(17)</span> <span class="pt-DefaultParagraphFont">"Entry date," the date an employee first enters the plan as an active participant;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(18)</span> <span class="pt-DefaultParagraphFont">"Inactive participant," a former active participant who has an accrued benefit;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(19)</span> <span xml:space="preserve" class="pt-DefaultParagraphFont">"Internal Revenue Code," or "Code," as defined in § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12C-101"> <span class="pt-DefaultParagraphFont">3-12C-101</span> </a> <span class="pt-DefaultParagraphFont">;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(20)</span> <span class="pt-DefaultParagraphFont">"Involuntary termination of employment," the date a participant ceases to be an employee due to involuntary termination of employment which is against the employee's will or without the employee's consent. This term excludes for cause on the charges of misconduct and delinquency, and includes reduction in force, abolishment of a position, or liquidation of an office or agency;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(21)</span> <span class="pt-DefaultParagraphFont">"Late retirement date," the first day of any month after a participant's normal retirement date and on which retirement benefits begin. If a participant continues to work for the employer after the normal retirement date, the participant's late retirement date shall be the earliest first day of the month on or after the date of severance from employment;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(22)</span> <span class="pt-DefaultParagraphFont">"Leased employee," any person other than an employee of the employer who, pursuant to an agreement between the employer and any other person, has performed services for the employer on a substantially full-time basis for a period of at least one year, and the services are performed under primary direction or control by the employer. Contributions or benefits provided by the leasing organization to a leased employee, which are attributable to service performed for the employer, shall be treated as provided by the employer. A leased employee is considered an employee of the employer if:</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">The employee previously worked for the employer, but the position was moved to the leasing organization and not terminated; and</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">Leased employees do not constitute more than twenty percent of the employer's nonhighly compensated work force;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(23)</span> <span class="pt-DefaultParagraphFont">"Mandatory distribution," a distribution to a participant that is made without the participant s consent and is made to the participant before the participant attains the older of age sixty-two or normal retirement age;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(24)</span> <span class="pt-DefaultParagraphFont">"Monthly compensation," for any compensation date, an employee's monthly compensation on that date. If an employee is not an employee on the compensation date, the employee's compensation on the employee's latest entry or reentry date, whichever applies, is treated as the employee's compensation on the compensation date;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(25)</span> <span class="pt-DefaultParagraphFont">"Monthly date," each yearly date and the same day of each following month during the plan year beginning on the yearly date;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(26)</span> <span class="pt-DefaultParagraphFont">"Normal form," a single life annuity with certain period, where the certain period is ten years;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(27)</span> <span class="pt-DefaultParagraphFont">"Participant," either an active participant or an inactive participant;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(28)</span> <span class="pt-DefaultParagraphFont">"Plan," the plan as provided in this chapter;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(29)</span> <span class="pt-DefaultParagraphFont">"Plan year," a consecutive twelve-month period beginning on a yearly date and ending on the day before the next yearly date. If the yearly date changes, the result is a short plan year;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(30)</span> <span class="pt-DefaultParagraphFont">"Present value," the actuarial equivalent of another benefit, expressed as a single sum amount;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(31)</span> <span class="pt-DefaultParagraphFont">"Prior plan," the retirement plan of the employer before December 1, 1984;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(32)</span> <span class="pt-DefaultParagraphFont">"Reentry date," the date a former active participant reenters the plan;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(33)</span> <span xml:space="preserve" class="pt-DefaultParagraphFont">"Required contribution account," the total of a participant's required contributions and, on and after January 1, 1990, the participant's pick-up contributions, with interest. Contributions previously paid to the participant and any interest that would have been credited on those contributions, are excluded. Interest must be credited in accordance with § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12C-108"> <span class="pt-DefaultParagraphFont">3-12C-108</span> </a> <span class="pt-DefaultParagraphFont">. Interest must be credited on each required contribution from the end of the plan year for which it was made until the monthly date on or before the date of determination. Interest must be credited from December 1, 1984, on contributions made and interest credited;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(34)</span> <span class="pt-DefaultParagraphFont">"Required contribution accrued benefit," the amount of monthly retirement benefit under the normal form accrued by an active participant as of any date and payable at the normal retirement date derived from the participant's required contributions;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(35)</span> <span class="pt-DefaultParagraphFont">"Retirement date," the date a retirement benefit will begin and is a participant's early, normal, or late retirement date;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(36)</span> <span class="pt-DefaultParagraphFont">"Severance from employment," notwithstanding the provisions of § 3-13C-17, an employee has ceased to be an employee. An employee does not have a severance from employment if, in connection with a change of employment, the employee's new employer maintains this plan with respect to the employee. Severance from employment must have occurred in accordance with the applicable regulations;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(37)</span> <span class="pt-DefaultParagraphFont">"Spouse," a person the participant is continuously married to at least throughout the one-year period ending on the date of death;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(38)</span> <span xml:space="preserve" class="pt-DefaultParagraphFont">"South Dakota Retirement System," or "system," the system created in chapter </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12C"> <span class="pt-DefaultParagraphFont">3-12C</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> and the administrator of the plan;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(39)</span> <span class="pt-DefaultParagraphFont">"Vested accrued benefit," on any date, the participant s accrued benefit resulting from employer contributions multiplied by the participant's vesting percentage on that date, plus the participant's required contribution accrued benefit;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(40)</span> <span class="pt-DefaultParagraphFont">"Yearly date," August 1, 1961, and each following August first through August 1, 1969, and each following July first;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(41)</span> <span class="pt-DefaultParagraphFont">"Years of service," the total of an employee's credited service, expressed as whole years and fractional parts of a year. A period of military duty is included as service with the employer to the extent it has not already been credited.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 8.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-2"> <span class="pt-SENU">3-13C-2</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Actuarial equivalent--Distribution expected--Determination of amount.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For purposes of this chapter, actuarial equivalent means equality in the value of the aggregate amount expected to be received for benefits payable at different times or under different forms of distributions. For purposes of determining the amount of a distribution other than an annual benefit nondecreasing for the life of the participant or, in the case of a preretirement survivor annuity, the life of the participant s spouse; or that decreases during the life of the participant merely because of the death of the surviving contingent participant, but only if the reduction is to a level not below fifty percent of the annual benefit payable before the death of the surviving contingent participant, or because of the cessation or reduction of Social Security supplements or qualified disability payments, actuarial equivalent shall be determined on the basis of the interest on thirty-year United States Treasury securities for the look-back month for the stability period and the 1994 Group Annuity Reserve Mortality Table. The look-back month applicable to the stability period is the second calendar month preceding the first day of the stability period. The stability period is the successive period of one calendar month containing the annuity starting date for the distribution, and for which the interest rate remains constant.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For purposes of determining benefits not described in the preceding paragraph, actuarial equivalent for benefits shall be determined on the basis of seven and one-half percent interest and the 1983 Group Annuity Mortality Table as set forth in Revenue Ruling 95-6, 1995-1 C.B. 80.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 9.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-3"> <span class="pt-SENU">3-13C-3</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Compensation determined.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For the purposes of this chapter, compensation means an employee's fixed rate of pay from the employer. Compensation includes differential wage payments. Except as provided in this section, compensation for a specified period is the compensation actually paid or made available during that period. Compensation for a plan year also includes compensation paid by the later of two and one-half months after an employee's severance from employment with the employer maintaining the plan or the end of the plan year including the date of the employee's severance from employment with the employer, if the payment is regular compensation for services during the employee's regular working hours, or compensation for services outside the employee's regular working hours, commissions, bonuses, or other similar payments, and, absent a severance from employment, the payments would have been paid to the employee while the employee continued in employment with the employer.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Any payments not described in the preceding paragraph are not considered compensation if paid after severance from employment, even if paid by the later of two and one-half months after the date of severance from employment or the end of the plan year including the date of severance from employment.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Back pay, within the meaning of 26 C.F.R. § 1.415(c)-2(g)(8), shall be treated as compensation for the plan year to which the back pay relates to the extent the back pay represents wages and compensation that otherwise would be included in this definition.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Compensation paid or made available during a specified period includes amounts that would otherwise be included in compensation, but for an election under 26 U.S.C. § 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b). Compensation includes employee contributions picked-up by a governmental entity and, pursuant to 26 U.S.C. § 414(h)(2), treated as employer contributions.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The annual compensation of each participant taken into account in determining contributions and benefits for any determination period, which is the period over which compensation is determined, may not exceed the limits established in 26 U.S.C. § 401(a)(17), as adjusted for cost-of-living increases in accordance with 26 U.S.C. § 401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to any determination period beginning with or within that calendar year.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 10.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } p.pt-StatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-4"> <span class="pt-SENU">3-13C-4</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Credited past service--Determination.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For the purposes of this chapter, credited past service is the total of an employee's service before August 1, 1961. This total is expressed in whole years and fractional parts of a year including a complete month as a fractional part of a year. This service is credited only to an employee who became an active participant before or on August 1, 1961 or who, as of that date, had permanent status but was absent from active work and became an active participant before August 1, 1962.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">However, credited past service is modified as follows:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">Service during a period in which an employee is receiving or is entitled to receive a Federal Civil Service Retirement Pension is excluded;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">Service during a period in which an employee has made contributions to the Federal Civil Service Retirement System and the contributions had not been withdrawn before August 1, 1961, or application for withdrawal of the contributions is not made by the employee within thirty days after the employer receives certification from the United States Civil Service Commission that the employee currently has contributions in the Federal Civil Service Retirement System, is excluded; unless contributions to fund the Past Service benefit otherwise available to the employee are made available from funds other than funds granted by Title III of the Federal Social Security Act;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">Service accrued for a plan year in which an employee was not an eligible employee is excluded;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">A period of military duty shall be included as service with the employer to the extent it has not already been credited. The service is considered to be service as an eligible employee only if an employee was an eligible employee on the day immediately preceding the period of military duty; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(5)</span> <span class="pt-DefaultParagraphFont">Other service included:</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">Indefinite leave of absence granted under Presidential Executive Order 8990, dated December 23, 1941, including any services performed for the United States Employment Service or the War Manpower Commission from January 1, 1942, to November 15, 1946, inclusive, and including any leave for Military Service granted by either the United States Employment Service or the War Manpower Commission, with or without pay; and</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">All other approved leaves.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 11.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-5"> <span class="pt-SENU">3-13C-5</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Credited service--Determination.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For purposes of this chapter, credited service is the sum of credited past service before August 1, 1961 and the total of the employee's continuous service with the employer on and after August 1, 1961, expressed in whole years and fractional parts of a year including a complete month as a fractional part of a year.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">However, credited service is modified as follows:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">Service while an employee was not an active participant or an active participant under the prior plan is excluded;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">Service while an employee failed or refused to make a contribution required under the plan or prior plan is excluded. This provision also applies to an employee's service while contributions were not made because the employee failed or refused to complete a written agreement to make the contributions;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">A period of military duty shall be included as service with the employer to the extent it has not already been credited. The service is considered to be service as an eligible employee only if an employee was an eligible employee on the day immediately preceding the period of military duty; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">Unused accumulated annual leave and unused accumulated sick leave, and special military service credit, if any, shall be included as service with the employer to the extent it has not already been credited.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 12.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-6"> <span class="pt-SENU">3-13C-6</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Eligible retirement plan--Determination.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For purposes of this chapter, an eligible retirement plan is an eligible plan under 26 U.S.C. § 457(b) maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and that agrees to separately account for amounts transferred into that plan from this plan, a traditional individual retirement account, a Roth individual retirement account, an annuity plan described in 26 U.S.C. § 403(a), an annuity contract described in 26 U.S.C. § 403(b), or a qualified plan described in 26 U.S.C. § 401(a), accepting the distributee's eligible rollover distribution. The definition of eligible retirement plan also applies if a distribution is made to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in 26 U.S.C. § 414(p).</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 13.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-7"> <span class="pt-SENU">3-13C-7</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Eligible rollover distribution.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For purposes of this chapter, an eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except an eligible rollover distribution does not include:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">Any distribution of a series of substantially equal periodic payments, not less frequently than annually, made for the life expectancy of the distributee or the joint life expectancies of the distributee and the distributee's designated beneficiary, or for a specified period of ten years or more;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">Any distribution to the extent the distribution is required under 26 U.S.C. § 401(a)(9);</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">The portion of any other distribution not includible in gross income determined without regard to the exclusion for net unrealized appreciation with respect to employer securities; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">Any other distribution reasonably expected to total less than two hundred dollars during a year.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">A portion of a distribution does not fail to be an eligible rollover distribution because the portion consists of after-tax employee contributions that are not includible in gross income. The portion may be transferred only to a traditional individual retirement account or annuity described in 26 U.S.C. § 408(a) or (b), a Roth individual retirement account or annuity described in 26 U.S.C. § 408A, or a qualified defined contribution, defined benefit, or annuity plan described in 26 U.S.C. § 401(a) or 403(a) or to an annuity described in 26 U.S.C. § 403(b), if the plan or contract agrees to separately account for amounts so transferred including interest thereon, while separately accounting for the portion of the distribution which is includible in gross income and the portion of the distribution which is not so includible.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 14.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } a.pt-000001 { text-decoration: none; } span.pt-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-8"> <span class="pt-SENU">3-13C-8</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Normal retirement date--Determination.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For purposes of this chapter, normal retirement date is the earliest first day of the month on or after the earliest of the date the employee:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">Attains age sixty-five;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">Attains age sixty-two and has completed ten years of credited service;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">Attains age sixty and has completed twenty years of credited service; or</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">Attains age fifty-five and has completed thirty years of credited service.</span> </p> <p dir="ltr" class="pt-Statute"> <a id="_pagenumber21" class="pt-000001"></a> <span class="pt-DefaultParagraphFont">For purposes of determining the normal retirement date, credited service does not include unused accumulated annual or sick leave. The normal retirement date shall be the date the employee's retirement benefit begins if the employee has ceased to be an employee on that date and the retirement benefit has not already begun. Unless otherwise provided in this plan, a participant's retirement benefits shall begin on the participant's normal retirement date if the participant has had a severance from employment on that date.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000002"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000003">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 15.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-9"> <span class="pt-SENU">3-13C-9</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Confidentiality of records--Exceptions.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Any information contained in any record pertaining to a member governed by this chapter is confidential and shall be used for the sole purpose of carrying into effect the provisions of this chapter. Any record containing the information is not open to inspection by any person or entity except the member, the board, the employees of the system, or the member's employer. The information and records may be released to the member or with the member's consent. The information and records may also be released pursuant to a court order or subpoena.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 16.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-10"> <span class="pt-SENU">3-13C-10</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Class D members vested--Contributions not required--Participation ceases.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">All Class D members of the South Dakota Retirement System as of July 1, 2020, are considered vested.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">No contributions by Class D members are required on or after January 1, 1990.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">A participant, whether active or inactive, shall cease to be a participant on the earlier of the following:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">The date of the participant's death; or</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">The date the participant receives a single sum distribution in lieu of all of the benefits under the plan.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">An inactive participant shall also cease to be a participant on the earliest date on which the participant is not entitled to a deferred monthly income.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 17.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-11"> <span class="pt-SENU">3-13C-11</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Beneficiaries--Records.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Each participant may name a beneficiary to receive any death benefit due for participation in the plan, other than any income payable to a contingent. The participant may change any beneficiary from time to time. The participant's beneficiary designation and any change of beneficiary shall be subject to the provisions of § 3-13C-13.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">It is the responsibility of the participant to give written notice to the system of the name of the beneficiary on a form furnished for this purpose. The system shall maintain a record of each participant's beneficiary designation before the participant's retirement date.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">If there is no beneficiary named or surviving when a participant dies, the participant's beneficiary shall be the participant's surviving spouse, or if there is no surviving spouse, the executor or administrator of the participant's estate.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 18.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-12"> <span class="pt-SENU">3-13C-12</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Direct rollovers--Election by distributee.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Notwithstanding any provision of the plan to the contrary limiting a distributee's election under this section, a distributee may elect at the time and in the manner prescribed by the system, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">In the event of a mandatory distribution of an eligible rollover distribution greater than one thousand dollars in accordance with § 3-13C-14, if the participant does not elect to have the distribution paid directly to an eligible retirement plan specified by the participant in a direct rollover or to receive the distribution directly, the system shall pay the distribution in a direct rollover to an individual retirement plan designated by the system.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">In the event of any other eligible rollover distribution to a distributee in accordance with § 3-13C-13, if the distributee does not elect to have the distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover or to receive the distribution directly, the system shall pay the distribution to the distributee.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 19.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s88a783067cd040d195d5ba437d80b3faNormal { 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.s88a783067cd040d195d5ba437d80b3faSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s88a783067cd040d195d5ba437d80b3faCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s88a783067cd040d195d5ba437d80b3faStatute { 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.s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s88a783067cd040d195d5ba437d80b3faStatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; 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.s88a783067cd040d195d5ba437d80b3faStatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; 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.s88a783067cd040d195d5ba437d80b3faStatuteNumber1-000000 { margin-left: 1.25in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s88a783067cd040d195d5ba437d80b3fa000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s88a783067cd040d195d5ba437d80b3faNoIndent { text-indent: 0.00in; 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.s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s88a783067cd040d195d5ba437d80b3faSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 3-13C-13 - Required minimum distributions--General rule."><meta property="og:description" content="SDLRC Codified Law 3-13C-13 - Required minimum distributions--General rule."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/3-13C-13"><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="s88a783067cd040d195d5ba437d80b3faNormal"><a href="https://sdlegislature.gov/Statutes?Statute=3-13C-13" rel="noopener"><span class="s88a783067cd040d195d5ba437d80b3faSENU">3-13C-13</span></a><span xml:space="preserve" class="s88a783067cd040d195d5ba437d80b3faSENU">. </span><span class="s88a783067cd040d195d5ba437d80b3faCL">Required minimum distributions--General rule.</span></p><p dir="ltr" class="s88a783067cd040d195d5ba437d80b3faStatute"><span class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont">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="s88a783067cd040d195d5ba437d80b3faStatute"><span class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont">The member'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="s88a783067cd040d195d5ba437d80b3faStatuteNumber1"><span class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont">(1)    The calendar year in which the member reaches the applicable age, which is determined as follows:</span></p><p dir="ltr" class="s88a783067cd040d195d5ba437d80b3faStatuteNumber2"><span class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont">(a)    If the member was born before July 1, 1949, the applicable age is seventy and one-half;</span></p><p dir="ltr" class="s88a783067cd040d195d5ba437d80b3faStatuteNumber2"><span class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont">(b)    If the member attained age seventy-two before January 1, 2023, the applicable age is seventy-two;</span></p><p dir="ltr" class="s88a783067cd040d195d5ba437d80b3faStatuteNumber2"><span class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont">(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="s88a783067cd040d195d5ba437d80b3faStatuteNumber1-000000"><span class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont">(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="s88a783067cd040d195d5ba437d80b3faStatuteNumber1"><span class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont">(2)    The calendar year in which the member retires and separates from service with the member's employer.</span></p><p dir="ltr" class="s88a783067cd040d195d5ba437d80b3faStatute"><span class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont">A member 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 member and alternate payee.</span></p><p dir="ltr" class="s88a783067cd040d195d5ba437d80b3faNormal"><span xml:space="preserve" class="s88a783067cd040d195d5ba437d80b3fa000001"> </span></p><p dir="ltr" class="s88a783067cd040d195d5ba437d80b3faNoIndent"><span xml:space="preserve" class="s88a783067cd040d195d5ba437d80b3faDefaultParagraphFont-000002">Source: </span><span class="s88a783067cd040d195d5ba437d80b3faSCL">SL 2020, ch 13, § 20; SL 2021, ch 28, § 20; SL 2024, ch 21, § 5.</span></p></div></body></html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083153Normal { 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.s2083153SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083153CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083153Statute { 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.s2083153DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083153000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083153NoIndent { text-indent: 0.00in; 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.s2083153DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083153SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 3-13C-13.1 - Required minimum distributions--Member's death after distributions begun."><meta property="og:description" content="SDLRC Codified Law 3-13C-13.1 - Required minimum distributions--Member's death after distributions begun."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=3-13C-13.1"><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="s2083153Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-13.1" rel="noopener"><span class="s2083153SENU">3-13C-13.1</span></a><span xml:space="preserve" class="s2083153SENU">. </span><span xml:space="preserve" class="s2083153CL">Required minimum distributions--Member's death after distributions begun. </span></p><p dir="ltr" class="s2083153Statute"><span class="s2083153DefaultParagraphFont">If a member dies after the required distribution of benefits has begun, the remaining portion of the member's interest shall be distributed at least as rapidly as under the same method of distribution before the member's death.</span></p><p dir="ltr" class="s2083153Normal"><span xml:space="preserve" class="s2083153000000"> </span></p><p dir="ltr" class="s2083153NoIndent"><span xml:space="preserve" class="s2083153DefaultParagraphFont-000001">Source: </span><span class="s2083153SCL">SL 2021, ch 28, § 21.</span></p></div></body></html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083152Normal { 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.s2083152SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083152CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083152Statute { 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.s2083152DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083152StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083152000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083152NoIndent { text-indent: 0.00in; 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.s2083152DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083152SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 3-13C-13.2 - Required minimum distributions--Member's death before distributions begun."><meta property="og:description" content="SDLRC Codified Law 3-13C-13.2 - Required minimum distributions--Member's death before distributions begun."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=3-13C-13.2"><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="s2083152Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-13.2" rel="noopener"><span class="s2083152SENU">3-13C-13.2</span></a><span xml:space="preserve" class="s2083152SENU">. </span><span xml:space="preserve" class="s2083152CL">Required minimum distributions--Member's death before distributions begun. </span></p><p dir="ltr" class="s2083152Statute"><span class="s2083152DefaultParagraphFont">If a member dies before required distribution of the member's benefits has begun, the member's interest shall be distributed as follows:</span></p><p dir="ltr" class="s2083152StatuteNumber1"><span class="s2083152DefaultParagraphFont">(1)    If the member has a surviving spouse, the surviving spouse shall receive benefits over the life of the surviving spouse beginning as soon as administratively possible and effective the month after the member's death; or</span></p><p dir="ltr" class="s2083152StatuteNumber1"><span class="s2083152DefaultParagraphFont">(2)    If the member has no surviving spouse, the member's remaining interest shall be distributed in a lump sum payment to the designated beneficiary within five years from the date of the member's death.</span></p><p dir="ltr" class="s2083152Normal"><span xml:space="preserve" class="s2083152000000"> </span></p><p dir="ltr" class="s2083152NoIndent"><span xml:space="preserve" class="s2083152DefaultParagraphFont-000001">Source: </span><span class="s2083152SCL">SL 2021, ch 28, § 22.</span></p></div></body></html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083173Normal { 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.s2083173SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083173CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083173Statute { 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.s2083173DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083173000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083173NoIndent { text-indent: 0.00in; 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.s2083173DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083173SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 3-13C-13.3 - Required minimum distributions--Incidental benefit rule."><meta property="og:description" content="SDLRC Codified Law 3-13C-13.3 - Required minimum distributions--Incidental benefit rule."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=3-13C-13.3"><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="s2083173Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-13.3" rel="noopener"><span class="s2083173SENU">3-13C-13.3</span></a><span xml:space="preserve" class="s2083173SENU">. </span><span xml:space="preserve" class="s2083173CL">Required minimum distributions--Incidental benefit rule. </span></p><p dir="ltr" class="s2083173Statute"><span class="s2083173DefaultParagraphFont">The death and disability benefits provided by the system are limited by the incidental benefit rule set forth in § 401(a)(9)(G) of the Internal Revenue Code and Treasury Regulation § 1.401-1(b)(1)(i). As a result, the total death or disability benefits payable may not exceed twenty-five percent of the cost for all of the member's benefits received from the system.</span></p><p dir="ltr" class="s2083173Normal"><span xml:space="preserve" class="s2083173000000"> </span></p><p dir="ltr" class="s2083173NoIndent"><span xml:space="preserve" class="s2083173DefaultParagraphFont-000001">Source: </span><span class="s2083173SCL">SL 2021, ch 28, § 23.</span></p></div></body></html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083174Normal { 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.s2083174SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083174CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083174Statute { 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.s2083174DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083174000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083174NoIndent { text-indent: 0.00in; 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.s2083174DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083174SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 3-13C-13.4 - Required minimum distributions--Reasonable and made in good faith."><meta property="og:description" content="SDLRC Codified Law 3-13C-13.4 - Required minimum distributions--Reasonable and made in good faith."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=3-13C-13.4"><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="s2083174Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-13.4" rel="noopener"><span class="s2083174SENU">3-13C-13.4</span></a><span xml:space="preserve" class="s2083174SENU">. </span><span xml:space="preserve" class="s2083174CL">Required minimum distributions--Reasonable and made in good faith. </span></p><p dir="ltr" class="s2083174Statute"><span xml:space="preserve" class="s2083174DefaultParagraphFont">Notwithstanding the other provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-13" rel="noopener"><span class="s2083174DefaultParagraphFont">3-13C-13</span></a><span xml:space="preserve" class="s2083174DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-13" rel="noopener"><span class="s2083174DefaultParagraphFont">3-13C-13</span></a><span class="s2083174DefaultParagraphFont">.3, inclusive, or the provisions of United States Treasury regulations, benefit options may continue so long as the option satisfies § 401(a)(9) of the Internal Revenue Code based on a reasonable and good faith interpretation of that section.</span></p><p dir="ltr" class="s2083174Normal"><span xml:space="preserve" class="s2083174000000"> </span></p><p dir="ltr" class="s2083174NoIndent"><span xml:space="preserve" class="s2083174DefaultParagraphFont-000001">Source: </span><span class="s2083174SCL">SL 2021, ch 28, § 24.</span></p></div></body></html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-14"> <span class="pt-SENU">3-13C-14</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Vested accrued benefit--Distribution--Small amounts payment.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">If the present value of the participant's vested accrued benefit does not exceed five thousand dollars, and the participant has not started retirement benefits with respect to any portion of the vested accrued benefit, the present value of the participant's entire vested accrued benefit shall be distributed as of the earliest of the participant's retirement date or the date of severance from employment for any reason other than death. For purposes of this section, if the present value of the participant's vested accrued benefit is zero, the participant shall be deemed to have received a distribution of the present value. This is a small amounts payment. The small amounts payment is in full settlement of all benefits otherwise payable.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">If a participant has a severance from employment for any reason other than death or retirement and does not elect to have a small amounts payment paid directly to an eligible retirement plan specified by the participant in a direct rollover or to receive the distribution directly and the present value of the participant's vested accrued benefit is greater than one thousand dollars, a mandatory distribution will be made in accordance with § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-12"> <span class="pt-DefaultParagraphFont">3-13C-12</span> </a> <span class="pt-DefaultParagraphFont">. If the present value of the participant's vested accrued benefit is one thousand dollars or less, the present value of the participant's entire vested accrued benefit shall be paid directly to the participant.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">If the present value of the preretirement spouse and dependent child death benefit or the certain period death benefit as provided in § 3-13C-18 does not exceed five thousand dollars on the date of the participant's death, the present value of the preretirement spouse and dependent child death benefit or the certain period death benefit shall be distributed as of the date the participant dies. If the single sum death benefit payable to a beneficiary does not exceed five thousand dollars, on the date of the participant s death, the death benefit shall be distributed in a single sum as of the date the participant dies. This is a small amounts payment.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">A small amounts payment is in full settlement of the death benefit otherwise payable. No other small amounts payments may be made.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 21.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-15"> <span class="pt-SENU">3-13C-15</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Accrued benefit determined.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">An active participant's monthly accrued benefit as of any date, subject to the modifications below, will be equal to the product of (1) and (2) as follows:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">An amount equal to two percent of average compensation; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">Credited service on such date.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">An active participant's monthly accrued benefit may not be less than the amount of the participant's monthly retirement benefit accrued as of December 11, 1984.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">After all other modifications have been applied, an active participant's monthly accrued benefit shall be reduced by the amount of deferred monthly retirement benefit under the normal form beginning on the normal retirement date in lieu of which the participant has received a single sum payment under the plan. The participant's accrued benefit resulting from employer contributions is equal to the participant's total accrued benefit reduced by the required contribution accrued benefit.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 22.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-16"> <span class="pt-SENU">3-13C-16</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Amount of benefit at retirement.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The amount of retirement benefits to be provided under the normal form for an active participant on the participant's retirement date is:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">On the participant's normal retirement date, the amount is equal to the participant's accrued benefit on that date;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">On the participant's early retirement date, the amount is equal to the participant's accrued benefit on that date, reduced by one-sixth of one percent for each month the participant's early retirement date precedes the participant's normal retirement date; or</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">On the participant's late retirement date, the amount is equal to the participant's accrued benefit on the late retirement date.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">In any event, an active participant's retirement benefit under the normal form on the participant's retirement date may not be less than the greater of the participant's required contribution accrued benefit on the participant's retirement date, reduced in the same manner as the participant's accrued benefit is reduced at early retirement date if the participant's retirement date is an early retirement date, or the monthly benefit under the normal form that is the actuarial equivalent of the participant's required contribution account on that date.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 23.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-17"> <span class="pt-SENU">3-13C-17</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Benefit limitation.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">Annual benefits payable under the plan may not exceed the amount provided in 26 U.S.C. § 415 and are payable in accordance with § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-12C-711"> <span class="pt-DefaultParagraphFont">3-12C-711</span> </a> <span class="pt-DefaultParagraphFont">.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 24.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } a.pt-000001 { text-decoration: none; } span.pt-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-18"> <span class="pt-SENU">3-13C-18</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Preretirement death benefits--Payment recipient--Conditions--Determination of amount.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">If a participant dies before retirement benefits start, monthly payments shall be made to the surviving spouse or, if there is no surviving spouse, to the dependent child's principal support if the following provisions are met:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">The participant is survived by a spouse to whom the participant was continuously married throughout the one-year period ending on the date of this death;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">The participant is survived by a dependent child on the date of death; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">The participant had not ceased to be an employee, dependent child, or beneficiary.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The amount of payments to the surviving spouse with a dependent child are equal to fifty-five percent of the amount of monthly retirement benefit expected to become payable upon attaining age sixty, assuming the participant's employment continues, and monthly compensation remains unchanged.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For each dependent child of the participant with a surviving spouse, the amount of payments is equal to the least of: sixty percent of the participant's average compensation on the date of death, divided by the number of dependent children; seventy-five dollars; or two hundred twenty-five dollars, divided by the number of dependent children.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The payments to a dependent child are in addition to the payments made to the surviving spouse.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">For each dependent child of a participant who does not have a spouse on the date of death, the amount of payments is equal to the least of: seventy-five percent of the participant's average compensation on the date of death, divided by the number of dependent children; ninety dollars; or two hundred seventy dollars, divided by the number of dependent children.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">In addition, a single-sum benefit equal to the participant's required contribution account on the date of death shall be payable to the participant's beneficiary.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The death benefits shall begin on the first day of the month after the participant dies and shall continue until the later of the date the surviving spouse dies, or the date there no longer is a dependent child.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">If the surviving spouse remarries before the attainment of age sixty, no further monthly payments shall be made after the first day of the month immediately preceding the date of the spouse's remarriage.</span> </p> <p dir="ltr" class="pt-Statute"> <a id="_pagenumber26" class="pt-000001"></a> <span class="pt-DefaultParagraphFont">Benefits payable to the dependent children of a participant who did not have a spouse on the date of death shall be assumed to continue until the date the youngest dependent child attains age twenty-two.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">If the participant is not survived by a spouse, dependent child, or beneficiary, the death benefit shall be the preservation of retirement option death benefit. This death benefit is the death benefit payable to the participant's beneficiary or contingent participant if the participant's retirement date had occurred on the date of death. The optional form of distribution elected in accordance with § 3-13C-23 before the participant's death is the form in effect for determining the death benefit. Any death benefit payable shall be subject to the provisions of § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-13"> <span class="pt-DefaultParagraphFont">3-13C-13</span> </a> <span class="pt-DefaultParagraphFont">.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">The distribution of death benefits shall be subject to the provisions of § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-14"> <span class="pt-DefaultParagraphFont">3-13C-14</span> </a> <span class="pt-DefaultParagraphFont">.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000002"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000003">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 25.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } p.pt-StatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; 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.pt-StatuteNumber1-000001 { margin-left: 0.75in; text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-19"> <span class="pt-SENU">3-13C-19</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Death benefit after retirement determination--Payment amount determined.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Any death benefit after a participant's retirement will be determined by the form of retirement benefit in effect on that date. If the participant has a dependent child on the date of death after retirement date, payments shall be made as follows:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">For each dependent child of the participant with a surviving spouse, the amount of payments is equal to the least of:</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">Sixty percent of the participant's average compensation on the date of death, divided by the number of dependent children;</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">Seventy-five dollars; or</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(c)</span> <span class="pt-DefaultParagraphFont">Two hundred twenty-five dollars, divided by the number of dependent children.</span> </p> <p dir="ltr" class="pt-StatuteNumber1-000001"> <span class="pt-DefaultParagraphFont">The payments to a dependent child are in addition to the payments made to the surviving spouse; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">For each dependent child of a participant who does not have a spouse on the date of death, the amount of payments is equal to the least of:</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">Seventy-five percent of the participant's average compensation on the date of death, divided by the number of dependent children;</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">Ninety dollars; or</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(c)</span> <span class="pt-DefaultParagraphFont">Two hundred seventy dollars, divided by the number of dependent children.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000002"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000003">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 26.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } p.pt-StatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; 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.pt-StatuteNumber3 { margin-left: 1.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } a.pt-000001 { text-decoration: none; } span.pt-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-20"> <span class="pt-SENU">3-13C-20</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Vested benefits--Distribution amount determined.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">Any distribution of vested benefits shall be a retirement benefit and subject to § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-14"> <span class="pt-DefaultParagraphFont">3-13C-14</span> </a> <span class="pt-DefaultParagraphFont">. A participant who becomes an inactive participant before retirement or death is entitled to one of the following vested benefits, whichever is applicable:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">A deferred monthly retirement benefit under the normal form to begin on the participant's normal retirement date equal to the sum of (a) and (b):</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">On and after June 30, 1999, the amount of monthly benefit which could be provided on the participant's normal retirement date on the normal form by the participant's required contribution account, based on the rates described in the definition of actuarial equivalent; and</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">The product of (i) and (ii):</span> </p> <p dir="ltr" class="pt-StatuteNumber3"> <span class="pt-DefaultParagraphFont-000000">(i)</span> <span class="pt-DefaultParagraphFont">The excess of the participant's accrued benefit on the day before becoming an inactive participant over the amount determined under (a); and</span> </p> <p dir="ltr" class="pt-StatuteNumber3"> <span class="pt-DefaultParagraphFont-000000">(ii)</span> <span class="pt-DefaultParagraphFont">The participant's vesting percentage on the date of severance from employment; or</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">A deferred monthly retirement benefit under the normal form to begin on the participant's late retirement date determined as follows:</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(a)</span> <span class="pt-DefaultParagraphFont">For a participant who became an inactive participant on or before normal retirement date, an amount equal to the amount under subdivision (1); and</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont-000000">(b)</span> <span class="pt-DefaultParagraphFont">For a participant who became an inactive participant after normal retirement date, an amount equal to the participant's accrued benefit on the day before becoming an inactive participant.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The deferred retirement benefit for the participant on the participant's retirement date may not be less than the monthly benefit equal to the actuarial equivalent of the required contribution account on that date.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The amount of payment under any form other than the normal form shall be determined in accordance with § 3-13C-21.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">The participant may receive the participant's required contribution account in a single sum payment at any time after severance from employment and before the participant's retirement date, provided the participant has not again become an employee. If the amount is not payable in accordance with § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-14"> <span class="pt-DefaultParagraphFont">3-13C-14</span> </a> <span class="pt-DefaultParagraphFont">, it will be distributed only if the participant so elects. The participant's election shall be subject to the requirements in § 3-13C-23. The payment shall be in lieu of the required contribution accrued benefit.</span> </p> <p dir="ltr" class="pt-Statute"> <a id="_pagenumber28" class="pt-000001"></a> <span xml:space="preserve" class="pt-DefaultParagraphFont">If the participant dies before retiring, death benefits shall be distributed in accordance with § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-18"> <span class="pt-DefaultParagraphFont">3-13C-18</span> </a> <span class="pt-DefaultParagraphFont">.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000002"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000003">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 27.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-21"> <span class="pt-SENU">3-13C-21</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Retirement benefits--Optional forms.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The optional forms of retirement benefits are the following:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">A straight life annuity;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">A single life annuity with a certain period of ten, fifteen, or twenty years;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">A single life annuity with modified cash refund of the participant s required contribution account;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">A survivorship life annuity equal to the participant's monthly retirement benefit, reduced by two and one-half percent of the amount of the benefit not exceeding three hundred dollars plus ten percent of the amount by which the benefit exceeds three hundred dollars, with survivorship percentages of fifty or seventy-five percent; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(5)</span> <span class="pt-DefaultParagraphFont">A Social Security adjustment option based on the normal form and adjusted in a manner so when added to the primary insurance benefits under Title II of the Federal Social Security Act in effect on the participant's retirement date will provide, as nearly as practicable, a uniform series of payments before and after attaining Social Security retirement age. This option is effective only for a participant whose retirement date occurs before the participant attains Social Security retirement age.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Social Security retirement age means, on any date, the age at which full Social Security benefits become payable as determined by the Social Security table in effect on that date.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The benefit payable under any optional form available under this section, other than the normal form, shall be the actuarial equivalent of the benefit otherwise payable to the participant under the normal form on the participant's retirement date. If the participant's retirement date is before the participant's normal retirement date, the benefit payable under any optional form other than a nondecreasing annuity payable for a period of not less than the life of the participant or an annuity decreasing during the life of the participant because of either the death of the survivor contingent participant but only if the reduction is not below fifty percent of the benefit payable before the death of the survivor contingent participant or the cessation or reduction of Social Security supplements or qualified disability payments as defined in 26 U.S.C. § 401(a)(11), may not be less than the actuarial equivalent of the benefit otherwise payable to the participant under the normal form on the participant's normal retirement date.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">The election of an optional form is subject to the provisions of §§ </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-13"> <span class="pt-DefaultParagraphFont">3-13C-13</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> and 3-13C-23.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Retirement benefits are nontransferable.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 28.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-22"> <span class="pt-SENU">3-13C-22</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Death benefits--Optional forms.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">The optional forms of death benefit are any of the optional forms of retirement benefit stated in § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-21"> <span class="pt-DefaultParagraphFont">3-13C-21</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> that are not survivorship life annuities. The election of an optional form is subject to the provisions of §§ </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-13"> <span class="pt-DefaultParagraphFont">3-13C-13</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> and 3-13C-23.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 29.</span> </p> </div> </body> </html><br /><hr><br /><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 3-13C - DEPARTMENT OF LABOR AND REGULATION EMPLOYEE RETIREMENT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { 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.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { 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.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; 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.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { 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="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-23"> <span class="pt-SENU">3-13C-23</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Election of benefits--Requirements.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The participant, beneficiary, or spouse shall make any election in writing. The system may require the person to complete and sign any necessary documents as to the provisions made.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">A participant may elect a beneficiary or contingent participant and may elect to have retirement benefits distributed under the provisions of § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-21"> <span class="pt-DefaultParagraphFont">3-13C-21</span> </a> <span class="pt-DefaultParagraphFont">.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">A participant may elect a beneficiary for any single sum death benefits and may elect to have the death benefits distributed in accordance with §§ </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-18"> <span class="pt-DefaultParagraphFont">3-13C-18</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> and </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-13C-19"> <span class="pt-DefaultParagraphFont">3-13C-19</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont">. If the participant has not elected an optional form of distribution for the death benefit payable to the beneficiary, the beneficiary may elect the form of distribution in like manner as a participant. </span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">The participant, beneficiary, or spouse may make an election at any time during the election period. The participant, beneficiary, or spouse may revoke the election made or make a new election at any time and any number of times during the election period as follows:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">A participant may make an election as to retirement benefits at any time before the retirement benefits start date; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">A participant may make an election as to death benefits at any time before the death of the participant. The spouse's election period begins on the date the participant dies and ends on the date benefits begin. The beneficiary's election period begins on the date the participant dies and ends on the date benefits begin.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 13, § 30.</span> </p> </div> </body> </html>