<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 59-12-37 - Retirement plans.</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2078723Normal { text-indent: 0.50in; text-align: justify; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2078723SENU { font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2078723CL { font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2078723StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2078723DefaultParagraphFont { font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2078723StatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; text-align: justify; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } a.s2078723000000 { text-decoration: none; } span.s2078723000001 { font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2078723NoIndent { text-indent: 0.00in; text-align: justify; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2078723DefaultParagraphFont-000002 { font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2078723SCL { font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2078723Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=59-12-37"><span class="s2078723SENU">59-12-37</span></a><span xml:space="preserve" class="s2078723SENU">. </span><span class="s2078723CL">Retirement plans.</span></p><p dir="ltr" class="s2078723StatuteNumber1"><span class="s2078723DefaultParagraphFont">(1)    For purposes of this section, the term, retirement plan, means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code:</span></p><p dir="ltr" class="s2078723StatuteNumber2"><a id="_pagenumber27" class="s2078723000000"></a><span class="s2078723DefaultParagraphFont">(a)    An individual retirement account under 26 U.S.C. § 408;</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(b)    A Roth individual retirement account under 26 U.S.C. § 408A;</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(c)    A deemed individual retirement account under 26 U.S.C. § 408(q);</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(d)    An annuity or mutual fund custodial account under 26 U.S.C. § 403(b);</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(e)    A pension, profit-sharing, stock bonus, or other retirement plan qualified under 26 U.S.C. § 401(a);</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(f)    A plan under 26 U.S.C. § 457(b); and</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(g)    A nonqualified deferred compensation plan under 26 U.S.C. § 409A.</span></p><p dir="ltr" class="s2078723StatuteNumber1"><span class="s2078723DefaultParagraphFont">(2)    Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans authorizes the agent to:</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(a)    Select the form and timing of payments under a retirement plan and withdraw benefits from a plan;</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(b)    Make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another;</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(c)    Establish a retirement plan in the principal's name;</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(d)    Make contributions to a retirement plan;</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(e)    Exercise investment powers available under a retirement plan; and</span></p><p dir="ltr" class="s2078723StatuteNumber2"><span class="s2078723DefaultParagraphFont">(f)    Borrow from, sell assets to, or purchase assets from a retirement plan.</span></p><p dir="ltr" class="s2078723Normal"><span xml:space="preserve" class="s2078723000001"> </span></p><p dir="ltr" class="s2078723NoIndent"><span xml:space="preserve" class="s2078723DefaultParagraphFont-000002">Source: </span><span class="s2078723SCL">SL 2020, ch 214, § 37.</span></p></div></body></html>