S.D. Codified Laws ch. 3-13A – South Dakota Special Pay Retirement Program | Midpage

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South Dakota Codified Laws

Chapter 3-13A

S.D. Codified Laws ch. 3-13A

South Dakota Special Pay Retirement Program

3-13A-1Special pay retirement program established.3-13A-2Definitions.3-13A-3Special pay fund.3-13A-3.1Month of member’s birth date.3-13A-3.2Direct rollovers.3-13A-4Board controls program as fiduciary--Promulgation of rules.3-13A-5Transfer of special pay to fund upon termination of employment--Contribution limit.3-13A-5.1Compensation during plan year.3-13A-6Time for transfer of compensation to trust.3-13A-7Participant account.3-13A-8Vesting of participant account--Forfeiture.3-13A-9Investment of funds.3-13A-10Lump-sum distribution to participant.3-13A-11Investment alternatives--Transfer of account balances by participants.3-13A-12Transfer of funds from terminated investment selection.3-13A-13Allocation of investment return among participant accounts--Accounting dates.3-13A-14Valuation of investment alternatives.3-13A-15Beneficiaries of participant's account.3-13A-16Payments and benefits under program not assignable or subject to creditors' actions.3-13A-17Powers and duties of executive director.3-13A-18Election by participating units of retirement system to participate in program--Rescission of participation.3-13A-19Trustee-to-trustee transfer of participant's account to government defined-benefit retirement plan.3-13A-20Rollover transfer of participant's account.3-13A-21Rollover transfer of participant's account in another plan.3-13A-22Distribution from participant's account--Forms of distribution--Time for election.3-13A-23Annuity distributions date.3-13A-23.1Required minimum distributions--General rule.3-13A-23.2Required minimum distributions--Participant's death after distributions begun.3-13A-23.3Required minimum distributions--Participant's death before 2022 and distributions.3-13A-23.4Required minimum distributions--Reasonable and made in good faith.3-13A-23.5Required minimum distributions--Participant's death after 2021.3-13A-23.6Required minimum distributions--Waiver of 2020.3-13A-24State investment officer to act as fiduciary--Certain persons prohibited from acting as third-party administrator or vendor.3-13A-25Limitation of liability to participants.