If a contract between the state investment officer and a vendor is terminated and a participant fails to notify the executive director or third-party administrator of the participant's new investment selection before the contract terminates, the executive director or third-party administrator shall transfer that participant's account to the investment alternative designated by the state investment officer.

Source: SL 2004, ch 43 , § 11; SDCL § 3-12-175; SL 2005, ch 28 , § 1; SL 2016, ch 31 , § 58.