As used in this title, the term, wages, does not include the amount of any payment with respect to services performed on behalf of any person in its employ under a plan or system established by an employing unit which makes provision for persons in its employ generally or for a class or classes of persons including any amount paid by an employing unit for insurance on annuities, or into a fund, to provide for any payment on account of:

1. (1) Sickness or accident disability. However, in the case of payments made to an employee or any one of the employee's dependents, this subdivision excludes from wages only payments received under a worker's compensation law;
2. (2) Medical or hospitalization expenses in connection with sickness or accident disability;
3. (3) Death; or
4. (4) Retirement or pension if the payment is made pursuant to a qualified plan as provided in 26 U.S.C. §§ 401(k), 403b, 408(k), 457, and 408(p), other than any elective contributions under paragraph (2)(A)(i) thereof, as of January 1, 2006.

Source: SDC 1939, § 17.0802 (13) (b) as added by SL 1941, ch 82 , § 4; SL 1985, ch 396 , § 2; SL 2006, ch 266 , § 1; SL 2007, ch 298 , § 1; SDCL § 61-1-32 ; SL 2012, ch 252 , § 59.