3-13A-1. Special pay retirement program established. There is hereby established the South Dakota special pay retirement program. It is the intent of the Legislature that the special pay retirement program shall become a qualified plan under §401(a) of the code and that the program shall be treated as a governmental plan under §414(d) of the […]
3-13A-10. Lump-sum distribution to participant. A participant who elects an immediate total lump-sum distribution from the program shall be guaranteed payment of the entire amount of the participant’s special pay, plus any earnings, and less any mandatory income tax withholding and fees established by the board, within a period that is not longer than is […]
3-13A-11. Investment alternatives–Transfer of account balances by participants. Each participant may elect to have the participant’s funds invested in one or more of the investment alternatives selected by the state investment officer pursuant to §3-13A-9. Subject to any limitations imposed by the executive director, a vendor, or a third-party administrator, a participant may elect to […]
3-13A-12. Transfer of funds from terminated investment selection. 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 […]
3-13A-13. Allocation of investment return among participant accounts–Accounting dates. The total investment return on any offered investment shall be allocated to the account of each participant based on the proportion the participant’s account bears to all other accounts which have been invested in the same investment alternative. Allocations shall be made on each accounting date. […]
3-13A-14. Valuation of investment alternatives. Each offered investment alternative shall be valued on each accounting date. The valuation shall be at market value. Any charges against the value shall be explicitly disclosed. Each participant shall be provided with a statement of the participant’s account by no later than forty-five days after the close of each […]
3-13A-15. Beneficiaries of participant’s account. A participant may designate a beneficiary to receive the participant’s benefits under the program in case of the death of the participant. If no beneficiary is designated or the beneficiary has predeceased the participant, the participant’s benefits shall be paid as follows: (1)To the participant’s surviving spouse; (2)If there is […]
3-13A-16. Payments and benefits under program not assignable or subject to creditors’ actions. Notwithstanding the provisions of §3-13A-15, no participant may assign or otherwise alienate any right to any payment or benefit under the program. The right of a participant to any payment or benefit is not subject to the rights of the participant’s or […]
3-13A-17. Powers and duties of executive director. The executive director shall administer the program and shall determine all questions arising under or in connection with the program. The executive director may hire additional employees as may be required and shall set the remuneration of the employees. In addition, the executive director, with the approval of […]
3-13A-18. Election by participating units of retirement system to participate in program–Rescission of participation. Any public employer that is a participating unit of the system established under chapter 3-12C may become a participating unit under this chapter at any time on or after July 1, 2004. The decision to become a participating unit shall be […]
3-13A-19. Trustee-to-trustee transfer of participant’s account to government defined-benefit retirement plan. For the purpose of acquiring credited service in a qualified governmental defined-benefit retirement plan as identified under §401(a) and defined in §414(d) of the code, a participant may transfer a portion or all of the participant’s account in the program by trustee-to-trustee transfer to […]
3-13A-2. Definitions. The definitions contained in chapter 3-12 apply to this chapter unless otherwise specified. In addition, the following terms used in this chapter mean: (1)”Account,” the record for each participant reflecting the amount of the participant’s special pay transmitted to the fund, allocated investment gains and losses thereon, and administrative charges against those amounts; […]
3-13A-20. Rollover transfer of participant’s account. The board shall establish by rule promulgated pursuant to chapter 1-26 the parameters under which a participant, a participant’s surviving spouse, or a participant’s beneficiary may transfer a portion or all of the participant’s account by rollover to a plan which is an eligible plan under the code. Source: […]
3-13A-21. Rollover transfer of participant’s account in another plan. To the extent permitted by law, a participant may transfer a portion or all of the participant’s account in another plan which is eligible under §401(a), 403(b), 408, or 457 of the code into this program by rollover. The program shall account for such amounts separately. […]
3-13A-22. Distribution from participant’s account–Forms of distribution–Time for election. A participant is entitled to receive a distribution from the participant’s account upon written application to the executive director or third-party administrator. The participant may elect, on forms prescribed by the executive director or third-party administrator, the time distributions under the program are to commence by […]
3-13A-23. Annuity distributions date. A participant who does not take a total lump-sum distribution, transfer funds by rollover pursuant to §3-13A-20, or transfer funds by trustee-to-trustee transfer pursuant to §3-13A-19 may begin annuity distributions by selecting a retirement date, as set out in §3-13A-22. If a participant does not make a selection, the participant’s normal […]
3-13A-23.1. Required minimum distributions–General rule. 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. The […]
3-13A-23.2. Required minimum distributions–Participant’s death after distributions begun. If a participant dies after the required distribution of benefits has begun, the remaining portion of the participant’s interest shall be distributed at least as rapidly as under the same method of distribution before the participant’s death. Source: SL 2021, ch 28, § 15.
3-13A-23.3. Required minimum distributions–Participant’s death before distributions begun. If a participant dies before required distribution of the participant’s benefits has begun, the participant’s interest shall be distributed as follows: (1)If the participant has a surviving spouse, the surviving spouse shall receive benefits over the life of the surviving spouse beginning as soon as administratively possible […]
3-13A-23.4. Required minimum distributions–Reasonable and made in good faith. Notwithstanding the provisions of §§ 3-13A-23 to 3-13A-23.1, inclusive, or the provisions of the 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. Source: SL […]
