3-10-5. Withholding from salary and purchase of annuity--Periodic payments.
When so authorized by an employee, it shall be the duty of the employer to withhold the amount designated from the salary of the employee and to purchase a retirement annuity from a company or organization licensed to do business in the State of South Dakota, for such employee and to make the periodic payments on such retirement annuity according to the terms of the annuity contract.
Source: SL 1963, ch 329.
Structure South Dakota Codified Laws
Title 3 - Public Officers and Employees
Chapter 10 - Voluntary Salary Deductions
Section 3-10-1 - Savings bond purchase programs authorized by public employers.
Section 3-10-2 - Salary deduction authorized by signature of married person or minor.
Section 3-10-4 - Participation in tax-sheltered annuities authorized--Salary deductions.
Section 3-10-5 - Withholding from salary and purchase of annuity--Periodic payments.
Section 3-10-6 - Purchase of life insurance to guarantee retirement annuities.
Section 3-10-7 - Transfer of previously owned annuity to payment by public employer.
Section 3-10-8 - Payroll deductions authorized by officer or employee--Adoption of rules.