3-10-6. Purchase of life insurance to guarantee retirement annuities.
The state and its political subdivisions, and the employees thereof, are authorized to purchase individual life insurance contracts to guarantee such retirement annuity and the employer is hereby authorized to withhold payment from the salary of employees to cover the cost of such purchases as provided in Internal Revenue Service regulations which permit the purchase of tax-sheltered annuities and retirement income contracts.
Source: SL 1966, ch 168.
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.