3-12C-1811 . Qualified benefit preservation arrangement--Administration.
The system shall administer the qualified benefit preservation arrangement. The system shall compile and maintain all records necessary for administration. The board has the same rights, duties, and responsibilities respecting the qualified benefit preservation arrangement as it has with respect to the system. The board shall, as necessary and appropriate, take the following actions:
(1) Establish procedures to administer the qualified benefit preservation arrangement not inconsistent with this part and the Internal Revenue Code, and to amend or rescind any of these procedures;
(2) Determine, consistent with this part, applicable law, rules, or regulations, all questions of law or fact that may arise as to eligibility for participation and eligibility for distribution of benefits, and the status of any person claiming benefits under the qualified benefit preservation arrangement;
(3) Make payments from the qualified benefit preservation arrangement fund to participants pursuant to this part;
(4) Contract with a third party to perform designated administrative services under this part;
(5) Construe and interpret this part as to administrative issues and to correct any defect, supply any omission, or reconcile any inconsistency in the qualified benefit preservation arrangement, subject to and consistent with the code; and
(6) Seek appropriate rulings from the Internal Revenue Service with regard to the status of the qualified benefit preservation arrangement under the Internal Revenue Code.
Source: SL 2020, ch 14, § 11.
Structure South Dakota Codified Laws
Title 3 - Public Officers and Employees
Chapter 12C - South Dakota Retirement System
Section 3-12C-101 - Definitions.
Section 3-12C-102 - Actuarial equivalent defined.
Section 3-12C-103 - Child defined.
Section 3-12C-104 - COLA or cost of living adjustment defined.
Section 3-12C-105 - Compensation defined.
Section 3-12C-106 - Contributing member defined.
Section 3-12C-107 - Disability defined.
Section 3-12C-108 - Effective rate of interest defined.
Section 3-12C-109 - Minimum actuarial requirement to support benefits defined.
Section 3-12C-110 - Spouse defined.
Section 3-12C-111 - Terminated defined.
Section 3-12C-112 - Vested defined.
Section 3-12C-201 - Citation of chapter.
Section 3-12C-202 - System managed by board--Standard of conduct--Legal advice.
Section 3-12C-203 - Board of Trustees created--Composition.
Section 3-12C-204 - Election of trustees--Terms of office.
Section 3-12C-205 - Resignation of trustee due to loss of qualifying status--Filling of vacancy.
Section 3-12C-206 - Trustees--Oath of office.
Section 3-12C-207 - Compensation and expenses of trustees.
Section 3-12C-208 - Meetings of board--Chair and vice chair--Votes required for decision.
Section 3-12C-209 - Appointment of executive director--Compensation--Employment of personnel--Bond.
Section 3-12C-211 - Rules for administration.
Section 3-12C-212 - Applications for membership or benefits--Picture identification required.
Section 3-12C-213 - Grievance procedure--Administrative and judicial review.
Section 3-12C-214 - Correction of records--Adjustment for underpayment or overpayment--Limitation.
Section 3-12C-215 - Confidentiality of records--Exceptions.
Section 3-12C-216 - Exemption of contributions and benefits from taxation and process.
Section 3-12C-218 - Business name of system--Treasurer.
Section 3-12C-219 - Use of fund restricted.
Section 3-12C-220 - Diversion of funds prohibited--Legislative policy.
Section 3-12C-221 - Rights of members on termination of system or discontinuance of contributions.
Section 3-12C-222 - Application of forfeitures.
Section 3-12C-224 - Quadrennial independent report on investment performance.
Section 3-12C-226 - Annual actuarial valuation of system--Scope of valuation.
Section 3-12C-227 - Actuarial assumptions on which valuation based--Report of change.
Section 3-12C-228 - Funding of system--Review--Report--Corrective action.
Section 3-12C-229 - Annual report of funded status of system.
Section 3-12C-230 - Record of board proceedings--Annual report.
Section 3-12C-301 - Members of system.
Section 3-12C-302 - Membership in system--Exclusions.
Section 3-12C-309 - Effective date of participation of employees of participating unit.
Section 3-12C-310 - Privatization of governmental function.
Section 3-12C-402 - Additional contribution for foundation members by participating unit.
Section 3-12C-403 - Monthly transmission of contributions--Deposit in fund.
Section 3-12C-405 - Service records and employee information furnished by employers.
Section 3-12C-406 - Knowing transmission of report with excluded compensation as misdemeanor.
Section 3-12C-407 - Accumulated contributions defined for foundation members.
Section 3-12C-408 - Accumulated contributions defined for generational members.
Section 3-12C-501 - Uniform application of service credit rules.
Section 3-12C-502 - Credited service defined for foundation members.
Section 3-12C-503 - Credited service defined for generational members.
Section 3-12C-504 - Purchase of prior service credit--Calculation of amount due.
Section 3-12C-506 - Refund for purchase cost of noncontributing service.
Section 3-12C-510 - Acquisition of credited service through transfer of funds--Requirements.
Section 3-12C-511 - Purchase of nonqualified permissive service credit allowed.
Section 3-12C-513 - Service credit for leave of absence--Contributions to cover period of absence.
Section 3-12C-516 - Members receiving differential wage payments.
Section 3-12C-518 - Conversion of credited service.
Section 3-12C-519 - Purchase of certain public service as Class B service.
Section 3-12C-520 - Prior service credit on return of nonvested member to employment.
Section 3-12C-601 - Retirement benefit to terminated member with vested right--Calculation.
Section 3-12C-603 - Distribution by direct rollover.
Section 3-12C-605 - Uncollected payments from system--Reversion.
Section 3-12C-606 - Reinstatement of terminated rights.
Section 3-12C-607 - Early withdrawal precludes additional refund.
Section 3-12C-701 - Benefits only payable monthly--Lump-sum payments prohibited unless specified.
Section 3-12C-702 - Person's birthday for purposes of eligibility.
Section 3-12C-703 - COLA applied to benefits--COLA elimination.
Section 3-12C-704 - Determination of COLA payable.
Section 3-12C-705 - Date of application of prorated payment of COLA.
Section 3-12C-706 - Modified monthly benefit permitted.
Section 3-12C-707 - Highest annual compensation.
Section 3-12C-708 - Time of termination of benefits.
Section 3-12C-709 - Duplicate benefits prohibited unless from another member's contributions.
Section 3-12C-710 - Member who leaves employment--Spouse and minor children.
Section 3-12C-712 - Compensation limits in Internal Revenue Code § 401(a)(17).
Section 3-12C-801 - Criteria for determining disability--Uniform application.
Section 3-12C-805 - Amount of monthly disability benefit--Applications before July 1, 2015.
Section 3-12C-809 - Termination of disability benefit based on application before July 1, 2015.
Section 3-12C-811 - Disability benefits for applications received after June 30, 2015.
Section 3-12C-812 - Disability benefits eligibility.
Section 3-12C-813 - Application for disability benefits--Required information--Filing deadline.
Section 3-12C-815 - Health care provider certification of disability.
Section 3-12C-817 - Notice of approval of disability benefits--Commencement of benefits.
Section 3-12C-818 - Calculation of disability benefits--Foundation members.
Section 3-12C-819 - Disability benefits for generational members.
Section 3-12C-820 - No credited service for disability benefit period.
Section 3-12C-821 - Contributions for period of employment while receiving disability benefits.
Section 3-12C-822 - Termination of disability benefits.
Section 3-12C-823 - Contributions upon return to covered employment.
Section 3-12C-827 - Surviving spouse benefit where member received disability benefits.
Section 3-12C-902 - Payment or delivery to minors.
Section 3-12C-904 - Elimination of family benefit as children become ineligible.
Section 3-12C-905 - Deductions of member's primary social security from benefits.
Section 3-12C-907 - Family benefit--Deceased member who was working--Total benefit--Effective date.
Section 3-12C-1003 - New enrollments in additional survivor protection prohibited.
Section 3-12C-1004 - Amount of additional survivor protection benefits--Termination.
Section 3-12C-1105 - Normal retirement age for foundation members.
Section 3-12C-1106 - Normal retirement benefit for foundation members for Class A credited service.
Section 3-12C-1110 - Reduction age defined for foundation members.
Section 3-12C-1111 - Early retirement benefits for foundation members.
Section 3-12C-1114 - Surviving spouse benefit--Retired foundation member--Effective dates.
Section 3-12C-1115 - Surviving spouse benefit--Foundation member--Calculation of benefit.
Section 3-12C-1116 - Early surviving spouse benefit for foundation member's spouse.
Section 3-12C-1201 - Final average compensation defined for generational members.
Section 3-12C-1202 - Limitations on final average compensation for generational members.
Section 3-12C-1203 - Normal retirement age for generational members.
Section 3-12C-1207 - Early retirement benefits for generational members.
Section 3-12C-1208 - Application for retirement benefit required--Picture identification required.
Section 3-12C-1209 - Monthly benefit options for generational members.
Section 3-12C-1210 - Irrevocable benefit election by generational members.
Section 3-12C-1211 - Effective date of retirement benefit of generational member--Last payment.
Section 3-12C-1212 - Retroactive retirement benefits for generational members.
Section 3-12C-1213 - Surviving spouse benefit--Retired generational member--Amount of benefit.
Section 3-12C-1215 - Amount of surviving spouse benefit for generational member.
Section 3-12C-1216 - Early surviving spouse benefit for generational member's spouse.
Section 3-12C-1302 - Variable retirement contributions of generational members.
Section 3-12C-1303 - Distributions from generational member's variable retirement account.
Section 3-12C-1400 - Three consecutive calendar months of separation described.
Section 3-12C-1405 - Retired members--Reentrance to covered employment--Benefits and membership.
Section 3-12C-1405.2 - Reemployment of retired member--Employer tracking.
Section 3-12C-1406 - Invalid retirement--Repayment of retirement benefit payments.
Section 3-12C-1501 - Supplemental pension benefit created.
Section 3-12C-1504 - Types of supplemental pension benefits.
Section 3-12C-1505 - COLA applicable to supplemental pension benefits.
Section 3-12C-1508 - Minimum distribution rules--Annual benefit limitations.
Section 3-12C-1509 - Applicability of certain retirement system provisions.
Section 3-12C-1510 - Exemption from Title 58 and from securities and agent registration.
Section 3-12C-1601 - Previous retirement systems consolidated--Purpose.
Section 3-12C-1602 - Intent to provide increased benefits to previously retired members of systems.
Section 3-12C-1603 - Increase in benefits for previously retired members of systems.
Section 3-12C-1605 - Previously retired members paid from consolidated fund.
Section 3-12C-1607 - Amount of benefits for justice or judge mandatorily retired.
Section 3-12C-1608 - Board of Regents employees--Definition of balances.
Section 3-12C-1610 - Contract for purchase of service for Board of Regents.
Section 3-12C-1615 - Rapid City firefighter membership in system--Benefits and credited service.
Section 3-12C-1616 - Rapid City firefighter retirement benefits--Normal retirement age.
Section 3-12C-1617 - Payments from public employees retirement fund to Rapid City firefighters.
Section 3-12C-1618 - Payments by Rapid City.
Section 3-12C-1619 - Crediting of transfers from Rapid City pension fund.
Section 3-12C-1620 - Retirement benefits for certain city of Aberdeen employees.
Section 3-12C-1621 - Aberdeen firefighters to participate in system.
Section 3-12C-1622 - Eligible benefits for Aberdeen firefighters.
Section 3-12C-1623 - Amount to be paid by municipality of Aberdeen.
Section 3-12C-1624 - Funds from Aberdeen municipality considered member contributions.
Section 3-12C-1625 - Watertown firefighters pension fund members--Credited service.
Section 3-12C-1626 - Watertown firefighters benefits paid from the system--Minimum benefit.
Section 3-12C-1627 - Payments by Watertown.
Section 3-12C-1628 - Crediting transfers from city of Watertown firemen pension fund.
Section 3-12C-1629 - Mitchell firefighters as members of system.
Section 3-12C-1630 - Benefits for Mitchell firefighters.
Section 3-12C-1631 - Calculation of Mitchell firefighter benefits.
Section 3-12C-1632 - Amount of payment to system by city of Mitchell.
Section 3-12C-1634 - Information required of city of Mitchell.
Section 3-12C-1635 - Huron firefighters as members of system.
Section 3-12C-1636 - Benefits for Huron firefighters.
Section 3-12C-1637 - Calculation of Huron firefighter benefits.
Section 3-12C-1638 - Amount of payment to system by City of Huron.
Section 3-12C-1639 - Transfer of city of Huron firemen's pension plan funds as member contributions.
Section 3-12C-1640 - Information required of city of Huron.
Section 3-12C-1641 - Election by municipality of Sioux Falls to be participating unit.
Section 3-12C-1642 - Transfer of funds in cement plan retirement fund.
Section 3-12C-1643 - Members of cement plant retirement plan to be Class C members of system.
Section 3-12C-1646 - Payment of benefits and operational expenses related to Class C members.
Section 3-12C-1647 - Promulgation of rules to administer retirement benefits for Class C members.
Section 3-12C-1651 - Class D membership--Benefits received.
Section 3-12C-1701 - Correctional security staff benefits.
Section 3-12C-1703 - Calculation of benefits of parole agent.
Section 3-12C-1704 - Calculating benefits of air rescue firefighter.
Section 3-12C-1705 - Foundation member conservation officers.
Section 3-12C-1801 - Participant--Definition.
Section 3-12C-1802 - Qualified benefit preservation arrangement--Definition.
Section 3-12C-1803 - Qualified benefit preservations arrangement--Establishment--Purpose.
Section 3-12C-1804 - Eligibility to participate.
Section 3-12C-1805 - Benefit payable.
Section 3-12C-1806 - Cost of living adjustment after benefit begins--Change in benefit payable.
Section 3-12C-1807 - Qualified benefit preservation arrangement--Funding.
Section 3-12C-1808 - Contributions.
Section 3-12C-1809 - Qualified benefit preservation arrangement trust fund--Establishment--Purpose.
Section 3-12C-1810 - Qualified benefit preservation arrangement assets--Income.
Section 3-12C-1811 - Qualified benefit preservation arrangement--Administration.
Section 3-12C-1812 - Qualified benefit preservation arrangement--No assignment.
Section 3-12C-1813 - Conflicts.
Section 3-12C-1814 - Limitation of rights.
Section 3-12C-1815 - Erroneous payments--Corrections.
Section 3-12C-1816 - Administration of benefit--Release and receipt.
Section 3-12C-1817 - Reservation of power to change.
Section 3-12C-1901 - General rule.
Section 3-12C-1902 - Member's death after distributions begun.
Section 3-12C-1903 - Member's death before required distributions begun.