3-13-57. Designated Roth contribution program.
The board may establish a designated Roth contribution program within the deferred compensation plan. For the purposes of this section, a designated Roth contribution is an elective salary deferral that is:
(1)Designated irrevocably by the participant at the time of the deferred election as a designated Roth contribution that is being made in lieu of all or a portion of the pre-tax elective deferrals the participant is otherwise eligible to make under the plan; and
(2)Treated by the employer as includable in the participant's income at the time the participant would have received that amount in compensation if the participant had not made a deferred election.
The board shall, pursuant to chapter 1-26, promulgate rules relating to distributions, conversions, transfers, rollovers, and limitations with regard to the designated Roth contribution program in accordance with federal law.
Source: SL 2012, ch 28, ยง1.
Structure South Dakota Codified Laws
Title 3 - Public Officers and Employees
Chapter 13 - Deferred Compensation Plan For Public Employees
Section 3-13-49.1 - Political subdivisions.
Section 3-13-50 - Administration of plan--Hiring and remuneration of additional employees.
Section 3-13-51.1 - Investment of funds--Investment officer as fiduciary.
Section 3-13-51.2 - Executive director and investment officer to execute necessary agreements.
Section 3-13-52 - Limitation of liability to participants.
Section 3-13-53 - Deferred compensation fund.
Section 3-13-55 - Definition of terms.
Section 3-13-56 - Automatic enrollment feature.
Section 3-13-57 - Designated Roth contribution program.
Section 3-13-58 - Required minimum distributions--General rule.
Section 3-13-59 - Required minimum distributions--Participant's death after distributions begun.
Section 3-13-60 - Required minimum distributions--Participant's death before distributions begun.
Section 3-13-61 - Required minimum distributions--Reasonable and made in good faith.
Section 3-13-62 - Required minimum distributions--Participant's death after December 31, 2021.
Section 3-13-63 - Required minimum distributions--Waiver of 2020.