3-13-61. Required minimum distributions--Reasonable and made in good faith.
Notwithstanding the provisions of §§ 3-13-58 to 3-13-60, inclusive, or the provisions of United States 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 2021, ch 28, § 10.
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.