3-13A-2. Definitions.
The definitions contained in chapter 3-12 apply to this chapter unless otherwise specified. In addition, the following terms used in this chapter mean:
(1)"Account," the record for each participant reflecting the amount of the participant's special pay transmitted to the fund, allocated investment gains and losses thereon, and administrative charges against those amounts;
(2)"Accounting date," the date on which an investment is valued and the total investment return is allocated to a participant's account;
(3)"Board," the South Dakota Retirement System Board of Trustees as established under §3-12C-203;
(4)"Executive director," the executive director of the South Dakota Retirement System as provided in §3-12C-209;
(5)"Fund," the South Dakota special pay fund established pursuant to §3-13A-3;
(6)"Normal retirement date," the date a participant may retire pursuant to the provisions of chapter 3-12C without reduced benefits;
(7)"Participant," a terminated employee of a participating unit who has reached the calendar month before the month of the employee's fifty-fifth birthday and who received six hundred dollars or more in special pay;
(8)"Participating unit," the State of South Dakota, the South Dakota Board of Regents, or any other political subdivision of the state that participates in the program;
(9)"Plan year," a calendar year ending on December thirty-first;
(10)"Program," the South Dakota Special Pay Retirement Program created pursuant to §§3-13A-1 to 3-13A-25, inclusive;
(11)"Special pay," compensation other than regular salary or wages granted to a participant and transferred in a lump-sum to the fund at the termination of the participant's employment;
(12)"Third-party administrator," a person who, pursuant to contract, handles administration of the program on behalf of the board and the executive director;
(13)"Vendor," a person or organization selected by the state investment officer to provide investment or insurance products to the program.
Source: SL 2004, ch 43, §2; SDCL §3-12-166; SL 2005, ch 28, §1; SL 2006, ch 22, §1; SL 2008, ch 20, §18; SL 2013, ch 20, §19; SL 2013, ch 22, §§1, 2; SL 2016, ch 31, §54.
Structure South Dakota Codified Laws
Title 3 - Public Officers and Employees
Chapter 13A - South Dakota Special Pay Retirement Program
Section 3-13A-1 - Special pay retirement program established.
Section 3-13A-2 - Definitions.
Section 3-13A-3 - Special pay fund.
Section 3-13A-4 - Board controls program as fiduciary--Promulgation of rules.
Section 3-13A-6 - Time for transfer of compensation to trust.
Section 3-13A-7 - Participant account.
Section 3-13A-8 - Vesting of participant account--Forfeiture.
Section 3-13A-9 - Investment of funds.
Section 3-13A-10 - Lump-sum distribution to participant.
Section 3-13A-11 - Investment alternatives--Transfer of account balances by participants.
Section 3-13A-12 - Transfer of funds from terminated investment selection.
Section 3-13A-13 - Allocation of investment return among participant accounts--Accounting dates.
Section 3-13A-14 - Valuation of investment alternatives.
Section 3-13A-15 - Beneficiaries of participant's account.
Section 3-13A-17 - Powers and duties of executive director.
Section 3-13A-20 - Rollover transfer of participant's account.
Section 3-13A-21 - Rollover transfer of participant's account in another plan.
Section 3-13A-23 - Annuity distributions date.
Section 3-13A-23.1 - Required minimum distributions--General rule.
Section 3-13A-23.2 - Required minimum distributions--Participant's death after distributions begun.
Section 3-13A-23.3 - Required minimum distributions--Participant's death before distributions begun.
Section 3-13A-23.4 - Required minimum distributions--Reasonable and made in good faith.
Section 3-13A-23.5 - Required minimum distributions--Participant's death after December 31, 2021.
Section 3-13A-23.6 - Required minimum distributions--Waiver of 2020.