South Dakota Codified Laws
Chapter 13A - South Dakota Special Pay Retirement Program
Section 3-13A-7 - Participant account.

3-13A-7. Participant account.
An account shall be established for each participant. The account shall be the basis for any distribution to the participant or to the participant's beneficiary, surviving spouse, surviving children, or estate pursuant to §3-13A-15.

Source: SL 2004, ch 43, §7; SDCL, §3-12-171; SL 2005, ch 28, §1.

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Structure South Dakota Codified Laws

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-5 - Transfer of special pay to fund upon termination of employment--Contribution limit.

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-16 - Payments and benefits under program not assignable or subject to creditors' actions.

Section 3-13A-17 - Powers and duties of executive director.

Section 3-13A-18 - Election by participating units of retirement system to participate in program--Rescission of participation.

Section 3-13A-19 - Trustee-to-trustee transfer of participant's account to government defined-benefit retirement plan.

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-22 - Distribution from participant's account--Forms of distribution--Time for election.

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.

Section 3-13A-24 - State investment officer to act as fiduciary--Certain persons prohibited from acting as third-party administrator or vendor.

Section 3-13A-25 - Limitation of liability to participants.