South Dakota Codified Laws
Chapter 13A - South Dakota Special Pay Retirement Program
Section 3-13A-8 - Vesting of participant account--Forfeiture.

3-13A-8. Vesting of participant account--Forfeiture.
A participant's account is fully vested in the program at any time on or after the date the participant begins participation in the program. A participant's account is not subject to any forfeiture pursuant to the provisions of the program. A loss as described in §3-13A-25 is not considered to be a forfeiture.

Source: SL 2005, ch 27, §1.

<< Previous
Next >>

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.