3-13C-12 . Direct rollovers--Election by distributee.
Notwithstanding any provision of the plan to the contrary limiting a distributee's election under this section, a distributee may elect at the time and in the manner prescribed by the system, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.
In the event of a mandatory distribution of an eligible rollover distribution greater than one thousand dollars in accordance with §3-13C-14, if the participant does not elect to have the distribution paid directly to an eligible retirement plan specified by the participant in a direct rollover or to receive the distribution directly, the system shall pay the distribution in a direct rollover to an individual retirement plan designated by the system.
In the event of any other eligible rollover distribution to a distributee in accordance with §3-13C-13, if the distributee does not elect to have the distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover or to receive the distribution directly, the system shall pay the distribution to the distributee.
Source: SL 2020, ch 13, § 19.
Structure South Dakota Codified Laws
Title 3 - Public Officers and Employees
Chapter 13C - Department Of Labor And Regulation Employee Retirement
Section 3-13C-1 - Definitions.
Section 3-13C-2 - Actuarial equivalent--Distribution expected--Determination of amount.
Section 3-13C-3 - Compensation determined.
Section 3-13C-4 - Credited past service--Determination.
Section 3-13C-5 - Credited service--Determination.
Section 3-13C-6 - Eligible retirement plan--Determination.
Section 3-13C-7 - Eligible rollover distribution.
Section 3-13C-8 - Normal retirement date--Determination.
Section 3-13C-9 - Confidentiality of records--Exceptions.
Section 3-13C-10 - Class D members vested--Contributions not required--Participation ceases.
Section 3-13C-11 - Beneficiaries--Records.
Section 3-13C-12 - Direct rollovers--Election by distributee.
Section 3-13C-13 - Required minimum distributions--General rule.
Section 3-13C-13.1 - Required minimum distributions--Member's death after distributions begun.
Section 3-13C-13.2 - Required minimum distributions--Member's death before distributions begun.
Section 3-13C-13.3 - Required minimum distributions--Incidental benefit rule.
Section 3-13C-13.4 - Required minimum distributions--Reasonable and made in good faith.
Section 3-13C-14 - Vested accrued benefit--Distribution--Small amounts payment.
Section 3-13C-15 - Accrued benefit determined.
Section 3-13C-16 - Amount of benefit at retirement.
Section 3-13C-17 - Benefit limitation.
Section 3-13C-19 - Death benefit after retirement determination--Payment amount determined.
Section 3-13C-20 - Vested benefits--Distribution amount determined.
Section 3-13C-21 - Retirement benefits--Optional forms.