3-13C-13. Required minimum distributions--General rule.
The system shall pay all benefits in accordance with a good faith interpretation of the requirements in § 401(a)(9) of the Internal Revenue Code and the regulations in effect under that section, as applicable to a governmental plan within the meaning of § 414(d) of the Internal Revenue Code.
The member's entire interest shall be distributed, or begin to be distributed, by the required beginning date, which is April first of the calendar year following the later of:
(1)The calendar year in which the member reaches age seventy-two, or age seventy and one-half if the member attained age seventy and one-half before January 1, 2020; or
(2)The calendar year in which the member retires.
A member or beneficiary eligible for benefits shall apply for benefits in order to commence distribution of benefits. The system, pursuant to a qualified domestic relations order, may establish separate benefits for a member and alternate payee.
Source: SL 2020, ch 13, § 20; SL 2021, ch 28, § 20.
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.