South Dakota § 3-12C-1503 Rollover of funds--Single premium--Contract effective upon signing--Payment of benefits.

South Dakota Statutes

§ 3-12C-1503 — Rollover of funds--Single premium--Contract effective upon signing--Payment of benefits.

South Dakota § 3-12C-1503

Title 3PUBLIC OFFICERS AND EMPLOYEES

Ch. 3-12BSOUTH DAKOTA RETIREMENT SYSTEM

This text of South Dakota § 3-12C-1503 (Rollover of funds--Single premium--Contract effective upon signing--Payment of benefits.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 3-12C-1503 (2026).

Text

A member who is a retiree receiving a benefit from the system, or, if the member is deceased, the member's surviving spouse who is receiving a benefit from the system and is a beneficiary of the funds subject to this section, may become a supplemental pension participant by direct rollover of pretax funds held by the member in a variable retirement account, in contribution credit, or in either or both of the plans created in chapters 3-13 and 3-13 A into the fund. Any rollover must be in compliance with the provisions of § 401(a)(31) of the Internal Revenue Code and must be recorded in the participant's supplemental pension contract record. All of a participant's funds rolled into the fund must be expended in full as the single premium for a supplemental pension contract. No single premium

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A member who is a retiree receiving a benefit from the system, or, if the member is deceased, the member's surviving spouse who is receiving a benefit from the system and is a beneficiary of the funds subject to this section, may become a supplemental pension participant by direct rollover of pretax funds held by the member in a variable retirement account, in contribution credit, or in either or both of the plans created in chapters 3-13 and 3-13 A into the fund. Any rollover must be in compliance with the provisions of § 401(a)(31) of the Internal Revenue Code and must be recorded in the participant's supplemental pension contract record. All of a participant's funds rolled into the fund must be expended in full as the single premium for a supplemental pension contract. No single premium may be less than ten thousand dollars. A supplemental pension contract goes into effect when a participant signs the supplemental pension contract. The initial monthly supplemental pension benefit is payable the first day of the first month after the contract goes into effect. Payment of any prior and current supplemental pension benefits must be made within two months after the contract is in effect.

Legislative History

SL 2008, ch 24, § 4; SL 2013, ch 20, § 14; SL 2016, ch 32, § 47; SL 2018, ch 33, § 15; SDCL § 3-12-191; SL 2019, ch 22, § 1; SL 2019, ch 23, § 8; SL 2022, ch 15, § 11.