South Dakota § 3-12C-1648 Member election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.

South Dakota Statutes

§ 3-12C-1648 — Member election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.

South Dakota § 3-12C-1648

Title 3PUBLIC OFFICERS AND EMPLOYEES

Ch. 3-12BSOUTH DAKOTA RETIREMENT SYSTEM

This text of South Dakota § 3-12C-1648 (Member election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.) 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-1648 (2026).

Text

Any vested member of the state cement plant retirement plan may elect to receive a lump sum trustee-to-trustee payment in lieu of monthly retirement benefit payments. The amount of the lump sum trustee-to-trustee payment shall be determined by the system's actuary based on the actuarial equivalent of the member's benefit as defined by the cement plant retirement plan. However, no lump sum trustee-to-trustee payment may be made unless both of the following requirements are satisfied:

(1)The member has not received any monthly benefits; and (2) The member directs a trustee-to-trustee transfer of the lump sum payment to a receiving retirement custodian, trustee, or other approved recipient. Any eligible member who desires to make the election authorized by this section shall submit an

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Any vested member of the state cement plant retirement plan may elect to receive a lump sum trustee-to-trustee payment in lieu of monthly retirement benefit payments. The amount of the lump sum trustee-to-trustee payment shall be determined by the system's actuary based on the actuarial equivalent of the member's benefit as defined by the cement plant retirement plan. However, no lump sum trustee-to-trustee payment may be made unless both of the following requirements are satisfied: (1) The member has not received any monthly benefits; and (2) The member directs a trustee-to-trustee transfer of the lump sum payment to a receiving retirement custodian, trustee, or other approved recipient. Any eligible member who desires to make the election authorized by this section shall submit an application to the system.