South Dakota § 3-12C-1649 Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.

South Dakota Statutes

§ 3-12C-1649 — Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.

South Dakota·Title 3 PUBLIC OFFICERS AND EMPLOYEES·Ch. 3-12B SOUTH DAKOTA RETIREMENT SYSTEM

Upon the death of a vested member of the state cement plant retirement plan who died prior to starting a monthly retirement benefit, the member's surviving spouse may elect a lump sum trustee-to-trustee payment in lieu of monthly surviving spouse 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, as defined by the cement plant retirement plan, of the spouse's age sixty-five survivor benefit. However, no lump sum trustee-to-trustee payment may be made unless the following requirements are satisfied:

(1)Neither the member nor the member's family nor the member's spouse received any monthly benefits from the plan; and (2) The surviving spouse directs a trustee-to-trustee transfer of the

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Upon the death of a vested member of the state cement plant retirement plan who died prior to starting a monthly retirement benefit, the member's surviving spouse may elect a lump sum trustee-to-trustee payment in lieu of monthly surviving spouse 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, as defined by the cement plant retirement plan, of the spouse's age sixty-five survivor benefit. However, no lump sum trustee-to-trustee payment may be made unless the following requirements are satisfied: (1) Neither the member nor the member's family nor the member's spouse received any monthly benefits from the plan; and (2) The surviving spouse directs a trustee-to-trustee transfer of the lump sum payment to a receiving retirement custodian, trustee, or other approved recipient. Any eligible surviving spouse who desires to make the election authorized by this section shall submit an application to the system.

South Dakota § 3-12C-1649 (Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.