South Dakota § 3-13-57 Roth contribution program--Authorization--Definition--Promulgation of rules.

South Dakota Statutes

§ 3-13-57 — Roth contribution program--Authorization--Definition--Promulgation of rules.

South Dakota·Title 3 PUBLIC OFFICERS AND EMPLOYEES·Ch. 3-12B DEFERRED COMPENSATION PLAN FOR PUBLIC EMPLOYEES

The board may establish a designated Roth contribution program within the deferred compensation plan. For purposes of this section, a "designated Roth contribution" means an elective salary deferral that is:

(1)Designated irrevocably by the participant at the time of the deferred election as a designated Roth contribution that is being made in lieu of all or a portion of the pre-tax elective deferrals the participant is otherwise eligible to make under the plan; and (2) Treated by the employer as includable in the participant's income at the time the participant would have received that amount in compensation if the participant had not made a deferred election. The board may promulgate rules, pursuant to chapter 1-26 , relating to distributions, conversions, transfers, rollovers, an

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The board may establish a designated Roth contribution program within the deferred compensation plan. For purposes of this section, a "designated Roth contribution" means an elective salary deferral that is: (1) Designated irrevocably by the participant at the time of the deferred election as a designated Roth contribution that is being made in lieu of all or a portion of the pre-tax elective deferrals the participant is otherwise eligible to make under the plan; and (2) Treated by the employer as includable in the participant's income at the time the participant would have received that amount in compensation if the participant had not made a deferred election. The board may promulgate rules, pursuant to chapter 1-26 , relating to distributions, conversions, transfers, rollovers, and limitations with regard to the designated Roth contribution program in accordance with federal law.

South Dakota § 3-13-57 (Roth contribution program--Authorization--Definition--Promulgation of rules.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.