South Dakota § 3-13-60 Required minimum distributions--Participant's death before distributions begun.

South Dakota Statutes

§ 3-13-60 — Required minimum distributions--Participant's death before distributions begun.

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

If a participant dies before required distribution of the participant's benefits has begun, the participant's interest shall be distributed as follows:

(1)If the participant has a surviving spouse, the surviving spouse shall receive benefits over the life of the surviving spouse beginning as soon as administratively possible and effective the month after the participant's death; or (2) If the participant has no surviving spouse, the participant's remaining interest shall be distributed in a lump sum payment to the designated beneficiary within five years from the date of the participant's death.

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If a participant dies before required distribution of the participant's benefits has begun, the participant's interest shall be distributed as follows: (1) If the participant has a surviving spouse, the surviving spouse shall receive benefits over the life of the surviving spouse beginning as soon as administratively possible and effective the month after the participant's death; or (2) If the participant has no surviving spouse, the participant's remaining interest shall be distributed in a lump sum payment to the designated beneficiary within five years from the date of the participant's death.

South Dakota § 3-13-60 (Required minimum distributions--Participant's death before distributions begun.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.