South Dakota § 3-13-83 Immediate distribution--In-service or involuntary distributions--Conditions--Calculation--Handling of certain involuntary distributions.

South Dakota Statutes

§ 3-13-83 — Immediate distribution--In-service or involuntary distributions--Conditions--Calculation--Handling of certain involuntary distributions.

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

Notwithstanding any other provision of this chapter, a participant may receive an in-service distribution from the plan, or the executive director may render an involuntary distribution to the participant, under the following conditions:

(1)The participant is inactive in the plan and has made no deferrals for at least two years prior to the distribution;

(2)The total distribution, whether elective, involuntary, or both, does not exceed five thousand dollars; and (3) The participant has not previously received an elective or an involuntary distribution under the plan. If implementing subdivision (2) of this section, the value of a participant's nonforfeitable account balance must be determined without regard to the portion of the account balance attributable to rollover contribut

Free access — add to your briefcase to read the full text and ask questions with AI

Notwithstanding any other provision of this chapter, a participant may receive an in-service distribution from the plan, or the executive director may render an involuntary distribution to the participant, under the following conditions: (1) The participant is inactive in the plan and has made no deferrals for at least two years prior to the distribution; (2) The total distribution, whether elective, involuntary, or both, does not exceed five thousand dollars; and (3) The participant has not previously received an elective or an involuntary distribution under the plan. If implementing subdivision (2) of this section, the value of a participant's nonforfeitable account balance must be determined without regard to the portion of the account balance attributable to rollover contributions, and earning allocable thereto, within the meaning of §§ 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e) of the Internal Revenue Code. If an involuntary distribution exceeds one thousand dollars and if the participant does not elect to have the distribution transferred to an eligible retirement plan pursuant to § 401(a)(31) of the Internal Revenue Code or does not elect to receive the distribution directly, the distribution must be transferred to an individual retirement plan of a designated trustee or issuer. The executive director shall notify the participant in writing that the distribution may be transferred to another individual retirement plan.

South Dakota § 3-13-83 (Immediate distribution--In-service or involuntary distributions--Conditions--Calculation--Handling of certain involuntary distributions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.