South Dakota § 3-13-93 Correction of errors--Excess deferrals.

South Dakota Statutes

§ 3-13-93 — Correction of errors--Excess deferrals.

South Dakota § 3-13-93

Title 3PUBLIC OFFICERS AND EMPLOYEES

Ch. 3-12BDEFERRED COMPENSATION PLAN FOR PUBLIC EMPLOYEES

This text of South Dakota § 3-13-93 (Correction of errors--Excess deferrals.) 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 § 3-13-93 (2026).

Text

If, due to an error, a participant defers more than the permissible amount, the third-party administrator may correct the error by returning the excess deferral to the participant. For any plan year in which a participant makes both pre-tax contributions and designated Roth contributions, any corrective distribution must be taken first from the participant's designated Roth contributions, and then, if required, from the pre-tax contributions. A participant may elect a different method of distribution.

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If, due to an error, a participant defers more than the permissible amount, the third-party administrator may correct the error by returning the excess deferral to the participant. For any plan year in which a participant makes both pre-tax contributions and designated Roth contributions, any corrective distribution must be taken first from the participant's designated Roth contributions, and then, if required, from the pre-tax contributions. A participant may elect a different method of distribution.