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

South Dakota Statutes

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

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

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.

South Dakota § 3-13-93 (Correction of errors--Excess deferrals.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.