The definitions contained in chapter 3-12C , apply to this chapter, unless otherwise specified. Terms used in this chapter mean:
(1)"Account," the record for each participant reflecting the amount of the participant's special pay transmitted to the fund, allocated investment gains and losses thereon, and administrative charges against those amounts;
(2)"Accounting date," the date on which an investment is valued and the total investment return is allocated to a participant's account;
(3)"Direct rollover," a payment by the program to an eligible retirement plan specified by the plan participant;
(4)"Eligible retirement plan," one of the following plans that accepts a participant's or a participant's surviving spouse's rollover distribution:
(a)An individual retirement ac
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The definitions contained in chapter 3-12C , apply to this chapter, unless otherwise specified. Terms used in this chapter mean: (1) "Account," the record for each participant reflecting the amount of the participant's special pay transmitted to the fund, allocated investment gains and losses thereon, and administrative charges against those amounts; (2) "Accounting date," the date on which an investment is valued and the total investment return is allocated to a participant's account; (3) "Direct rollover," a payment by the program to an eligible retirement plan specified by the plan participant; (4) "Eligible retirement plan," one of the following plans that accepts a participant's or a participant's surviving spouse's rollover distribution: (a) An individual retirement account described in § 408(a) of the Internal Revenue Code; (b) An individual retirement annuity described in § 408(b) of the Internal Revenue Code; (c) A Roth individual retirement plan described in § 408A of the Internal Revenue Code; (d) An annuity plan described in § 403(a) of the Internal Revenue Code; (e) A qualified plan described in § 401 of the Internal Revenue Code; or (f) An individual retirement plan or individual retirement annuity in the case of an eligible rollover distribution to a beneficiary who is not a participant's surviving spouse; (5) "Eligible rollover distribution," any distribution of all or any portion of the balance to the credit of the participant. An eligible rollover distribution does not include: (a) Any distribution that is one of a series of substantially equal periodic payments, not less frequently than annually, made for the life or life expectancy of the participant or the joint lives or joint life expectancies of the participant and the participant's designated beneficiary, or for a specified period of ten years or more; (b) Any distribution to the extent the distribution is required under § 401(a)(9) of the Internal Revenue Code; or (c) Any other distribution that is reasonably expected to total less than two hundred dollars during a single plan year; (6) "Fund," the South Dakota special pay fund established pursuant to § 3-13A-3 ; (7) "Normal retirement date," the date a participant may retire, pursuant to the provisions of chapter 3-12C , without reduced benefits; (8) "Participant," a terminated employee of a participating unit who has reached the calendar month before the month of the employee's fifty-fifth birthday and who received six hundred dollars or more in special pay; (9) "Participating unit," the State of South Dakota, the South Dakota Board of Regents, or any other political subdivision of the state that participates in the program; (10) "Plan year," a calendar year ending on December thirty-first; (11) "Program," the South Dakota special pay retirement program, created pursuant to § 3-13A-1 ; (12) "Special pay," compensation other than regular salary or wages granted to a participant and transferred in a lump sum to the fund at the termination of the participant's employment; (13) "Third-party administrator," a person who, pursuant to contract, handles administration of the program on behalf of the board and the executive director; and (14) "Vendor," a person selected by the state investment officer to provide investment or insurance products to the program.