§ 3-13A-5 — Transfer of special pay to fund upon termination of employment--Contribution limit.

South Dakota § 3-13A-5

• Jurisdiction: South Dakota
• Title 3: PUBLIC OFFICERS AND EMPLOYEES
• Ch. 3-12B: SOUTH DAKOTA SPECIAL PAY RETIREMENT PROGRAM

Text

Upon a participant's termination of employment, the participating unit shall transmit the gross amount of the participant's special pay to the fund. However, except to the extent permitted under § 414(v) of the code, if applicable, a contribution allocated to a participant's account under the program may not exceed the limitation for defined contribution plans pursuant to § 415(c)(1)(A) of the code, or one hundred percent of the participant's compensation, as identified in § 415(c)(3) of the code for the calendar year. For the purposes of the limitations under this section, all of the defined contribution plans of a participant's employer, whether terminated or current, shall be treated as a single defined contribution plan.

Legislative History

SL 2004, ch 43, § 5; SL 2005, ch 27, § 2; SDCL § 3-12-169; SL 2005, ch 28, § 1; SL 2013, ch 22, § 3; SL 2019, ch 23, § 10.