South Dakota Statutes
§ 47-11D-22 — Pension, profit sharing, insurance, and welfare plans for employees--Restrictions.
A corporation formed pursuant to the provisions of this chapter, may adopt a pension, profit - sharing, whether cash or deferred, health and accident insurance, or welfare plan for all or part of its employees, including lay employees. However, any such plan may not require or result in the sharing of specific or identifiable fees with any lay employees and any payments made to lay employees or into any such plan in behalf of lay employees are based upon their compensation or length of service or both, rather than the amount of fees or income received.
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South Dakota § 47-11D-22 (Pension, profit sharing, insurance, and welfare plans for employees--Restrictions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1993, ch 337, § 22.
Nearby Sections
15
§ 47-1-1
Repealed§ 47-1-3
Repealed§ 47-10-1
Purposes of corporations.§ 47-10-10
Incorporators.§ 47-10-11
Directors--Number and term of office.§ 47-10-13
Accumulation of surplus--Use of surplus.§ 47-10-14
Persons authorized to hold common stock.§ 47-10-18
Nonstockholder members--Duty to lend.§ 47-10-2
Powers of corporations.