Acquisition of credited service through transfer of funds--Requirements

A contributing member may acquire credited service by utilizing a trustee to trustee transfer of funds, excluding any after tax employee contributions, from a member's individual retirement plan that meets the requirements of sections 403(b) or 457 of the Internal Revenue Code to pay the cost of purchase pursuant to § 3-12C-504 , 3-12C-509 , or 3-12C-511 . Source: SL 2002, ch 22 , § 4; SL 2008, ch 20 , § 12; SL 2013, ch 20 , § 8; SDCL § 3-12-84.1 ; SL 2019, ch 22 , §§ 18, 45.