Title 3 — PUBLIC OFFICERS AND EMPLOYEES

Interest must be credited from December 1, 1984, on contributions made and interest credited; (34) "Required contribution accrued benefit," the amount of monthly retirement benefit under the normal form accrued by an active participant as of any date and payable at the normal ret…

Source: SL 2020, ch 13 , § 24.

Terms used in this chapter mean: (1) "Accrued benefit," on any date, the amount of monthly retirement benefit under the normal form accrued by an active participant as of any date and payable at normal retirement date, or any later date; (2) "Active participant," an eligible empl…

All Class D members of the South Dakota Retirement System as of July 1, 2020, are considered vested. No contributions by Class D members are required on or after January 1, 1990. A participant, whether active or inactive, shall cease to be a participant on the earlier of the foll…

Each participant may name a beneficiary to receive any death benefit due for participation in the plan, other than any income payable to a contingent. The participant may change any beneficiary from time to time. The participant's beneficiary designation and any change of benefic…

Notwithstanding any provision of the plan to the contrary limiting a distributee's election under this section, a distributee may elect at the time and in the manner prescribed by the system, to have any portion of an eligible rollover distribution paid directly to an eligible re…

The system shall pay all benefits in accordance with a good faith interpretation of the requirements in § 401(a)(9) of the Internal Revenue Code and the regulations in effect under that section, as applicable to a governmental plan within the meaning of § 414(d) of the Internal R…

If a member dies after the required distribution of benefits has begun, the remaining portion of the member's interest shall be distributed at least as rapidly as under the same method of distribution before the member's death. Source: SL 2021, ch 28 , § 21.

If a member dies before required distribution of the member's benefits has begun, the member's interest shall be distributed as follows: (1) If the member has a surviving spouse, the surviving spouse shall receive benefits over the life of the surviving spouse beginning as soon a…

The death and disability benefits provided by the system are limited by the incidental benefit rule set forth in § 401(a)(9)(G) of the Internal Revenue Code and Treasury Regulation § 1.401-1(b)(1)(i). As a result, the total death or disability benefits payable may not exceed twen…

Notwithstanding the other provisions of §§ 3-13C-13 to 3-13C-13 .3, inclusive, or the provisions of United States Treasury regulations, benefit options may continue so long as the option satisfies § 401(a)(9) of the Internal Revenue Code based on a reasonable and good faith inter…

If the present value of the participant's vested accrued benefit does not exceed five thousand dollars, and the participant has not started retirement benefits with respect to any portion of the vested accrued benefit, the present value of the participant's entire vested accrued …

An active participant's monthly accrued benefit as of any date, subject to the modifications below, will be equal to the product of (1) and (2) as follows: (1) An amount equal to two percent of average compensation; and (2) Credited service on such date. An active participant's m…

The amount of retirement benefits to be provided under the normal form for an active participant on the participant's retirement date is: (1) On the participant's normal retirement date, the amount is equal to the participant's accrued benefit on that date; (2) On the participant…

Annual benefits payable under the plan may not exceed the amount provided in 26 U.S.C. § 415 and are payable in accordance with §

If a participant dies before retirement benefits start, monthly payments shall be made to the surviving spouse or, if there is no surviving spouse, to the dependent child's principal support if the following provisions are met: (1) The participant is survived by a spouse to whom …

Any death benefit after a participant's retirement will be determined by the form of retirement benefit in effect on that date. If the participant has a dependent child on the date of death after retirement date, payments shall be made as follows: (1) For each dependent child of …

For purposes of this chapter, actuarial equivalent means equality in the value of the aggregate amount expected to be received for benefits payable at different times or under different forms of distributions. For purposes of determining the amount of a distribution other than an…

Any distribution of vested benefits shall be a retirement benefit and subject to §

The optional forms of retirement benefits are the following: (1) A straight life annuity; (2) A single life annuity with a certain period of ten, fifteen, or twenty years; (3) A single life annuity with modified cash refund of the participant’s required contribution account; (4) …

The optional forms of death benefit are any of the optional forms of retirement benefit stated in § 3-13C-21 that are not survivorship life annuities. The election of an optional form is subject to the provisions of §§ 3-13C-13 and 3-13C-23. Source: SL 2020, ch 13 , § 29.

The participant, beneficiary, or spouse shall make any election in writing. The system may require the person to complete and sign any necessary documents as to the provisions made. A participant may elect a beneficiary or contingent participant and may elect to have retirement b…

For the purposes of this chapter, compensation means an employee's fixed rate of pay from the employer. Compensation includes differential wage payments. Except as provided in this section, compensation for a specified period is the compensation actually paid or made available du…

For the purposes of this chapter, credited past service is the total of an employee's service before August 1, 1961. This total is expressed in whole years and fractional parts of a year including a complete month as a fractional part of a year. This service is credited only to a…

For purposes of this chapter, credited service is the sum of credited past service before August 1, 1961 and the total of the employee's continuous service with the employer on and after August 1, 1961, expressed in whole years and fractional parts of a year including a complete …

For purposes of this chapter, an eligible retirement plan is an eligible plan under 26 U.S.C. § 457(b) maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and that agrees to separately account fo…

For purposes of this chapter, an eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except an eligible rollover distribution does not include: (1) Any distribution of a series of substantially equal periodic p…

For purposes of this chapter, normal retirement date is the earliest first day of the month on or after the earliest of the date the employee: (1) Attains age sixty-five; (2) Attains age sixty-two and has completed ten years of credited service; (3) Attains age sixty and has comp…

Any information contained in any record pertaining to a member governed by this chapter is confidential and shall be used for the sole purpose of carrying into effect the provisions of this chapter. Any record containing the information is not open to inspection by any person or …