reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-51.2 - Executive director and investment officer to execute necessary agreements.

3-13-51.2. Executive director and investment officer to execute necessary agreements.
The executive director shall execute any agreements necessary to carry out the provisions of this chapter, except agreements as are executed by the state investment officer pursuant to §3-13-51.1.
Source:
SL 2000, ch 27, §4; SL 2016, ch 31, §51.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-51.3 - Default designation of new investment selection upon termination of participant's contract.

3-13-51.3. Default designation of new investment selection upon termination of participant's contract.
If a contract with a vendor terminates and a participant fails to notify the third-party administrator of the participant's new investment selection before the contract terminates, the third-party administrator shall transfer that participant's account to the investment alternative designated by the state investment officer.
Source:
SL 2000, ch 27, §5.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-52 - Limitation of liability to participants.

3-13-52. Limitation of liability to participants.
Neither the plan nor any participating employer may have any liability to any participant for losses arising out of any decrease in the value of any investments held by the plan. The liability of the plan to any participant is limited to the value of the participant's account on the date the account is made available to the participant pursuant to the provisions of the plan. In no event may any member of the board, the executive director or any member of the executive director's staff have any liability for any action taken with respect to the plan unless such action be taken in bad faith.
Source:
SL 1987, ch 38, §4; SL 2016, ch 31, §52.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-53 - Deferred compensation fund.

3-13-53. Deferred compensation fund.
The South Dakota deferred compensation fund is hereby established. All compensation deferred pursuant to this chapter shall be deposited in the fund. Expenditures from the fund shall be paid on warrants drawn by the state auditor on vouchers approved by the executive director. All administrative expenses shall be budgeted and expended pursuant to chapters 4-7, 4-8, 4-8A, and 4-8B. In accord with §457(g) of the Internal Revenue Code, all money in the fund and all property and rights held by the fund, at all times until made available to a participant or the participant's beneficiary, shall be held in trust for the exclusive benefit of the participant. All compensation deferred pursuant to this chapter shall be transferred not later than fifteen business days after the end of the month in which the compensation otherwise would have been paid to the participant.
Source:
SL 1987, ch 38, §5; SL 1997, ch 32, §1; SL 2008, ch 20, §17; SL 2013, ch 20, §17; SL 2016, ch 31, §53.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-54 - Promulgation of rules--Limitation on availability of accumulated deferred compensation to participant--Exception.

3-13-54. Promulgation of rules--Limitation on availability of accumulated deferred compensation to participant--Exception.
The board may promulgate rules pursuant to chapter 1-26 concerning the time and amount of compensation which may be deferred, the persons who may participate in the plan, the conditions of participation, the time and manner in which accumulated deferrals may be made available to a participant or beneficiary, the establishment of administrative changes, and participation by political subdivisions. Except pursuant to the provisions of an automatic enrollment feature established under subdivision 3-13-56(4), in no event may the accumulated deferred compensation become available to the participant prior to thirty days following the participant's separation from employment with a participating employer unless the participant is faced with an unforeseeable emergency as determined by the board, unless an in-service distribution of a small amount of funds is made, or unless a distribution is made to a participant who has been called to perform qualified military service for a period in excess of thirty days. If a participant returns to service with a participating employer within thirty days following separation from service, the accumulated deferred compensation is not available to the participant.
Source:
SL 1987, ch 38, §6; SL 2009, ch 20, §4; SL 2011, ch 20, §4.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-55 - Definition of terms.

3-13-55. Definition of terms.
The definitions contained in §3-12C-101 apply to this chapter unless the context clearly otherwise requires. In addition the following terms mean:
(1)"Accumulated deferred compensation," compensation deferred by a participant in the plan, plus any investment return thereon;
(2)"Plan," the South Dakota deferred compensation plan created pursuant to this chapter; and
(3)"Plan year," a calendar year ending on December thirty-first.
Source:
SL 1987, ch 38, §7; SL 2012, ch 26, §14.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-56 - Automatic enrollment feature.

3-13-56. Automatic enrollment feature.
The board may establish an automatic enrollment feature within the plan by rules promulgated pursuant to chapter 1-26 and §3-13-54. Any automatic enrollment feature established by the board shall include:
(1)A provision that automatic enrollment shall apply to newly-employed members hired after a specified future date, any state employees not contributing to the deferred compensation plan as of June 30, 2019, and employees of any other automatic enrollment unit that elects automatic enrollment for its employees not contributing to the deferred compensation plan;
(2)A provision that automatic enrollment shall apply only to the employees of those participating units that choose the automatic enrollment feature for the unit's employees;
(3)A provision that automatic enrollment may not require more than an established maximum contribution per month per automatically-enrolled participant;
(4)A provision that a participant who is automatically enrolled shall have as long as ninety days after the start of employment to discontinue participation in the plan;
(5)A provision that an automatically-enrolled participant who discontinues participation in the plan within ninety days of enrollment shall receive a refund of the participant's account within thirty days after discontinuing participation;
(6)A provision that the state investment officer shall select a default investment fund to receive contributions by any automatically-enrolled participant who does not choose an investment alternative to receive the participant's contributions;
(7)A provision authorizing participating units and the system to make contributions to the plan for the benefit of participants;
(8)A provision that the plan shall adhere to notice requirements to automatically-enrolled participants in accord with Internal Revenue Service Rulings 98-30 and 2000-8;
(9)A provision that automatic enrollment does not require advance authorization by a participant, which is hereby deemed to be an exception to the provisions of any state law requiring employee authorization for a payroll deduction or any similar ordinance of a local participating unit; and
(10)A provision that the amount of compensation deferred by an automatically-enrolled participant shall automatically increase by a specified amount each year unless the participant elects not to participate in automatic escalation or elects to defer a different amount than specified.
If a participant discontinues participation pursuant to subdivision (4), that act is a permissive withdrawal pursuant to §414(w) of the Internal Revenue Code.
Source:
SL 2008, ch 25, §1; SL 2013, ch 20, §18; SL 2015, ch 29, §1; SL 2018, ch 34, §1; SL 2019, ch 23, §9.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-57 - Designated Roth contribution program.

3-13-57. Designated Roth contribution program.
The board may establish a designated Roth contribution program within the deferred compensation plan. For the purposes of this section, a designated Roth contribution is an elective salary deferral that is:
(1)Designated irrevocably by the participant at the time of the deferred election as a designated Roth contribution that is being made in lieu of all or a portion of the pre-tax elective deferrals the participant is otherwise eligible to make under the plan; and
(2)Treated by the employer as includable in the participant's income at the time the participant would have received that amount in compensation if the participant had not made a deferred election.
The board shall, pursuant to chapter 1-26, promulgate rules relating to distributions, conversions, transfers, rollovers, and limitations with regard to the designated Roth contribution program in accordance with federal law.
Source:
SL 2012, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-58 - Required minimum distributions--General rule.

3-13-58. Required minimum distributions--General rule.
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 Revenue Code.
The participant's entire interest shall be distributed, or begin to be distributed, by the required beginning date, which is April first of the calendar year following the later of:
(1)The calendar year in which the participant reaches age seventy-two, or age seventy and one-half if the participant attained age seventy and one-half before January 1, 2020; or
(2)The calendar year in which the participant retires.
A participant or beneficiary eligible for benefits shall apply for benefits in order to commence distribution of benefits. The system, pursuant to a qualified domestic relations order, may establish separate benefits for a participant and alternate payee.
Source:
SL 2021, ch 28, § 7.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-59 - Required minimum distributions--Participant's death after distributions begun.

3-13-59. Required minimum distributions--Participant's death after distributions begun.
If a participant dies after the required distribution of benefits has begun, the remaining portion of the participant's interest shall be distributed at least as rapidly as under the same method of distribution before the participant's death.
Source:
SL 2021, ch 28, § 8.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-60 - Required minimum distributions--Participant's death before distributions begun.

3-13-60. Required minimum distributions--Participant's death before distributions begun.
If a participant dies before required distribution of the participant's benefits has begun, the participant's interest shall be distributed as follows:
(1)If the participant has a surviving spouse, the surviving spouse shall receive benefits over the life of the surviving spouse beginning as soon as administratively possible and effective the month after the participant's death; or
(2)If the participant has no surviving spouse, the participant's remaining interest shall be distributed in a lump sum payment to the designated beneficiary within five years from the date of the participant's death.
Source:
SL 2021, ch 28, § 9.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-61 - Required minimum distributions--Reasonable and made in good faith.

3-13-61. Required minimum distributions--Reasonable and made in good faith.
Notwithstanding the provisions of §§ 3-13-58 to 3-13-60, 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 interpretation of that section.
Source:
SL 2021, ch 28, § 10.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13 - Deferred Compensation Plan For Public Employees › Section 3-13-63 - Required minimum distributions--Waiver of 2020.

3-13-63. Required minimum distributions--Waiver of 2020.
Notwithstanding any other provisions of chapter 3-13, the participant or beneficiary who would have been required to receive required minimum distributions (RMD) for 2020 (or paid in 2021 for the 2020 calendar year for a participant with a required beginning date of April 2, 2021) but for the enactment of Internal Revenue Code section 401(a)(9)(I) (2020 RMDs), and who would have satisfied that requirement by receiving distributions that are either (1) equal to the 2020 RMDs or (2) one or more payments in a series of substantially equal distributions (that include the 2020 RMDs) made at least annually and expected to last for the life (or life expectancy) of the participant, the joint lives (or joint life expectancy) of the participant and the participant's designated beneficiary, or for a period of at least ten years (extended 2020 RMDs) shall receive those distributions for 2020 unless the participant or beneficiary chooses not to receive the distributions. For purposes of the direct rollover provisions of the plan, 2020 RMDs and extended 2020 RMDs also shall be treated as eligible rollover distributions in 2020.
Source:
SL 2021, ch 28, § 12.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-1 - Special pay retirement program established.

3-13A-1. Special pay retirement program established.
There is hereby established the South Dakota special pay retirement program. It is the intent of the Legislature that the special pay retirement program shall become a qualified plan under §401(a) of the code and that the program shall be treated as a governmental plan under §414(d) of the code. It is the further intent of the Legislature that special pay transmitted to the fund is picked up by the participating unit and thus shall be designated as an employer contribution under §414(h)(2) of the code.
Source:
SL 2004, ch 43, §1; SDCL, §3-12-165; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-2 - Definitions.

3-13A-2. Definitions.
The definitions contained in chapter 3-12 apply to this chapter unless otherwise specified. In addition, the following 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)"Board," the South Dakota Retirement System Board of Trustees as established under §3-12C-203;
(4)"Executive director," the executive director of the South Dakota Retirement System as provided in §3-12C-209;
(5)"Fund," the South Dakota special pay fund established pursuant to §3-13A-3;
(6)"Normal retirement date," the date a participant may retire pursuant to the provisions of chapter 3-12C without reduced benefits;
(7)"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;
(8)"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;
(9)"Plan year," a calendar year ending on December thirty-first;
(10)"Program," the South Dakota Special Pay Retirement Program created pursuant to §§3-13A-1 to 3-13A-25, inclusive;
(11)"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;
(12)"Third-party administrator," a person who, pursuant to contract, handles administration of the program on behalf of the board and the executive director;
(13)"Vendor," a person or organization selected by the state investment officer to provide investment or insurance products to the program.
Source:
SL 2004, ch 43, §2; SDCL §3-12-166; SL 2005, ch 28, §1; SL 2006, ch 22, §1; SL 2008, ch 20, §18; SL 2013, ch 20, §19; SL 2013, ch 22, §§1, 2; SL 2016, ch 31, §54.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-3 - Special pay fund.

3-13A-3. Special pay fund.
The South Dakota special pay fund is hereby established. All compensation transmitted to the fund pursuant to §§3-13A-1 to 3-13A-25, inclusive, shall be deposited in the fund. Expenditures from the fund shall be paid on warrants drawn by the state auditor and supported by vouchers approved by the executive director. All administrative expenses shall be budgeted and expended pursuant to chapters 4-7, 4-8, 4-8A, and 4-8B. All money in the fund and all property and rights held by the fund shall be held in trust for the exclusive benefit of the participants at all times until made available to a participant or the participant's beneficiary. All benefits payable under this program shall be paid and provided for solely from the fund and a participating unit assumes no liability or responsibility therefor. Any trust under the program shall be established pursuant to a written agreement that constitutes a valid trust under the law of South Dakota.
Source:
SL 2004, ch 43, §3; SDCL §3-12-167; SL 2005, ch 28, §1; SL 2016, ch 31, §55.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-4 - Board controls program as fiduciary--Promulgation of rules.

3-13A-4. Board controls program as fiduciary--Promulgation of rules.
The program shall be under the authority of the board. The board shall be held to the standard of conduct of a fiduciary and shall carry out its functions solely in the interest of the participants and benefit recipients and for the exclusive purpose of providing benefits and defraying reasonable expenses incurred in performing such duties as required by law. The board may promulgate rules necessary to establish uniform procedures for the administration of the program and to insure uniformity of application of the provisions of §§3-13A-1 to 3-13A-25, inclusive. Rules may be promulgated in regard to membership, contributions and the collection thereof, fees for administration of the program, and procedures for application for benefits and payment of benefits. The rules shall be promulgated pursuant to chapter 1-26 and shall be in accordance with the provisions of §§3-13A-1 to 3-13A-25, inclusive.
Source:
SL 2004, ch 43, §4; SDCL, §3-12-168; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-5 - Transfer of special pay to fund upon termination of employment--Contribution limit.

3-13A-5. Transfer of special pay to fund upon termination of employment--Contribution limit.
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.
Source:
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.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-6 - Time for transfer of compensation to trust.

3-13A-6. Time for transfer of compensation to trust.
For the proper administration of the accounts of participants, all amounts of compensation subject to this chapter shall be transferred to the trust not later than fifteen business days after the end of the month in which the compensation otherwise would have been paid to the participant.
Source:
SL 2004, ch 43, §6; SDCL §3-12-170; SL 2005, ch 28, §1; SL 2008, ch 20, §19.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-7 - Participant account.

3-13A-7. Participant account.
An account shall be established for each participant. The account shall be the basis for any distribution to the participant or to the participant's beneficiary, surviving spouse, surviving children, or estate pursuant to §3-13A-15.
Source:
SL 2004, ch 43, §7; SDCL, §3-12-171; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-8 - Vesting of participant account--Forfeiture.

3-13A-8. Vesting of participant account--Forfeiture.
A participant's account is fully vested in the program at any time on or after the date the participant begins participation in the program. A participant's account is not subject to any forfeiture pursuant to the provisions of the program. A loss as described in §3-13A-25 is not considered to be a forfeiture.
Source:
SL 2005, ch 27, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-9 - Investment of funds.

3-13A-9. Investment of funds.
A plan participant may invest in any investment selected by the state investment officer, including annuity contracts. The state investment officer may enter into contracts for investment alternatives. The executive director or third-party administrator may transfer funds to, from, and among the respective investment alternatives as directed by the participant or as required if the investment alternative is no longer available.
Source:
SL 2004, ch 43, §8; SDCL §3-12-172; SL 2005, ch 28, §1; SL 2016, ch 31, §56.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-10 - Lump-sum distribution to participant.

3-13A-10. Lump-sum distribution to participant.
A participant who elects an immediate total lump-sum distribution from the program shall be guaranteed payment of the entire amount of the participant's special pay, plus any earnings, and less any mandatory income tax withholding and fees established by the board, within a period that is not longer than is reasonable from the date the participant's funds were received by the program on behalf of the participant.
Source:
SL 2004, ch 43, §9; SDCL, §3-12-173; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-11 - Investment alternatives--Transfer of account balances by participants.

3-13A-11. Investment alternatives--Transfer of account balances by participants.
Each participant may elect to have the participant's funds invested in one or more of the investment alternatives selected by the state investment officer pursuant to §3-13A-9. Subject to any limitations imposed by the executive director, a vendor, or a third-party administrator, a participant may elect to transfer any portion of the account balance from one offered investment alternative to another at any time, if notice is given to the executive director or the third-party administrator. Any costs associated with such a transfer shall be borne by the participant and shall be deducted from the participant's account. If, due to a payroll error, a participant's deferral is deposited in an investment alternative other than the one selected by the participant, the executive director or third-party administrator may correct the error by transferring the participant's deferral to the proper investment alternative, subject to any limitations which may be imposed by the vendor. No retroactive adjustment may be made.
Source:
SL 2004, ch 43, §10; SDCL §3-12-174; SL 2005, ch 28, §1; SL 2016, ch 31, §57.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-12 - Transfer of funds from terminated investment selection.

3-13A-12. Transfer of funds from terminated investment selection.
If a contract between the state investment officer and a vendor is terminated and a participant fails to notify the executive director or third-party administrator of the participant's new investment selection before the contract terminates, the executive director or third-party administrator shall transfer that participant's account to the investment alternative designated by the state investment officer.
Source:
SL 2004, ch 43, §11; SDCL §3-12-175; SL 2005, ch 28, §1; SL 2016, ch 31, §58.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-13 - Allocation of investment return among participant accounts--Accounting dates.

3-13A-13. Allocation of investment return among participant accounts--Accounting dates.
The total investment return on any offered investment shall be allocated to the account of each participant based on the proportion the participant's account bears to all other accounts which have been invested in the same investment alternative. Allocations shall be made on each accounting date. The last day of each calendar quarter is an accounting date. The board may provide additional accounting dates.
Source:
SL 2004, ch 43, §12; SDCL, §3-12-176; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-14 - Valuation of investment alternatives.

3-13A-14. Valuation of investment alternatives.
Each offered investment alternative shall be valued on each accounting date. The valuation shall be at market value. Any charges against the value shall be explicitly disclosed. Each participant shall be provided with a statement of the participant's account by no later than forty-five days after the close of each calendar quarter.
Source:
SL 2004, ch 43, §13; SDCL, §3-12-177; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-15 - Beneficiaries of participant's account.

3-13A-15. Beneficiaries of participant's account.
A participant may designate a beneficiary to receive the participant's benefits under the program in case of the death of the participant. If no beneficiary is designated or the beneficiary has predeceased the participant, the participant's benefits shall be paid as follows:
(1)To the participant's surviving spouse;
(2)If there is no surviving spouse, then to all surviving children of the participant, irrespective of age, on a share-alike basis; or
(3)If there is no surviving spouse and there are no surviving children, then to the participant's estate.
Source:
SL 2004, ch 43, §14; SDCL §3-12-178; SL 2005, ch 28, §1; SL 2012, ch 26, §15.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-16 - Payments and benefits under program not assignable or subject to creditors' actions.

3-13A-16. Payments and benefits under program not assignable or subject to creditors' actions.
Notwithstanding the provisions of §3-13A-15, no participant may assign or otherwise alienate any right to any payment or benefit under the program. The right of a participant to any payment or benefit is not subject to the rights of the participant's or any beneficiary's creditors, and is exempt from executions, attachment, prior assignment, or any other judicial relief or order for the benefit of creditors or other third persons, except as required under applicable law, including any qualified domestic relations order as defined in §414(p) of the Internal Revenue Code, or as is otherwise specifically provided in this chapter.
Source:
SL 2004, ch 43, §15; SDCL §3-12-179; SL 2005, ch 28, §1; SL 2008, ch 20, §20; SL 2013, ch 20, §20.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-17 - Powers and duties of executive director.

3-13A-17. Powers and duties of executive director.
The executive director shall administer the program and shall determine all questions arising under or in connection with the program. The executive director may hire additional employees as may be required and shall set the remuneration of the employees. In addition, the executive director, with the approval of the board, may contract with vendors for third-party administration of various duties under the program as the executive director sees fit. The executive director shall execute any agreements necessary to carry out the provisions of §§3-13A-1 to 3-13A-25, inclusive, except any agreements executed by the state investment officer pursuant to §3-13A-9.
Source:
SL 2004, ch 43, §16; SDCL §3-12-180; SL 2005, ch 28, §1; SL 2016, ch 31, §59.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-18 - Election by participating units of retirement system to participate in program--Rescission of participation.

3-13A-18. Election by participating units of retirement system to participate in program--Rescission of participation.
Any public employer that is a participating unit of the system established under chapter 3-12C may become a participating unit under this chapter at any time on or after July 1, 2004. The decision to become a participating unit shall be made by the elected official, the appointed official, or the governing body in charge of the unit. The unit shall become a participating unit as soon as notice of the decision has been delivered in writing to the system. A participating unit at a later date may choose to rescind such status and may do so by delivering written notice of the decision to the system. However, if such a rescission occurs, the rescission does not affect the status of any participant who was employed by that unit.
Source:
SL 2004, ch 43, §17; SDCL §3-12-181; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-19 - Trustee-to-trustee transfer of participant's account to government defined-benefit retirement plan.

3-13A-19. Trustee-to-trustee transfer of participant's account to government defined-benefit retirement plan.
For the purpose of acquiring credited service in a qualified governmental defined-benefit retirement plan as identified under §401(a) and defined in §414(d) of the code, a participant may transfer a portion or all of the participant's account in the program by trustee-to-trustee transfer to the government defined-benefit retirement plan.
Source:
SL 2004, ch 43, §18; SDCL, §3-12-182; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-20 - Rollover transfer of participant's account.

3-13A-20. Rollover transfer of participant's account.
The board shall establish by rule promulgated pursuant to chapter 1-26 the parameters under which a participant, a participant's surviving spouse, or a participant's beneficiary may transfer a portion or all of the participant's account by rollover to a plan which is an eligible plan under the code.
Source:
SL 2004, ch 43, §19; SDCL §3-12-183; SL 2005, ch 28, §1; SL 2009, ch 20, §5.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-21 - Rollover transfer of participant's account in another plan.

3-13A-21. Rollover transfer of participant's account in another plan.
To the extent permitted by law, a participant may transfer a portion or all of the participant's account in another plan which is eligible under §401(a), 403(b), 408, or 457 of the code into this program by rollover. The program shall account for such amounts separately.
Source:
SL 2004, ch 43, §20; SDCL, §3-12-184; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-22 - Distribution from participant's account--Forms of distribution--Time for election.

3-13A-22. Distribution from participant's account--Forms of distribution--Time for election.
A participant is entitled to receive a distribution from the participant's account upon written application to the executive director or third-party administrator. The participant may elect, on forms prescribed by the executive director or third-party administrator, the time distributions under the program are to commence by designating the month and year during which the first distribution is to be made. The participant may elect to receive the participant's distribution in any of the following forms:
(1)A lump sum;
(2)Equal monthly installments over a fixed period; or
(3)Any other form offered by the executive director or a third-party administrator.
The application and election shall be made prior to the time any amounts become payable. A participant or a beneficiary who has chosen a payment form may change that payment option, if no payment has yet been made, and subject to any administrative restrictions and charges established by the board.
Source:
SL 2004, ch 43, §21; SDCL §3-12-185; SL 2005, ch 28, §1; SL 2016, ch 31, §60.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-23 - Annuity distributions date.

3-13A-23. Annuity distributions date.
A participant who does not take a total lump-sum distribution, transfer funds by rollover pursuant to §3-13A-20, or transfer funds by trustee-to-trustee transfer pursuant to §3-13A-19 may begin annuity distributions by selecting a retirement date, as set out in §3-13A-22. If a participant does not make a selection, the participant's normal retirement date is as defined in subdivision 3-13A-2(6).
Source:
SL 2004, ch 43, §22; SDCL, §3-12-186; SL 2005, ch 28, §1; SL 2021, ch 28, § 13.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-23.1 - Required minimum distributions--General rule.

3-13A-23.1. Required minimum distributions--General rule.
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 Revenue Code.
The participant's entire interest shall be distributed, or begin to be distributed, by the required beginning date, which is April first of the calendar year following the later of:
(1)The calendar year in which the participant reaches age seventy-two, or age seventy and one-half if the participant attained age seventy and one-half before January 1, 2020; or
(2)The calendar year in which the participant retires.
A participant or beneficiary eligible for benefits must apply for benefits in order to commence distribution of benefits. The system, pursuant to a qualified domestic relations order, may establish separate benefits for a participant and alternate payee.
Source:
SL 2021, ch 28, § 14.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-23.2 - Required minimum distributions--Participant's death after distributions begun.

3-13A-23.2. Required minimum distributions--Participant's death after distributions begun.
If a participant dies after the required distribution of benefits has begun, the remaining portion of the participant's interest shall be distributed at least as rapidly as under the same method of distribution before the participant's death.
Source:
SL 2021, ch 28, § 15.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-23.3 - Required minimum distributions--Participant's death before distributions begun.

3-13A-23.3. Required minimum distributions--Participant's death before distributions begun.
If a participant dies before required distribution of the participant's benefits has begun, the participant’s interest shall be distributed as follows:
(1)If the participant has a surviving spouse, the surviving spouse shall receive benefits over the life of the surviving spouse beginning as soon as administratively possible and effective the month after the participant's death; or
(2)If the participant has no surviving spouse, the participant's remaining interest shall be distributed in a lump sum payment to the designated beneficiary within five years from the date of the participant's death.
Source:
SL 2021, ch 28, § 16.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-23.4 - Required minimum distributions--Reasonable and made in good faith.

3-13A-23.4. Required minimum distributions--Reasonable and made in good faith.
Notwithstanding the provisions of §§ 3-13A-23 to 3-13A-23.1, inclusive, or the provisions of the 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 interpretation of that section.
Source:
SL 2021, ch 28, § 17.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-23.6 - Required minimum distributions--Waiver of 2020.

3-13A-23.6. Required minimum distributions--Waiver of 2020.
Notwithstanding any other provisions of chapter 3-13A, the participant or beneficiary who would have been required to receive required minimum distributions (RMD) for 2020 (or paid in 2021 for the 2020 calendar year for a participant with a required beginning date of April 2, 2021) but for the enactment of Internal Revenue Code § 401(a)(9)(I) (2020 RMDs), and who would have satisfied that requirement by receiving distributions that are either (1) equal to the 2020 RMDs or (2) one or more payments in a series of substantially equal distributions (that include the 2020 RMDs) made at least annually and expected to last for the life (or life expectancy) of the participant, the joint lives (or joint life expectancy) of the participant and the participant's designated beneficiary, or for a period of at least ten years (extended 2020 RMDs) shall receive those distributions for 2020 unless the participant or beneficiary chooses not to receive the distributions. For purposes of the direct rollover provisions of the plan, 2020 RMDs and extended 2020 RMDs also shall be treated as eligible rollover distributions in 2020.
Source:
SL 2021, ch 28, § 19.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-24 - State investment officer to act as fiduciary--Certain persons prohibited from acting as third-party administrator or vendor.

3-13A-24. State investment officer to act as fiduciary--Certain persons prohibited from acting as third-party administrator or vendor.
The state investment officer shall be held to the standard of conduct of a fiduciary and shall carry out all functions solely in the interests of the participants and benefit recipients and for the exclusive purpose of providing benefits and defraying reasonable expenses incurred in performing such duties as required by law. No employee of a participating unit and no spouse or dependent of the employee may act as or represent a third-party administrator or a vendor in a matter concerning the program, except that the state investment officer and the state investment officer's employees may invest all or part of the fund pursuant to §3-13A-9.
Source:
SL 2004, ch 43, §23; SDCL, §3-12-187; SL 2005, ch 28, §1.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13A - South Dakota Special Pay Retirement Program › Section 3-13A-25 - Limitation of liability to participants.

3-13A-25. Limitation of liability to participants.
Neither the program nor any participating unit is liable to any participant for losses arising out of any decrease in the value of any investments held under the program. The liability of the program to any participant is limited to the value of the participant's account on the date the participant chooses to begin payment pursuant to the provisions of the program. In no event may any member of the board, the executive director, or any member of the executive director's staff have any liability for any action taken with respect to the program unless the action has been taken in bad faith.
Source:
SL 2004, ch 43, §24; SDCL §3-12-188; SL 2005, ch 28, §1; SL 2016, ch 31, §61.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13C - Department Of Labor And Regulation Employee Retirement › Section 3-13C-2 - Actuarial equivalent--Distribution expected--Determination of amount.

3-13C-2  .  Actuarial equivalent--Distribution expected--Determination of amount.
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 annual benefit nondecreasing for the life of the participant or, in the case of a preretirement survivor annuity, the life of the participant’s spouse; or that decreases during the life of the participant merely because of the death of the surviving contingent participant, but only if the reduction is to a level not below fifty percent of the annual benefit payable before the death of the surviving contingent participant, or because of the cessation or reduction of Social Security supplements or qualified disability payments, actuarial equivalent shall be determined on the basis of the interest on thirty-year United States Treasury securities for the look-back month for the stability period and the 1994 Group Annuity Reserve Mortality Table. The look-back month applicable to the stability period is the second calendar month preceding the first day of the stability period. The stability period is the successive period of one calendar month containing the annuity starting date for the distribution, and for which the interest rate remains constant.
For purposes of determining benefits not described in the preceding paragraph, actuarial equivalent for benefits shall be determined on the basis of seven and one-half percent interest and the 1983 Group Annuity Mortality Table as set forth in Revenue Ruling 95-6, 1995-1 C.B. 80.
Source:  SL 2020, ch 13, § 9.
2023 South Dakota Codified Laws › Title 3 - Public Officers and Employees › Chapter 13C - Department Of Labor And Regulation Employee Retirement › Section 3-13C-3 - Compensation determined.

3-13C-3  .  Compensation determined.
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 during that period. Compensation for a plan year also includes compensation paid by the later of two and one-half months after an employee's severance from employment with the employer maintaining the plan or the end of the plan year including the date of the employee's severance from employment with the employer, if the payment is regular compensation for services during the employee's regular working hours, or compensation for services outside the employee's regular working hours, commissions, bonuses, or other similar payments, and, absent a severance from employment, the payments would have been paid to the employee while the employee continued in employment with the employer.
Any payments not described in the preceding paragraph are not considered compensation if paid after severance from employment, even if paid by the later of two and one-half months after the date of severance from employment or the end of the plan year including the date of severance from employment.
Back pay, within the meaning of 26 C.F.R. §1.415(c)-2(g)(8), shall be treated as compensation for the plan year to which the back pay relates to the extent the back pay represents wages and compensation that otherwise would be included in this definition.
Compensation paid or made available during a specified period includes amounts that would otherwise be included in compensation, but for an election under 26 U.S.C. §125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b). Compensation includes employee contributions picked-up by a governmental entity and, pursuant to 26 U.S.C. §414(h)(2), treated as employer contributions.
The annual compensation of each participant taken into account in determining contributions and benefits for any determination period, which is the period over which compensation is determined, may not exceed the limits established in 26 U.S.C. §401(a)(17), as adjusted for cost-of-living increases in accordance with 26 U.S.C. §401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to any determination period beginning with or within that calendar year.
Source:  SL 2020, ch 13, § 10.