reglab/statecodes huggingface dataset:
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:03 - Waiver of privilege

Current through Register Vol. 51, page 10, July 15, 2024
A filing of a notice of appeal of an executive director's decision by a member for a hearing to be conducted by a hearing examiner shall be, for the purpose of the hearing and any subsequent appeal, a waiver by the member of any privilege against disclosure of information contained in the files of the system relevant to the subject matter of the hearing.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-213,  3-12C-215.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:04 - Authorized agents

Current through Register Vol. 51, page 10, July 15, 2024
Each participating unit may appoint persons to serve as authorized agents. Each person so appointed shall be an employee of the participating unit. An authorized agent shall be the agent of the participating unit and shall provide liaison between the participating unit and the system.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-403,  3-12C-405.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:05 - Procedure for filling a vacancy on the board

Current through Register Vol. 51, page 10, July 15, 2024
The executive director shall be notified of a vacancy on the board by the vacating board member, by the member's participating unit's governing body, by the member's employer, or by any other board member. Upon the executive director's receipt of notice, the procedure to fill the vacancy shall be as follows:
(1) The executive director shall notify all members of the board of the vacancy;
(2) If circumstances permit, the executive director shall ask the incumbent to recommend a replacement to serve in the incumbent's stead;
(3) If the vacancy is for a trustee to serve on behalf of an employer represented group, the executive director shall notify the governing body of each participating unit affected by the vacancy of the vacancy and request the governing body's input in seeking a qualified candidate. The executive director shall solicit resumes of qualified persons from governing bodies and interested persons. The resumes shall be submitted to the executive director. If a state-wide association exists that is made up of members of the employer represented group, the executive director shall notify the association of the vacancy and request the association's input in seeking a qualified candidate. If the vacancy is for a trustee to serve on behalf of an employee represented group, the executive director shall notify all authorized agents for the group affected by the vacancy of the vacancy and request that all employees affected by the vacancy be advised of the vacancy. Any interested member of the represented group may submit his or her resume to the executive director. If a state-wide association exists that is made up of members of the employee represented group, the executive director shall notify the association of the vacancy and request the association's input in seeking a qualified candidate;
(4) The executive director shall provide to each board member a copy of each resume received; and
(5) At the next board meeting following a sufficient period of time to receive resumes, the board, by secret ballot, shall select a trustee from among those persons who submitted resumes.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-205.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:06 - Beneficiary designated by qualified domestic relations order

Current through Register Vol. 51, page 10, July 15, 2024
If a qualified domestic relations order provides that a member's former spouse shall be treated as a beneficiary for any payment pursuant to SDCL  3-12C-409. the provision shall supersede any contrary beneficiary designation by the member. In any such instance, the provision of the qualified domestic relations order and the member's beneficiary designation shall be administered in a manner to give full effect to the order and both proportional and equitable effect to the member's designation of any beneficiary by the member.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-216,  3-12C-409.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:07 - Prospective nature of qualified domestic relations orders

Current through Register Vol. 51, page 10, July 15, 2024
The provisions of a qualified domestic relations order shall be prospective from the date of the order. Any division of benefits paid prior to the date of the order, service of the order upon the system, or qualification of the order by the system, whichever is later, shall be the responsibility of the parties to the order. However, the executive director may agree to adjust future payments to remedy an error in prior payments if the error in prior payments involved the system.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-216.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:09 - Lump-sum payments subsequent to annuity payments

Current through Register Vol. 51, page 10, July 15, 2024
No member may withdraw accumulated contributions pursuant to SDCL  3-12C-602 if more than one annuity payment has been made to the member pursuant to SDCL  3-12C-601,  3-12C-805,  3-12C-808,  3-12C-1106,  3-12C-1107, or  3-12C-1108.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-602.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:09.01 - Opportunity to rescind election of annuity payment option - Overpayments

Current through Register Vol. 51, page 10, July 15, 2024
No member may elect to change normal payment of the member's retirement annuity in favor of adjusted payments pursuant to SDCL  3-12C-1112, or the opposite, if more than one monthly retirement annuity payment has been made to the member. If a member who has received one adjusted payment pursuant to SDCL  3-12C-1112 elects to change to the normal method of payment, the system shall deduct in lump-sum the amount of the resulting overpayment from the member's next monthly annuity payment. A deduction may be one hundred percent of the member's normal benefit, if necessary, and may extend to subsequent benefit payments, if necessary, to eliminate the overpayment in the shortest time possible.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-1106,  3-12C-1107,  3-12C-1108,  3-12C-1112.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:09.02 - Rollover of lump-sum distribution by inactive member

Current through Register Vol. 51, page 10, July 15, 2024
A member who elects to withdraw the member's accumulated contributions pursuant to SDCL  3-12C-602 may transfer a portion or all of the member's account by rollover to another plan which is eligible under § 401, 403(b), 408, 408 A, or 457(b) of the Internal Revenue Code.
General Authority:
SDCL  3-12C-603.
Law Implemented:
SDCL  3-12C-603.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:10 - Rollover of beneficiary payment by surviving spouse or other beneficiary

Current through Register Vol. 51, page 10, July 15, 2024
A member's surviving spouse may transfer a portion or all of the member's account by rollover to another plan which is eligible under §§ 401, 403(b), 408, 408 A, or 457(b) of the Internal Revenue Code. A member's beneficiary who is not the member's surviving spouse may transfer a portion or all of the member's account by rollover to a plan which is eligible under § 408 or 408 A of the Internal Revenue Code.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-409,  3-12C-410,  3-12C-603.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:12 - Member repayment of overpayments - Options - Interest - Delayed repayment - Failure to select an option - Required notice and presumption

Current through Register Vol. 51, page 10, July 15, 2024
Any member required to repay an overpayment of benefits may choose one of the following repayment methods:
(1) Immediate repayment in a lump-sum from other funds;
(2) Repayment by monthly installments over a period not to exceed three years, including interest at the system's assumed rate of return;
(3) Repayment by monthly benefit reductions over a period not to exceed three years, including interest at the system's assumed rate of return; or
(4) Repayment by an actuarial equivalent reduction in monthly benefits as follows:
(a) If the member is a foundation member and does not have a spouse, the reduction shall continue for the member's lifetime. If the member is a foundation member with a potential surviving spouse benefit payable, the reduction shall reduce both the member's monthly benefits and the surviving spouse's monthly benefits and shall continue for both the member's and the surviving spouse's lifetimes; or
(b) If the member is a generational member and elected a single life benefit, the reduction shall continue for the member's lifetime. If the member is a generational member with a joint and survivor benefit payable, the reduction shall reduce both the member's monthly benefits and the surviving spouse's monthly benefits and shall continue for both the member's and the surviving spouse's lifetimes.
If a member required to repay an overpayment does not choose a repayment option within two months after being given notice of the overpayment, the member is deemed to have chosen to make repayment by an actuarial equivalent reduction in monthly benefits. If repayment is pursuant to an actuarial equivalent reduction by either the member's choice or the member's failure to choose a repayment option, system staff shall inform the member that the reduction is unlikely to result in repayment of the exact amount of the overpayment, plus interest if appropriate, and the member is presumed to so understand.
If repayment is delayed for more than three months, interest on the overpayment amount shall accrue during the period of delay at the system's assumed rate of return. If any overpayment is due to a system error, the executive director may absolve any interest accrual.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:12.01 - Repayment of overpayments by person other than member Options - Interest - Delayed repayment - Failure to select an option - Required notice and presumption

Current through Register Vol. 51, page 10, July 15, 2024
Any person other than a member who is required to repay an overpayment of benefits may choose one of the following repayment methods:
(1) Immediate repayment in a lump-sum from other funds;
(2) Repayment by monthly installments over a period not to exceed three years, including interest at the system's assumed rate of return;
(3) Repayment by monthly benefit reductions over a period not to exceed three years, including interest at the system's assumed rate of return; or
(4) Repayment by an actuarial equivalent reduction in monthly benefits that shall continue as long as the benefit is paid.
If the person required to repay an overpayment is receiving a benefit from the system and does not choose a repayment option within two months after being given notice of the overpayment, the person is deemed to have chosen to make repayment by an actuarial equivalent reduction in monthly benefits. If repayment is pursuant to an actuarial equivalent reduction by either the person's choice or the person's failure to choose a repayment option, system staff shall inform the person that the reduction is unlikely to result in repayment of the exact amount of the overpayment plus interest if appropriate, and the person is presumed to so understand.
If repayment is delayed for more than three months, interest on the overpayment amount shall accrue during the period of delay at the system's assumed rate of return. If any overpayment is due to a system error, the executive director may absolve any interest accrual.
General Authority:
SDCL  3-12C-211,  3-12C-214.
Law Implemented:
SDCL  3-12C-214.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:07 - Administration › Section 62:01:07:13 - Administration of additional survivor protection contributions and coverage

Current through Register Vol. 51, page 10, July 15, 2024
A member enrolled in the additional survivor protection program pursuant to SDCL  3-12C-1001 before July 1, 2010, may maintain that coverage so long as there is no break in the member's contributions or employment. Any of the following constitutes a break in a member's contributions or employment:
(1) Voluntary or involuntary discontinuance of contributions;
(2) Required discontinuance pursuant to SDCL  3-12C-1001;
(3) Termination of covered employment, even if the member returns to covered employment with the same employer or a different employer;
(4) Leave of absence, except for military leave of absence; or
(5) A break in service due to a series of two or more contracts for specified months of service.
A military leave of absence is not a break in contributions or employment. A transfer within an employer unit or from one employer to another without a termination is not a break in contributions or employment.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-1001.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:08 - Benefit limits › Section 62:01:08:01 - Maximum annual benefit

Current through Register Vol. 51, page 10, July 15, 2024
Annual benefits payable to a member may not exceed the amount provided in § 415(b) of the Internal Revenue Code, as indexed pursuant to § 415(d)(1) of the Internal Revenue Code.
General Authority:
SDCL  3-12C-711.
Law Implemented:
SDCL  3-12C-711.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:08 - Benefit limits › Section 62:01:08:03 - Applicability of limits

Current through Register Vol. 51, page 10, July 15, 2024
If a member has been credited with less than 10 years of credited service, the maximum annual retirement benefit shall be reduced by multiplying the maximum annual pension by a fraction, the numerator of which is the number of the member's years of credited service and the denominator of which is 10.
The limits in §
									62:01:08:01  apply to a straight life annuity with no ancillary benefits and to an annuity that constitutes a qualified joint and survivor annuity, provided payment begins between ages 62 and 65.The limits, however, do not apply to any portion of a benefit resulting from required member contributions made on an after-tax basis. If payment begins before age 62, the limits shall be reduced so that they are actuarially equivalent to such a benefit beginning at age 62. For police or fire fighters who are members of the system, the limit may not be reduced for retirement before age 62, regardless of retirement age, provided that the member has completed at least 15 years of credited service. If a member's benefit is limited by the maximum annual retirement benefit, the member may be eligible for a benefit as determined by SDCL  3-12C-1805. The interest assumption for purposes of determining actuarial equivalency under this section is 5 percent annually and the mortality assumption is the IRS applicable mortality table.
General Authority:
SDCL  3-12C-711.
Law Implemented:
SDCL  3-12C-711.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:09 - Supplemental pension benefit › Section 62:01:09:01 - Definition of participant

Current through Register Vol. 51, page 10, July 15, 2024
For purposes of this chapter, the term, participant, has the same meaning as the term, supplemental pension participant, as defined in SDCL 2-12C-101.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL 2-12C-101.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:09 - Supplemental pension benefit › Section 62:01:09:02 - System may pay a single monthly payment

Current through Register Vol. 51, page 10, July 15, 2024
The system may pay the participant's monthly supplemental pension benefit and the participant's monthly retirement benefit in a single payment. However, for all other purposes, each shall be regarded as a separate benefit, including provision of a separate Internal Revenue Service Form 1009-R for each by the system.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-1503.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:09 - Supplemental pension benefit › Section 62:01:09:03 - Proof of participant's marital status

Current through Register Vol. 51, page 10, July 15, 2024
A participant who is married at the time that the participant contracts for a supplemental pension benefit shall provide a copy of the participant's marriage license to the system.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-1504.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:09 - Supplemental pension benefit › Section 62:01:09:04 - Increase in supplemental pension spouse's benefit

Current through Register Vol. 51, page 10, July 15, 2024
A supplemental pension spouse's benefit shall receive an annual increase in the same manner as does a participant's benefit.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-1504,  3-12C-1505.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:09 - Supplemental pension benefit › Section 62:01:09:05 - No increase in value of single premium

Current through Register Vol. 51, page 10, July 15, 2024
For purposes of calculating any beneficiary payment, a participant's single premium does not increase in value during the period of the supplemental pension contract.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-101,  3-12C-1506.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:09 - Supplemental pension benefit › Section 62:01:09:06 - Participant's status as a retiree

Current through Register Vol. 51, page 10, July 15, 2024
For purposes of this chapter, a member of the system who has received payment of at least one monthly retirement benefit is a retiree, even if the member has returned to employment with a member unit, either with or without suspension of the retirement benefit.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-101,  3-12C-1503.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:09 - Supplemental pension benefit › Section 62:01:09:07 - Basis for monthly benefit

Current through Register Vol. 51, page 10, July 15, 2024
A participant's monthly benefit shall be based on the participant's single premium and the current interest rate assumption at the time of purchase, and shall take into account the participant's age, gender, and marital status at the time of purchase. A participant shall have no expectation or fundamental right to any particular monthly benefit amount on any other basis, including the amount of a monthly benefit being paid to another participant.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-1502. 3-12C-1504.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:01 - Retirement › Chapter 62:01:09 - Supplemental pension benefit › Section 62:01:09:08 - Distributions deemed reasonable and made in good faith under federal law

Current through Register Vol. 51, page 10, July 15, 2024
Pursuant to Internal Revenue Service Treasury Regulation 1.401(a)(9)-1, any supplemental pension benefit calculation or payment is deemed to be reasonable and made in good faith under § 401(a)(9) of the Internal Revenue Code.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-1501,  3-12C-1507,  3-12C-1508.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:01 - Definitions › Section 62:03:01:02 - Designated Roth contributions treated as deferrals

Current through Register Vol. 51, page 10, July 15, 2024
Unless specifically stated otherwise, designated Roth contributions shall be treated as deferred compensation for all purposes under the plan.
General Authority:
SDCL  3-13-57.
Law Implemented:
SDCL  3-13-57.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:01 - Participation by political subdivisions

Current through Register Vol. 51, page 10, July 15, 2024
Any political subdivision which participates in the South Dakota retirement system provided in SDCL 3-12C or which participates in a previously established retirement plan pursuant to SDCL  3-12C-304 is a participating employer in the plan.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-49.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:02 - Participation by employees

Current through Register Vol. 51, page 10, July 15, 2024
Any employee receiving compensation from a participating employer may elect to participate in the plan.
General Authority:
SDCL  3-13-49,  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:03 - Enrollment of participants

Current through Register Vol. 51, page 10, July 15, 2024
An eligible employee may become a participant by signing a participation agreement. Participation becomes effective on the first day of the month following the date on which the participation agreement is signed. If a new employee signs and files a participation agreement on the employee's date of hire, that agreement may become effective immediately. The plan may not accept any deferrals unless a signed participation agreement is on file in the office of the administrator or the third-party administrator.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-49.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:04 - Participation agreement

Current through Register Vol. 51, page 10, July 15, 2024
The administrator shall establish a form of participation agreement which includes the name, address, social security number, and birthdate of the participant and the participant's beneficiary; the name and address of the participant's employer; the participant's selection of investment alternatives; and any other information necessary for the administration of the plan.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-50.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:05 - Modification of enrollment

Current through Register Vol. 51, page 10, July 15, 2024
Subject to the limitations contained in this article, a participant may modify the terms of the participant's participation at any time.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-49.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:05.01 - Employer contributions - System contributions - Vesting

Current through Register Vol. 51, page 10, July 15, 2024
A participating employer or the system may make contributions to a participant's account on behalf of the participant, except during an automatic enrollee's 90-day opt-out period as outlined in §
									62:03:07:03. Any employer contributions shall be pursuant to a written agreement as outlined in SDCL  3-13-49.1. The agreement may require contributions by a participant in order to qualify for employer contributions and may establish employer contribution rates that partially or fully match the participant's contributions. The board shall establish any system contributions. The board may require contributions by a participant in order to qualify for system contributions and may establish system contribution rates that partially or fully match the participant's contributions. Any employer contributions or system contributions shall vest immediately with the participant.
General Authority:
SDCL 3-13-45.
Law Implemented:
SDCL  3-13-56.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:06 - Revocation of enrollment

Current through Register Vol. 51, page 10, July 15, 2024
A participant may cease making deferrals at any time.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-49.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:07 - Designation of beneficiary - Distribution of benefits

Current through Register Vol. 51, page 10, July 15, 2024
A participant may designate a beneficiary to receive the participant's benefits under the plan in case of the death of the participant. If the beneficiary does not survive the participant or if no beneficiary is designated, 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.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:08 - Deferred compensation plans only as supplemental retirement plans

Current through Register Vol. 51, page 10, July 15, 2024
No political subdivision may maintain as its principal retirement plan a deferred compensation plan unless the deferred compensation plan was established prior to 1974. Any deferred compensation plan established pursuant to SDCL chapter 3-13 may only be supplemental or secondary to the political subdivision's primary plan.
General Authority:
SDCL  3-12C-211.
Law Implemented:
SDCL  3-12C-304,  3-12C-305,  3-13-49.1.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:02 - Participation in plan › Section 62:03:02:09 - Participation restrictions on or after an unforeseeable emergency distribution

Current through Register Vol. 51, page 10, July 15, 2024
If a participant receives approval of an unforeseeable emergency distribution pursuant to §
									62:03:05:06, the participant shall cease deferrals to the plan before the distribution may be completed. The participant may not resume deferrals to the plan for six months after the distribution.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:03 - Amounts of deferrals › Section 62:03:03:01 - Minimum deferral

Current through Register Vol. 51, page 10, July 15, 2024
A participant may not defer less than $25 a month.
General Authority:
SDCL  3-13-49,  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:03 - Amounts of deferrals › Section 62:03:03:02 - Maximum deferral

Current through Register Vol. 51, page 10, July 15, 2024
Except as provided in §
									62:03:03:03, a participant may not defer more in any plan year than the lesser of the applicable dollar amount associated with a particular year pursuant to § 457(e)(15)(A) of the code, as indexed after 2006 pursuant to § 457(e)(15)(B) of the code, or one hundred percent of the participant's includible compensation.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:03 - Amounts of deferrals › Section 62:03:03:02.01 - Roth contributions allowed - Roth and other deferrals permitted in same year - Limits

Current through Register Vol. 51, page 10, July 15, 2024
A participant may designate that all or a portion of the participant's deferred compensation be treated as designated Roth contributions. A participant may defer both designated Roth contributions and pre-tax contributions in the same year. However, total deferrals may not exceed the annual deferral limit provided in §
									62:03:03:02.
General Authority:
SDCL  3-13-57.
Law Implemented:
SDCL  3-13-57.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:03 - Amounts of deferrals › Section 62:03:03:03 - Catch up

Current through Register Vol. 51, page 10, July 15, 2024
Effective for each of the three calendar years immediately preceding a participant's normal retirement date, a participant may defer twice the dollar amount specified in §
									62:03:03:02.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:03 - Amounts of deferrals › Section 62:03:03:03.01 - Alternative catch up

Current through Register Vol. 51, page 10, July 15, 2024
Effective for any year that a participant is age 50 years or older, the participant may make an additional elective deferral equal to the applicable dollar amount associated with a particular year pursuant to § 414(v)(2)(B) of the code, as indexed after December 31, 2006, pursuant to § 414(v)(2)(C) of the code, in addition to the participant's maximum deferral under §
									62:03:03:02.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:03 - Amounts of deferrals › Section 62:03:03:03.02 - Mandated choice between catch up provisions

Current through Register Vol. 51, page 10, July 15, 2024
A participant may not exercise both the provisions of §
									62:03:03:03  and the provisions of §
									62:03:03:03.01 in the same year.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:04 - Participants' accounts and investments › Section 62:03:04:02 - Ownership of deferrals and investments - Assets held in trust - Time limit on transfers

Current through Register Vol. 51, page 10, July 15, 2024
A participant does not have actual ownership of deferrals and investments but has a contractual right to receive benefits under the plan. In accordance with § 457(g) of the code, all amounts of compensation deferred under the plan, all property and rights purchased with such amounts, and all income attributable to such amounts shall be held in trust for the exclusive benefit of the participant until paid or made available to the participant or the participant's beneficiary pursuant to the plan. Any trust under the plan shall be established pursuant to a written agreement that constitutes a valid trust under the law of South Dakota.
All amounts of compensation deferred under the plan shall be transferred to a trust established under the plan within a period that is not longer than is reasonable for the proper administration of the accounts of participants. To comply with this requirement, all amounts of compensation deferred under the plan shall be transferred to a trust established under the plan not later than 15 business days after the end of the month in which the compensation would otherwise have been paid to the employee.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-53,  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:04 - Participants' accounts and investments › Section 62:03:04:03 - Election of investments by participants

Current through Register Vol. 51, page 10, July 15, 2024
Each participant may elect to have deferrals invested in one or more of the investment alternatives selected by the state investment officer. A participant may change the election for future deferrals at any time.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:04 - Participants' accounts and investments › Section 62:03:04:04 - Transfer of funds

Current through Register Vol. 51, page 10, July 15, 2024
Subject to any limitations imposed by a vendor or by 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, provided notice is given to the third-party administrator. Any costs associated with such a transfer shall be borne by the participant and shall be deducted from the account.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-53,  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:04 - Participants' accounts and investments › Section 62:03:04:05 - Establishment of accounts

Current through Register Vol. 51, page 10, July 15, 2024
An account shall be established for each participant's pre-tax contributions. A separate account shall be established for each participant's designated Roth contributions. The accounts shall be the basis for any distribution to the participant or to the participant's beneficiary, surviving spouse, surviving children, or estate pursuant to §
									62:03:02:07.
General Authority:
SDCL  3-13-54,  3-13-57.
Law Implemented:
SDCL  3-13-53,  3-13-54,  3-13-57.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:04 - Participants' accounts and investments › Section 62:03:04:05.01 - Additional recordkeeping requirements - Designated Roth accounts

Current through Register Vol. 51, page 10, July 15, 2024
No contributions other than designated Roth contributions and properly attributable investment return may be credited to a participant's designated Roth account. The plan shall maintain separate recordkeeping for each designated Roth account and shall record the year in which the participant first made a designated Roth contribution.
General Authority:
SDCL  3-13-57.
Law Implemented:
SDCL  3-13-57.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:04 - Participants' accounts and investments › Section 62:03:04:06 - Allocation of investment return - Accounting date

Current through Register Vol. 51, page 10, July 15, 2024
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.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-53,  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:04 - Participants' accounts and investments › Section 62:03:04:07 - Accounting dates and valuation

Current through Register Vol. 51, page 10, July 15, 2024
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.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-53,  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:04 - Participants' accounts and investments › Section 62:03:04:08 - Participant statements

Current through Register Vol. 51, page 10, July 15, 2024
Each participant shall be provided with a statement of the participant's account by no later than 45 days after the close of each plan quarter.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-53,  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:05 - Distributions › Section 62:03:05:01 - Conditions for distribution

Current through Register Vol. 51, page 10, July 15, 2024
Deferrals may only be distributed if one of the following conditions has occurred;
(1) Severance from employment with a participating employer;
(2) Death of the participant;
(3) An unforeseeable emergency as set out in §
									62:03:05:06;
(4) Requirements are satisfied for an in-service distribution as set out in §
									62:03:05:07; or
(5) A participant is called to perform qualified military service for a period in excess of 30 days.
General Authority:
SDCL  3-13-49,  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:05 - Distributions › Section 62:03:05:02 - Selection of normal retirement date - Amendment

Current through Register Vol. 51, page 10, July 15, 2024
A participant may select a normal retirement date. The normal retirement date may not be earlier than the date on which the participant severs the participant's employment. If a participant does not make a selection, the participant's normal retirement date is as defined in SDCL chapter 3-12 C.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:05 - Distributions › Section 62:03:05:03 - Severance from employment

Current through Register Vol. 51, page 10, July 15, 2024
If a participant returns to employment or enters into a contract with a participating employer within 30 days after a severance from employment, no severance from employment occurs for the purposes of the plan. If a participant provided contractual services to a participating employer, severance from employment occurs at the expiration of all contracts with a participating employer without expectation of any future employment or contractual relationship with any participating employer.
General Authority:
SDCL  3-13-49,  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:05 - Distributions › Section 62:03:05:04 - Beginning of distribution

Current through Register Vol. 51, page 10, July 15, 2024
Distribution of deferrals to a participant shall begin no earlier than 30 days following the participant's severance from employment with a participating employer. Any irrevocable election of a benefit commencement date made by a participant or a beneficiary prior to January 1, 2002, and any defaulted distribution other than a defaulted distribution to an annuity option are revocable as of January 1, 2002. No distribution to an independent contractor of a participating employer may begin until one year after the date on which all contracts with any participating employer have expired. Notwithstanding the foregoing, distributions of deferrals must be made in accordance with SDCL  3-13-58 to  3-13-63, inclusive.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:05 - Distributions › Section 62:03:05:05 - Form of distribution - Period of distribution

Current through Register Vol. 51, page 10, July 15, 2024
A 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 third-party administrator.
The election must be made prior to the time any amounts become payable. A participant or a beneficiary who has chosen a payment form other than an annuity shall have the ability to change that payment option, subject to any administrative restrictions and charges established by the board.
If the distribution begins prior to the participant's death, the entire interest shall be distributed over the life expectancy of the participant or the life expectancies of the participant and a designated beneficiary. Any amount not distributed during the participant's life must be distributed after the participant's death at least as rapidly as under the distribution method being used on the date of the participant's death. If the distribution begins after the participant's death, the entire amount payable to the participant must be paid during a period of no more than five years, unless the distribution commences within one year and the participant's spouse is the named beneficiary, then during the life expectancy of the surviving spouse.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:05 - Distributions › Section 62:03:05:05.01 - Distribution directed by participant

Current through Register Vol. 51, page 10, July 15, 2024
A participant may direct from which contributions a withdrawal, including a withdrawal on account of an unforeseeable emergency, shall be made. The participant may direct that the withdrawal be taken from either pre-tax contributions or designated Roth contributions, or from both pre-tax contributions and designated Roth contributions.
General Authority:
SDCL  3-13-57.
Law Implemented:
SDCL  3-13-57.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:05 - Distributions › Section 62:03:05:06 - Unforeseeable emergency

Current through Register Vol. 51, page 10, July 15, 2024
If a participant suffers an unforeseeable emergency, the participant may request an immediate distribution of all or part of the participant's deferrals. The request shall be made through a submission of an application to the third-party administrator. If the third-party administrator approves the request, the distribution shall be made to the extent necessary to satisfy the need, including payment of federal income tax withholding, if necessary. If the third-party administrator denies the request, the participant may appeal the denial by giving notice of intention to appeal within 30 days after the date of the written notice of denial. No distribution may be made to the extent that the unforeseeable emergency may be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the participant's assets to the extent that the liquidation does not cause severe financial hardship, or by discontinuation of deferrals under the plan. The need to send a participant's child to college, divorce proceedings, or the desire to purchase a home are not considered unforeseeable emergencies. Any amount that is distributed on account of an unforeseeable emergency is not an eligible rollover distribution and the participant may not elect to have any portion of the distribution paid directly to an eligible retirement plan.
The provisions of this section do not apply if a distribution may be made pursuant to §
									62:03:05:07.
General Authority:
SDCL  3-12C-711.
Law Implemented:
SDCL  3-12C-711.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:05 - Distributions › Section 62:03:05:07 - In-service distributions of small amounts - Calculation - Handling of certain involuntary distributions

Current through Register Vol. 51, page 10, July 15, 2024
Any other provision of this chapter notwithstanding, a participant may receive an in-service distribution from the plan, or the plan administrator may render an involuntary distribution to the participant, under the following conditions:
(1) The participant is inactive in the plan and has made no deferrals for at least two years prior to the distribution;
(2) The total distribution whether elective or involuntary or both does not exceed $5,000; and
(3) The participant previously has not received either an elective or an involuntary distribution under the plan.
If implementing subdivision (2) of this section, the value of a participant's nonforfeitable account balance shall be determined without regard to that portion of the account balance that is attributable to rollover contributions (and earning allocable thereto) within the meaning of §§ 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e) of the code.
If an involuntary distribution is in excess of $1,000 and if the participant does not elect to have the distribution transferred to an eligible retirement plan pursuant to § 401(a)(31) of the code or does not elect to receive the distribution directly, the distribution shall be transferred to an individual retirement plan of a designated trustee or issuer. The plan administrator shall notify the participant in writing that the distribution may be transferred to another individual retirement plan.
General Authority:
SDCL  3-13-54.
Law Implemented:
SDCL  3-13-54.
South Dakota Administrative Rules › Title 62 - South Dakota Retirement System › Article 62:03 - Deferred Compensation Plan › Chapter 62:03:05 - Distributions › Section 62:03:05:08 - Distributions deemed reasonable and made in good faith under federal law

Current through Register Vol. 51, page 10, July 15, 2024
Pursuant to Internal Revenue Service Treasury Regulation 1.401(a)(9)-1, any distribution under §§
									62:03:05:04  and 62:03:05:05  is deemed to be reasonable and made in good faith under § 401(a)(9) of the Internal Revenue Code.
General Authority:
SDCL  3-13-54
Law Implemented:
SDCL  3-13-54.