S.D. Admin. R. 62:03:01:01

Current through Register Vol. 51, page 67, December 16, 2024

Section 62:03:01:01 - Definitions

In addition to the terms defined in SDCL 3-13-55, terms used in this article mean:

(1) "Account," the record for each participant reflecting the amount of the participant's deferrals, allocated investment gains and losses, 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) "Executive director," the executive director of the South Dakota Retirement System;

(4) "Automatic enrollee," a person who becomes an employee of an automatic enrollment unit;

(5) "Automatic enrollment unit," any unit of state or local government that participates in the system and whose leadership chooses to extend the automatic enrollment provisions of chapter 62:03:07 to the unit's employees;

(6) "Board," the Board of Trustees of the South Dakota Retirement System;

(7) "Compensation," total cash remuneration paid to an employee by a participating employer for personal services rendered to the participating employer;

(8) "Deferred compensation" or "deferrals," the portion of a participant's compensation deferred pursuant to this plan, including pre-tax contributions, designated Roth contributions, or both;

(9) "Dependent," a participant's qualifying child or a participant's qualifying relative, each as defined in § 152 of the Internal Revenue Code;

(10) "Designated Roth contributions," a participant's deferred compensation that is includable in the participant's gross income at the time deferred and has been irrevocably designated as Roth contributions by the participant in accordance with federal law;

(11) "Employee," a person providing services to the state or a political subdivision of the state for which compensation is paid by a participating employer, including employees of any agency, board, or commission of the state and its political subdivisions; members of the Legislature; members of any board or commission of the state and any of its political subdivisions; and persons furnishing services to the state or any political subdivision pursuant to a contract as independent contractors;

(12) "Includible compensation," the compensation remaining after subtracting any pre-tax contributions under the plan;

(13) "Normal retirement date," the date a participant retires pursuant to a participating employer's retirement plan without reduced benefits;

(14) "Participant," an employee of a participating employer who elects to participate in the plan;

(15) "Participating employer," the state of South Dakota, any of its agencies, boards, and commissions, and any political subdivision as identified in § 62:03:02:01;

(16) "Participation agreement," the written agreement between employer and employee under which compensation is deferred pursuant to this plan;

(17) "Pre-tax contributions," a participant's deferred compensation that is not includable in the participant's gross income at the time deferred;

(18) "Severance from employment," the complete severance of a participant's employment relationship with a participating employer as set out in § 457(d)(l)(A)(ii) of the code;

(18A) "System," the South Dakota Retirement System created in SDCL chapter 3-12 C;

(19) "Third-party administrator," a person who, pursuant to contract, handles administration of the plan on behalf of the board and the administrator;

(20) "Unforeseeable emergency," severe financial hardship to a participant resulting from an illness or accident of the participant, of a dependent of the participant, or of a designated beneficiary of the participant, funeral expenses of a dependent of the participant or of a designated beneficiary of the participant, severe loss of income that is completely beyond the control of the participant, loss of the participant's property due to casualty, imminent foreclosure or eviction from a participant's primary residence, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant; and

(21) "Vendor," a person or organization selected by the state investment officer to provide investment or insurance products to the plan.

S.D. Admin. R. 62:03:01:01

14 SDR 57, effective 10/18/1987; 15 SDR 100, effective 1/8/1989; 24 SDR 160, effective 5/24/1998; 28 SDR 111, effective 2/14/2002; 33 SDR 212, effective 6/4/2007; 35 SDR 82, effective 10/22/2008; 39 SDR 227, effective 7/1/2013; 41 SDR 219, effective 7/1/2015; SL 2016, ch 31, §88, effective 7/1/2016; 45 SDR 045, effective 10/8/2018; 45 SDR 142, effective 7/1/2019

General Authority: SDCL 3-13-54, 3-13-57.

Law Implemented: SDCL 3-13-49, 3-13-57.