S.D. Admin. R. 62:03:02:07

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

Section 62:03:02:07 - Designation of beneficiary - Distribution of benefits

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.

S.D. Admin. R. 62:03:02:07

14 SDR 57, effective 10/18/1987; 24 SDR 160, effective 5/24/1998; 33 SDR 212, effective 6/4/2007.

General Authority: SDCL 3-13-54.

Law Implemented: SDCL 3-13-54.