S.D. Admin. R. 62:03:06:07
Current through Register Vol. 51, page 67, December 16, 2024
If, due to an error, a participant defers more than the permissible amount, the third-party administrator may correct the error by returning the excess deferral to the participant. For any plan year in which a participant makes both pre-tax contributions and designated Roth contributions, any corrective distribution shall be taken first from the participant's designated Roth contributions, and then, if required, from the pre-tax contributions. However, a participant may elect a different method of distribution.
S.D. Admin. R. 62:03:06:07
General Authority: SDCL 3-13-54, 3-13-57.
Law Implemented: SDCL 3-13-54, 3-13-57.