S.D. Admin. R. 62:03:07:03.01
Beginning in 2016 and each year thereafter, automatic escalation for an automatic enrollee means an additional ten dollars per month shall be deferred to the plan from the compensation of an automatic enrollee of an automatic enrollment unit that elected automatic escalation or became an automatic enrollment unit after June 30, 2015. If the enrollee has one or more investment alternatives or a Roth account, or any combination thereof, the additional dollars shall be prorated in the same manner as the enrollee's deferral before the escalation. However, no automatic escalation may occur for an automatic enrollee unless at least one year has passed from the enrollee's hire date on which the enrollee became an automatic enrollee. In addition, no automatic escalation may occur for an automatic enrollee who opts out of automatic escalation or has lowered his or her deferral to zero.
S.D. Admin. R. 62:03:07:03.01
General Authority: SDCL 3-13-54, 3-13-56.
Law Implemented: SDCL 3-13-56(10).