S.D. Admin. R. 62:03:07:05
The deferred compensation of an automatic enrollee shall be deposited in a qualified default investment alternative selected by the state investment officer pursuant to SDCL 3-13-51.1 unless the automatic enrollee affirmatively selects another investment alternative within the plan. The state investment officer shall select a qualified default investment alternative for deferrals from automatic enrollees during the initial 90-day opt-out period and may select an alternative qualified default investment alternative for accumulated deferrals and subsequent deferrals from automatic enrollees who exceed the 90-day opt-out period but do not select another investment alternative. Neither the state investment officer, the system, the third-party administrator, nor the automatic enrollment unit may be held liable for any loss sustained by an automatic enrollee whose deferrals are either voluntarily or involuntarily invested in either qualified default investment alternative.
S.D. Admin. R. 62:03:07:05
General Authority: SDCL 3-13-54.
Law Implemented: SDCL 3-13-56.