S.D. Codified Laws § 3-12C-1901

Current through the 2024 Legislative Session

Section 3-12C-1901 - General rule

The system shall pay all benefits in accordance with a good faith interpretation of the requirements in § 401(a)(9) of the Internal Revenue Code and the regulations in effect under that section, as applicable to a governmental plan within the meaning of section 414(d) of the Internal Revenue Code.

The member's entire interest must be distributed, or begin to be distributed, by the required beginning date, which is April first of the calendar year following the later of:

(1) The calendar year in which the member reaches the applicable age, which is determined as follows:

(a) If the member was born before July 1, 1949, the applicable age is seventy and one-half;

(b) If the member attained age seventy-two before January 1, 2023, the applicable age is seventy-two;

(c) If the member attains age seventy-two after December 31, 2022, the applicable age is seventy-three; or

(d) Effective January 1, 2033, applicable age shall have the meaning set forth in § 401(a)(9)(C)(v) of the Internal Revenue Code; or

(2) The calendar year in which the member retires and separates from service with the member's employer.

A member or beneficiary eligible for benefits must apply for benefits in order to commence distribution of benefits. The system, pursuant to a qualified domestic relations order, may establish separate benefits for a member and alternate payee.

SDCL 3-12C-1901

SL 2021, ch 28, §2; SL 2024, ch 21, §2.

Amended by S.L. 2024, ch. 21,s. 2, eff. 7/1/2024.

Added by S.L. 2021, ch. 28,s. 2, eff. 7/1/2021.