S.D. Codified Laws § 3-13A-23.1

Current through the 2024 Legislative Session

Section 3-13A-23.1 - Required minimum distributions-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 § 414(d) of the Internal Revenue Code.

The participant'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 participant 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 participant retires and separates from service with the member's employer.

A participant 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 participant and alternate payee.

SDCL 3-13A-23.1

SL 2021, ch 28, §14; SL 2024, ch 21, §4.

Amended by S.L. 2024, ch. 21,s. 4, eff. 7/1/2024.

Added by S.L. 2021, ch. 28,s. 14, eff. 7/1/2021.