S.D. Admin. R. 62:03:05:04

Current through Register Vol. 51, page 51, October 21, 2024

Section 62:03:05:04 - Beginning of distribution

Distribution of deferrals to a participant shall begin no earlier than 30 days following the participant's severance from employment with a participating employer. Any irrevocable election of a benefit commencement date made by a participant or a beneficiary prior to January 1, 2002, and any defaulted distribution other than a defaulted distribution to an annuity option are revocable as of January 1, 2002. No distribution to an independent contractor of a participating employer may begin until one year after the date on which all contracts with any participating employer have expired. Notwithstanding the foregoing, distributions of deferrals must be made in accordance with SDCL 3-13-58 to 3-13-63, inclusive.

S.D. Admin. R. 62:03:05:04

14 SDR 57, effective 10/18/1987; 15 SDR 100, effective 1/8/1989; 24 SDR 160, effective 5/24/1998; 28 SDR 111, effective 2/14/2002; 47 SDR 137, effective 7/1/2021

General Authority: SDCL 3-13-54.

Law Implemented: SDCL 3-13-54.