Changes to Existing Law
SB54 — Revise the conditions for in-service distributions from the South Dakota deferred compensation plan.
2 sections modified+494-17
View:
§ 3-13
New Section+360
NEW SECTION added to Chapter 3-13
Notwithstanding § 3-13-83, a participant who is at least fifty-nine and one-half years old may elect to receive an in-service distribution from the plan in any form permitted under § 3-13-80. The receipt of an in-service distribution pursuant to this section does not preclude the participant from continuing to make deferrals of compensation into the plan. 21
§ 3-13-78
Amended+134-17
Section 3-13-78 — AMENDED
3-13-78. Deferrals may be distributed only if one of the following conditions has occurred: (1) Severance from employment with a participating employer; (2) Death of the participant; (3) An unforeseeable emergency, set forth in § 3-13-82; (4) Requirements are satisfied for an in-service distribution, as set forth in § 3-13-83; or 3-13-10 83;or (5) A AThe participant is called to perform qualified military service for a period in excess of thirty days. days; or (6) The participant elects to receive an in-service distribution pursuant to section of this Act. 15