South Dakota Codified Laws 59-12-37. Retirement plans
(1) For purposes of this section, the term, retirement plan, means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code:
(a) An individual retirement account under 26 U.S.C. § 408;
Terms Used In South Dakota Codified Laws 59-12-37
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(b) A Roth individual retirement account under 26 U.S.C. § 408A;
(c) A deemed individual retirement account under 26 U.S.C. § 408(q);
(d) An annuity or mutual fund custodial account under 26 U.S.C. § 403(b);
(e) A pension, profit-sharing, stock bonus, or other retirement plan qualified under 26 U.S.C. § 401(a);
(f) A plan under 26 U.S.C. § 457(b); and
(g) A nonqualified deferred compensation plan under 26 U.S.C. § 409A.
(2) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans authorizes the agent to:
(a) Select the form and timing of payments under a retirement plan and withdraw benefits from a plan;
(b) Make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another;
(c) Establish a retirement plan in the principal’s name;
(d) Make contributions to a retirement plan;
(e) Exercise investment powers available under a retirement plan; and
(f) Borrow from, sell assets to, or purchase assets from a retirement plan.
Source: SL 2020, ch 214, § 37.