South Dakota Codified Laws 3-10-4. Participation in tax-sheltered annuities authorized–Salary deductions
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The state and its political subdivisions and their employees may participate in tax–sheltered annuities or accounts, or both. The employees may authorize their employer to withhold a designated amount from their salary for a retirement annuity or accounts, or both, purchased for their benefit.
Terms Used In South Dakota Codified Laws 3-10-4
- 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.
Source: SL 1963, ch 329; SL 1989, ch 35.