South Dakota Codified Laws 3-10-5. Withholding from salary and purchase of annuity–Periodic payments
Current as of: 2023 | Check for updates
|
Other versions
When so authorized by an employee, it shall be the duty of the employer to withhold the amount designated from the salary of the employee and to purchase a retirement annuity from a company or organization licensed to do business in the State of South Dakota, for such employee and to make the periodic payments on such retirement annuity according to the terms of the annuity contract.
Terms Used In South Dakota Codified Laws 3-10-5
- 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.
- Contract: A legal written agreement that becomes binding when signed.
Source: SL 1963, ch 329.