South Dakota Codified Laws 3-13A-15. Beneficiaries of participant’s account
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A participant may designate a beneficiary to receive the participant’s benefits under the program in case of the death of the participant. If no beneficiary is designated or the beneficiary has predeceased the participant, the participant’s benefits shall be paid as follows:
(1) To the participant’s surviving spouse;
Terms Used In South Dakota Codified Laws 3-13A-15
- 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
- Children: includes children by birth and by adoption. See South Dakota Codified Laws 2-14-2
(2) If there is no surviving spouse, then to all surviving children of the participant, irrespective of age, on a share-alike basis; or
(3) If there is no surviving spouse and there are no surviving children, then to the participant’s estate.
Source: SL 2004, ch 43, § 14; SDCL § 3-12-178; SL 2005, ch 28, § 1; SL 2012, ch 26, § 15.