South Dakota Codified Laws 3-13A-9. Investment of funds
Current as of: 2023 | Check for updates
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A plan participant may invest in any investment selected by the state investment officer, including annuity contracts. The state investment officer may enter into contracts for investment alternatives. The executive director or third-party administrator may transfer funds to, from, and among the respective investment alternatives as directed by the participant or as required if the investment alternative is no longer available.
Terms Used In South Dakota Codified Laws 3-13A-9
- 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 2004, ch 43, § 8; SDCL § 3-12-172; SL 2005, ch 28, § 1; SL 2016, ch 31, § 56.