South Dakota Codified Laws 3-13C-11. Beneficiaries–Records
Each participant may name a beneficiary to receive any death benefit due for participation in the plan, other than any income payable to a contingent. The participant may change any beneficiary from time to time. The participant’s beneficiary designation and any change of beneficiary shall be subject to the provisions of § 3-13C-13.
It is the responsibility of the participant to give written notice to the system of the name of the beneficiary on a form furnished for this purpose. The system shall maintain a record of each participant’s beneficiary designation before the participant’s retirement date.
Terms Used In South Dakota Codified Laws 3-13C-11
- 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
- Executor: A male person named in a will to carry out the decedent
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
If there is no beneficiary named or surviving when a participant dies, the participant’s beneficiary shall be the participant’s surviving spouse, or if there is no surviving spouse, the executor or administrator of the participant’s estate.
Source: SL 2020, ch 13, § 18.