South Dakota Codified Laws 3-13C-23. Election of benefits–Requirements
The participant, beneficiary, or spouse shall make any election in writing. The system may require the person to complete and sign any necessary documents as to the provisions made.
A participant may elect a beneficiary or contingent participant and may elect to have retirement benefits distributed under the provisions of § 3-13C-21 .
Terms Used In South Dakota Codified Laws 3-13C-23
- 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
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
A participant may elect a beneficiary for any single sum death benefits and may elect to have the death benefits distributed in accordance with §§ 3-13C-18 and 3-13C-19 . If the participant has not elected an optional form of distribution for the death benefit payable to the beneficiary, the beneficiary may elect the form of distribution in like manner as a participant.
The participant, beneficiary, or spouse may make an election at any time during the election period. The participant, beneficiary, or spouse may revoke the election made or make a new election at any time and any number of times during the election period as follows:
(1) A participant may make an election as to retirement benefits at any time before the retirement benefits start date; and
(2) A participant may make an election as to death benefits at any time before the death of the participant. The spouse’s election period begins on the date the participant dies and ends on the date benefits begin. The beneficiary’s election period begins on the date the participant dies and ends on the date benefits begin.
Source: SL 2020, ch 13, § 30.