South Dakota Codified Laws 47-11B-22. Pension and insurance plans for employees–Restrictions on terms
Current as of: 2023 | Check for updates
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A corporation formed pursuant to the provisions of this chapter, may adopt a pension, profit sharing (whether cash or deferred), health and accident, insurance, or welfare plan for all or part of its employees, including lay employees, providing that such plan does not require or result in the sharing of specific or identifiable fees with any lay employees and any payments made to lay employees or into any such plan in behalf of lay employees are based upon their compensation or length of service, or both, rather than the amount of fees or income received by the corporation or its shareholders.
Terms Used In South Dakota Codified Laws 47-11B-22
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Shareholders: includes the members of a limited liability company. See South Dakota Codified Laws 47-11B-1.1
Source: SL 1972, ch 249, § 22; SL 2013, ch 173, § 7.