South Dakota is creating a new "qualified benefit preservation arrangement" to let certain members of the South Dakota Retirement System receive retirement benefits that would otherwise be limited by federal tax law. This new account, managed by the retirement system's board, will pay out the portion of retirement benefits that federal rules prevent the regular pension system from providing. The arrangement follows federal tax code rules designed specifically for government pension plans.
AI-generated summary
This bill does not directly amend codified state law.
Signed by the Governor S.J. 363
Delivered to the Governor S.J. 302
Signed by the Speaker H.J. 340
Signed by the President S.J. 259
House of Representatives Do Pass Passed, YEAS 70, NAYS 0. H.J. 297
House of Representatives Do Pass Passed, YEAS 70, NAYS 0. H.J. 299
Retirement Laws Certified uncontested, placed on consent YEAS 5, NAYS 0.
Retirement Laws Do Pass Passed, YEAS 5, NAYS 0.
Retirement Laws Scheduled for hearing
House of Representatives Referred to House Retirement Laws H.J. 77
First Reading House H.J. 64
Senate Do Pass Passed, YEAS 33, NAYS 0. S.J. 77
Retirement Laws Do Pass Passed, YEAS 5, NAYS 0.
Retirement Laws Scheduled for hearing
Senate Referred to Senate Retirement Laws S.J. 17
First Reading Senate S.J. 14
Retirement Laws — Do Pass
Retirement Laws — Certified uncontested, placed on consent
Do Pass
Retirement Laws — Do Pass