HB1030 updates South Dakota's retirement system rules to clarify when retirees must start taking required minimum distributions from their accounts, setting the age at 72 (or 70½ for those who reached that age before 2020) or upon retirement, whichever is later. The bill reorganizes these distribution requirements into a new section of law that aligns with federal tax code rules for government retirement plans. This change mainly clarifies existing requirements rather than creating new restrictions on how retirees can access their benefits.
AI-generated summary
This bill does not directly amend codified state law.
Signed by the Governor H.J. 293
Delivered to the Governor H.J. 270
Signed by the President S.J. 229
Signed by the Speaker H.J. 247
Senate Do Pass Passed, YEAS 31, NAYS 0. S.J. 201
Retirement Laws Certified uncontested, placed on consent S.J. 1
Retirement Laws Do Pass Passed, YEAS 5, NAYS 0. S.J. 1
Retirement Laws Scheduled for hearing
First read in Senate and referred to Senate Retirement Laws S.J. 102
House of Representatives Do Pass Passed, YEAS 68, NAYS 0. H.J. 110
Retirement Laws Certified uncontested, placed on consent H.J. 2
Retirement Laws Do Pass Passed, YEAS 5, NAYS 0. H.J. 2
Retirement Laws Scheduled for hearing H.J. 1
House of Representatives Referred to House Retirement Laws H.J. 3
First Reading House H.J. 10
Retirement Laws — Do Pass
Retirement Laws — Do Pass