Changes to Existing Law

26.554.9 26.554.10 101st Legislative Session 54 2026 South Dakota Legislature Senate Bill 54 Introduced by: The Chair of the Committee on Retirement Laws at the request of the South Dakota Retirement System Underscores indicate new language. Overstrikes indicate deleted language. ENROLLED AN ACT ENTITLED An Act to revise the conditions for in-service distributions from the South Dakota 1 deferred compensation plan. 2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 3 Section 1. That § 3-13-78 be AMENDED: 4 3-13-78. Deferrals may be distributed only if one of the following conditions has 5 occurred: 6 (1) Severance from employment with a participating employer; 7 (2) Death of the participant; 8 (3) An unforeseeable emergency, set forth in § 3-13-82; 9 (4) Requirements are satisfied for an in-service distribution, as set forth in § 3-13-10 83;or 11 3-13-83; (5) AThe The participant is called to perform qualified military service for a period in excess 12 of thirty days; or 13 (6) The participant elects to receive an in-service distribution pursuant to section 2 of 14 this Act. 15 Section 2. That a NEW SECTION be added to chapter 3-13: 16 Notwithstanding § 3-13-83, a participant who is at least fifty-nine and one-half 17 years old may elect to receive an in-service distribution from the plan in any form 18 permitted under § 3-13-80. The receipt of an in-service distribution pursuant to this 19 section does not preclude the participant from continuing to make deferrals of 20 compensation into the plan. 21 26.554.10 2 54 SB54 ENROLLED An Act to revise the conditions for in-service distributions from the South Dakota deferred compensation plan. I certify that the attached Act originated in the: Senate as Bill No. 54 Secretary of the Senate President of the Senate Attest: Secretary of the Senate Speaker of the House Attest: Chief Clerk of the House Senate Bill No. 54 File No. ____ Chapter No. ______ Received at this Executive Office this _____ day of _____________, 2026 at ____________M. By for the Governor The attached Act is hereby approved this ________ day of ______________, A.D., 2026 Governor STATE OF SOUTH DAKOTA, ss. Office of the Secretary of State Filed ____________, 2026 at _________ o'clock __M. Secretary of State By Asst. Secretary of State