This bill updates South Dakota's retirement system rules for distributing a deceased participant's pension benefits to align with recent federal retirement law changes. For deaths after December 31, 2021, beneficiaries now have up to 10 years to receive the full account balance instead of potentially longer timelines, though certain eligible beneficiaries (like spouses) may have other distribution options. The bill also clarifies rules for deaths before December 31, 2021, to ensure surviving spouses receive lifetime benefits while other beneficiaries get lump-sum payments within five years.
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Signed by the Governor S.J. 266
Delivered to the Governor S.J. 259
Signed by the Speaker H.J. 300
Signed by the President S.J. 236
House of Representatives Do Pass Passed, YEAS 65, NAYS 0. H.J. 262
Retirement Laws Certified uncontested, placed on consent H.J. 1
Retirement Laws Do Pass Passed, YEAS 4, NAYS 0. H.J. 1
Retirement Laws Scheduled for hearing H.J. 1
House of Representatives Referred to House Retirement Laws H.J. 137
First Reading House H.J. 125
Senate Do Pass Passed, YEAS 34, NAYS 0. S.J. 83
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. 14
Do Pass
Retirement Laws — Do Pass
Do Pass
Retirement Laws — Do Pass