{"data":{"id":"us-sd/sdcl-3-12c-603","jurisdiction":"us-sd","citation":"SDCL § 3-12C-603","heading":"Distribution by direct rollover--Promulgation of rules.","body":"A member who elects to withdraw accumulated contributions, as provided for in § 3-12C-602, or a member's surviving spouse or nonspouse beneficiary who receives a lump-sum payment pursuant to § 3-12C-409, may receive the distribution directly. An eligible rollover distribution may be transferred by the system in a direct rollover to no more than one eligible retirement plan under § 401, 403(b), 408, 408A, or 457(b) of the Internal Revenue Code, as identified by a member or a member's surviving spouse if the individual so elects. A member's nonspouse beneficiary may transfer a portion or all of the member's account by rollover to an eligible plan under § 408 or 408A.\nThe board shall promulgate rules pursuant to chapter 1-26, to comply with federal mandates regarding rollover distributions.\nThe system is not required to make an independent determination as to whether the plan identified by a member, surviving spouse, or nonspouse beneficiary qualifies as an eligible retirement plan. By electing a direct rollover and identifying the eligible retirement plan to which an eligible rollover distribution is to be made, a member, surviving spouse, or nonspouse beneficiary represents to the system that the identified plan qualifies as an eligible retirement plan. If a member, surviving spouse, or nonspouse beneficiary does not elect a direct rollover, the distribution must be issued in the name of, and directly to, that individual.","path":["TITLE 3. PUBLIC OFFICERS AND EMPLOYEES","CHAPTER 3-12C. SOUTH DAKOTA RETIREMENT SYSTEM"],"source_url":"https://sdlegislature.gov/Statutes/3-12C-603","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:56Z","sha256":"1210c02e9666b66d0d40cf0a1b1216ef5e8a5769926ffc2a6f63c9e408a672d8","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-3-12c-602","next":"us-sd/sdcl-3-12c-604"},"notice":"GroundRules: Original legal text. Not legal advice."}