{"data":{"id":"us-sd/sdcl-3-13-55","jurisdiction":"us-sd","citation":"SDCL § 3-13-55","heading":"Definition of terms.","body":"The definitions contained in chapter 3-12C apply to this chapter unless the context clearly otherwise requires. Terms used in this chapter mean:\n(1) \"Account,\" the record for each participant reflecting the amount of the participant's deferrals, allocated investment gains and losses, and administrative charges against those amounts;\n(2) \"Accounting date,\" the date on which an investment is valued and the total investment return is allocated to a participant's account;\n(3) \"Accumulated deferred compensation,\" compensation deferred by a participant in the plan, plus any investment return thereon;\n(4) \"Automatic enrollee,\" an individual who becomes an employee of an automatic enrollment unit;\n(5) “Automatic enrollment unit,\" any unit of state or local government that participates in the system and whose leadership chooses to provide automatic enrollment to the unit's employees;\n(6) \"Compensation,\" total cash remuneration paid to an employee by a participating employer for personal services rendered to the participating employer;\n(7) \"Deferred compensation\" or \"deferrals,\" the portion of a participant's compensation deferred pursuant to this plan, including, pre-tax contributions, designated Roth contributions, or both;\n(8) \"Dependent,\" a participant's qualifying child or a participant's qualifying relative, as defined in § 152 of the Internal Revenue Code;\n(9) \"Designated Roth contributions,\" a participant's deferred compensation that is includable in the participant's gross income at the time deferred and has been irrevocably designated as Roth contributions by the participant in accordance with federal law;\n(10) \"Employee,\" an individual providing services to this state or a political subdivision of this state, for which compensation is paid by a participating employer, including:\n(a) A member of the Legislature;\n(b) A member of a board or commission of this state or a political subdivision of this state;\n(c) An individual employed by an agency, board, or commission of this state or a political subdivision of this state; and\n(d) An individual furnishing services to this state or a political subdivision of this state pursuant to a contract as an independent contractor;\n(11) \"Includible compensation,\" the compensation remaining after subtracting any pre-tax contributions under the plan;\n(12) \"Normal retirement date,\" the date a participant is eligible to retire, pursuant to chapter 3-12C, without reduced benefits;\n(13) \"Participant,\" an employee of a participating employer who elects to participate in the plan;\n(14) \"Participation agreement,\" the written agreement between an employer and an employee under which compensation is deferred pursuant to this plan;\n(15) \"Plan,\" the South Dakota deferred compensation plan as provided for in this chapter;\n(16) \"Pre-tax contribution,\" a participant's deferred compensation, which is not includable in the participant's gross income at the time deferred;\n(17) \"Plan year,\" a calendar year ending on December thirty-first;\n(18) \"Severance from employment,\" the complete severance of a participant's employment relationship with a participating employer, as set forth in § 457(d)(1)(A) of the Internal Revenue Code;\n(19) \"Third-party administrator,\" a person who, pursuant to contract, handles administration of the plan on behalf of the board and the executive director;\n(20) \"Unforeseeable emergency,\" a severe financial hardship to a participant resulting from:\n(a) An illness or accident of the participant, a dependent of the participant, or a designated beneficiary of the participant;\n(b) The funeral expenses of a dependent of the participant or a designated beneficiary of the participant;\n(c) A severe loss of income that is beyond the control of the participant;\n(d) The loss of the participant's property due to casualty;\n(e) The imminent foreclosure or eviction from a participant's primary residence; or\n(f) Any other similar, extraordinary, and unforeseeable circumstance arising as a result of events beyond the control of the participant; and\n(21) \"Vendor,\" a person selected by the state investment officer to provide investment or insurance products to the plan.","path":["TITLE 3. PUBLIC OFFICERS AND EMPLOYEES","CHAPTER 3-13. DEFERRED COMPENSATION PLAN FOR PUBLIC EMPLOYEES"],"source_url":"https://sdlegislature.gov/Statutes/3-13-55","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:56Z","sha256":"89a049a40b679c5fcf3df61307a9f38432a73686c72057f153e60f6018c1fba0","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-3-13-54","next":"us-sd/sdcl-3-13-56"},"notice":"GroundRules: Original legal text. Not legal advice."}