A contributing member may acquire credited service by utilizing a trustee to trustee transfer of funds, excluding any after tax employee contributions, from a member's individual retirement plan that meets the requirements of sections 403(b) or 457 of the Internal Revenue Code to pay the cost of purchase pursuant to § 3-12C-504, 3-12C-509, or 3-12C-511.
S.D. Codified Laws § 3-12C-510
Acquisition of credited service through transfer of funds--Requirements
Known as the South Dakota Retirement Act
The act spans §§ 3-12C-1001 to 3-12C-907 (298 sections).
Source: SL 2002, ch 22, § 4; SL 2008, ch 20, § 12; SL 2013, ch 20, § 8; SDCL § 3-12-84.1; SL 2019, ch 22, §§ 18, 45.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.