There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 3-12-110 — Balance of accumulated contributions refunded to beneficiary or family--Reversionto system of unclaimed payments.
3-12-110. Balance of accumulated contributions refunded to beneficiary or family--Reversion to system of unclaimed payments. If the aggregate benefits payable to a member and the member's surviving spouse and minor children pursuant to §§ 3-12-75, 3-12-91, 3-12-92, 3-12-92.4, 3-12- 92.6, 3-12-94, 3-12-95, 3-12-99, and 3-12-103, after all allowances currently or potentially payable under any provision of this chapter have terminated, do not total to the member's accumulated contributions including one hundred percent of employer contributions, then the balance equal to the difference between the accumulated contributions and total payments made to date shall be paid in a lump sum as provided in this section. Amounts
payable under this section shall be paid as follows:
(1) To the beneficiary or entity
designated by the member, if any is designated; or
(2) If no beneficiary or entity is
designated, then to the member's surviving spouse; or
(3) If no beneficiary or entity is
designated and there is no surviving spouse, then to all surviving
children, irrespective of age, on a share alike basis;
or
(4) If no beneficiary or entity is
designated, there is no surviving spouse, and there are no
surviving children, then to the member's estate.
If no claim
for payment due upon the death of a deceased member is made within
three years from date of death, the payment shall revert to the
system. However, a claim may be honored after the expiration of the
three-year reversion period if, in the opinion of the
administrator, payment of the claim is warranted by exceptional
circumstances.
This section
does not apply to any member who withdraws accumulated
contributions pursuant to § 3-12-76, 3-12-76.1, or
3-12-77 after termination of employment, or to any nonvested member
who dies after termination of employment.
Source: SL 1974, ch 35, § 64; SL 1986, ch 37, § 9; SL 1995, ch 24, § 16; SL 1997, ch 29, § 1; SL 1998, ch 15, § 21; SL 1999, ch 15, § 7; SL 2006, ch 21, § 1.
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