2006 South Dakota Code - 3-12-76.3 — Distribution by direct rollover.

     3-12-76.3.   Distribution by direct rollover. A member who elects to withdraw accumulated contributions as provided in § 3-12-76 or 3-12-76.1 may receive the distribution directly. Eligible rollover distributions may be transferred by the system in a direct rollover to no more than one eligible retirement plan identified by the member if a member so elects. The system is not required to make an independent determination as to whether the plan identified by the member 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, the member represents to the system that the identified plan qualifies as an eligible retirement plan. If the member does not elect a direct rollover, the distribution shall be issued in the name of, and directly to, the member.

Source: SL 1993, ch 42, § 5; SL 1995, ch 24, § 17; SL 1998, ch 15, § 7.