2006 South Dakota Code - 3-13-51.1 — Participants may invest funds in investments approved by state investment officer--Investment alternatives to be offered--Investment officer as fiduciary.

     3-13-51.1.   Participants may invest funds in investments approved by state investment officer- -Investment alternatives to be offered--Investment officer as fiduciary. Funds held by the fund may be invested by plan participants in such investments as are deemed appropriate by the state investment officer, including, but not limited to, annuity contracts. The state investment officer is authorized to enter into contracts for investment alternatives and to offer internal investment alternatives, and the plan administrator is authorized to transfer funds to, from, and among the respective investment alternatives. The state investment officer shall be held to the standard of conduct of a fiduciary and shall carry out all functions solely in the interests of the participants and benefit recipients and for the exclusive purpose of providing benefits and defraying reasonable expenses incurred in performing such duties as required by law.

Source: SL 2000, ch 27, § 2.