There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 3-13A-22 — Distribution from participant\'s account--Forms of distribution--Time for election.
3-13A-22. Distribution from participant's account--Forms of distribution--Time for election. A participant is entitled to receive a distribution from the participant's account upon written application to the administrator or third-party administrator. The participant may elect, on forms prescribed by the administrator or third-party administrator, the time at which distributions under the program are to commence by designating the month and year during which the first distribution is to be made. The participant may elect to receive the participant's distribution in any of the following forms:
(1) A lump sum;
(2) Equal monthly installments over a
fixed period; or
(3) Any other form offered by the
administrator or a third-party administrator.
The
application and election shall be made prior to the time any
amounts become payable. A participant or a beneficiary who has
chosen a payment form may change that payment option, if no payment
has yet been made, and subject to any administrative restrictions
and charges established by the board.
Source: SL 2004, ch 43, § 21; SDCL,
§ 3-12-185; SL 2005, ch 28, §1.
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