Section 3-13A-5 - Transfer of special pay to fund upon termination of employment--Contribution limit. - South Dakota Statutes

3-13A-5. Transfer of special pay to fund upon termination of employment--Contribution limit. Upon a participant's termination of employment, the participating unit shall transmit the gross amount of the participant's special pay to the fund. However, except to the extent permitted under § 414(v) of the code, if applicable, a contribution allocated to a member's account under the program may not exceed forty-one thousand dollars, as adjusted for increases in the cost-of-living pursuant to § 415(d) of the code, or one hundred percent of the participant's compensation, as identified in § 415(c)((3) of the code and § 1.415-2(d)(1) of the Code of Federal Regulations in effect on January 1, 2005, for the calendar year. For the purposes of the limitations under this section, all of the defined contribution plans of a participant's employer, whether terminated or current, shall be treated as a single defined contribution plan.

Source: SL 2004, ch 43, § 5; SL 2005, ch 27, § 2; SDCL, § 3-12-169; SL 2005, ch 28, § 1.