revise certain required minimum distribution provisions of the South Dakota Retirement System.
What changed between versions
Distribution timelines were extended for beneficiaries of participants who died after December 31, 2021, allowing funds to be distributed over the beneficiary's life expectancy rather than requiring a lump sum within five years.
A new category called 'eligible designated beneficiary' was created, which includes surviving spouses, minor children, disabled or chronically ill individuals, and those within ten years of the participant's age, granting them special distribution options.
The bill defines 'eligible designated beneficiary' to clarify who qualifies for extended distribution periods under the new federal rules.
The deadline for distributing the entire account to a non-eligible beneficiary was changed from five years to the tenth anniversary of the participant's death.