3-12C-1649. Surviving spouse election to receive lump sum trustee-to-trustee payment in lieu of monthly payments.
Upon the death of a vested member of the state cement plant retirement plan who died prior to starting a monthly retirement benefit, the member's surviving spouse may elect a lump sum trustee-to-trustee payment in lieu of monthly surviving spouse benefit payments. The amount of the lump sum trustee-to-trustee payment shall be determined by the system's actuary based on the actuarial equivalent, as defined by the cement plant retirement plan, of the spouse's age sixty-five survivor benefit. However, no lump sum trustee-to-trustee payment may be made unless the following requirements are satisfied:
(1)Neither the member nor the member's family nor the member's spouse received any monthly benefits from the plan; and
(2)The surviving spouse directs a trustee-to-trustee transfer of the lump sum payment to a receiving retirement custodian, trustee, or other approved recipient.
Any eligible surviving spouse who desires to make the election authorized by this section shall submit an application to the system.
Source: SL 2014, ch 22, §2; SDCL §3-12-224; SL 2019, ch 22, §1.