Update to South Dakota Retirement System Statutes
This proposed bill would update references within South Dakota's Retirement System statutes to align with current federal law as outlined in the Internal Revenue Code. Before this change, the state's retirement system statutes may have referenced outdated versions of federal tax laws. This update ensures that the administration of the South Dakota Retirement System is consistent with current federal regulations. Those affected include individuals managing or participating in the South Dakota Retirement System and administrators responsible for its compliance with federal law. The effective date for this change has not been specified.
The previous version of the statutes may have referenced outdated sections of the Internal Revenue Code, which could lead to inconsistencies with current federal law.
This proposed bill would update references within South Dakota's Retirement System statutes to align with current federal law as outlined in the Internal Revenue Code. Before this change, the state's retirement system statutes may have referenced outdated versions of federal tax laws. This update ensures that the administration of the South Dakota Retirement System is consistent with current federal regulations. Those affected include individuals managing or participating in the South Dakota Retirement System and administrators responsible for its compliance with federal law. The effective date for this change has not been specified.