South Dakota Deferred Compensation Investment Account Plan

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Multi-State
Control #:
US-CC-20-146
Format:
Word; 
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Description

20-146 20-146 . . . Deferred Compensation Investment Account Plan under which Board of Directors of Savings and Loan Association allocates a portion of annual bonuses which would otherwise be paid to selected officers and employees to a separate account. The deferred compensation in such account is deemed, for purposes of Plan only, to represent specified percentages of Association's investments in certain portfolios of equity securities, and it is increased or decreased to same extent as performance of such securities

The South Dakota Deferred Compensation Investment Account Plan is a retirement savings program offered by the state of South Dakota to its employees. It is designed to provide a tax-advantaged way for employees to save for their future retirement needs. This employer-sponsored plan allows participants to contribute a portion of their salary on a pre-tax basis, reducing their taxable income. The South Dakota Deferred Compensation Investment Account Plan offers several investment options to participants. These options include various mutual funds and target-date funds, which are managed by well-known investment companies. Participants can choose the investment strategy that aligns with their risk tolerance and investment goals. One of the key benefits of the South Dakota Deferred Compensation Investment Account Plan is its tax advantages. Contributions made to the plan are deducted from the participant's taxable income, reducing their tax liability in the year of contribution. Additionally, any investment earnings in the account grow tax-deferred until withdrawals are made during retirement. This allows participants to potentially maximize their investment returns over time. Participants in the South Dakota Deferred Compensation Investment Account Plan can also make changes to their contribution amount or investment selections at any time, providing flexibility and control over their retirement savings strategy. Additionally, if an employee changes jobs or leaves public service, they can roll over their account balance into another eligible retirement plan to avoid early withdrawal penalties. Depending on the specific employer, there may be different types of South Dakota Deferred Compensation Investment Account Plans. These variations can include different contribution limits, employer matching contributions, and investment options. It is important for employees to review the specific details of their plan to determine the options and features available to them. Overall, the South Dakota Deferred Compensation Investment Account Plan offers a valuable opportunity for employees to save for retirement in a tax-efficient manner. By taking advantage of this employer-offered retirement savings program, participants can take control of their financial future and work towards a comfortable retirement.

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FAQ

Normal retirement age is 65 with three years of service. Early retirement age is 55 with three years of service with unreduced benefits upon attaining Rule of 85 (age plus service equals or exceeds 85). Early retirement reduction with less than 20 years of service is 3% per year.

At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2023.

Variable Retirement Account (VRA): Monthly contribution of up to 1.5% of compensation; credited with SD Investment Council earnings; available to member at retirement, disability, or death. Note: no additional employer contributions are needed for the VRA.

Normal retirement age is 65 with three years of service. Early retirement age is 55 with three years of service with unreduced benefits upon attaining Rule of 85 (age plus service equals or exceeds 85). Early retirement reduction with less than 20 years of service is 3% per year.

The SDRS Supplemental Retirement Plan (SRP) is a 457(b) plan, which is a cousin to a 401(k) plan, and has many similarities and some strong advantages.

The COLA for 2023 was 2.10%, compared to 8.75% inflation; the 2022 COLA was the full 3.5%, while inflation was 5.92%. By comparison, SDRS in prior years paid COLAs that were relatively close to inflation, either slightly above or below.

The SDRS Special Pay Plan (SDRS-SPP) is an additional retirement plan funded by an eligible employee's special pay (termination pay) which is compensation other than regular salary or wages accumulated by an employee and converted to a lump-sum amount at termination of employment.

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... Plan is a deferred compensation plan available to members of SDRS. The State Investment Officer is responsible for selecting the investment options. South ... Linking Your MySDRS Account. MySDRS has been integrated with the mySD Citizen Portal. View for more information.A participant can change payroll reductions only by filing an official amended “Participation Agreement” form with the Plan Administrator. Deferral Summary. If a portion of your account is funded by a rollover from a previous retirement plan, you may be eligible to withdraw those funds by contacting SDRS at. 605-224 ... Enroll online through NDPERS Member Self – Service or Complete SFN 54362, 457. Deferred Compensation Plan Expedited Enrollment form. ▫ Enrolls you for minimum ... Your deferred compensation plan is a great way to invest because it is flexible and easy to use! You decide how much to contribute, within IRS limits. The ... Enroll or change your monthly contribution into your 457 Deferred Compensation at any time. Join the NDPERS Companion Plan (TIAA) or choose your own investment ... Sign InGet a DemoFree TrialFree Trial · Statutes, codes, and regulations · South Dakota Codified Laws ... in or filling in forms. You can set your browser to ... Search by state to find your employer-sponsored deferred compensation plan administered by Nationwide Retirement Solutions. #; A; B; C; D ... Sep 8, 2023 — Discover the benefits of deferred compensation: Learn what deferred compensation is and find out frequently asked questions about deferred ...

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South Dakota Deferred Compensation Investment Account Plan