SD SB65

Amends required minimum distribution rules for the South Dakota Retirement System to comply with the federal SECURE Act (2019) and SECURE 2.0 Act (2022)

For participant deaths after December 31, 2021, designated beneficiaries must receive the entire account by December 31st of the year containing the 10th anniversary of the participant's death

Eligible designated beneficiaries (surviving spouses, minor children, disabled or chronically ill individuals, and those within 10 years of the participant's age) may elect lifetime distributions instead of the 10-year rule

Surviving spouses may delay distributions until the later of the year following death or when the participant would have reached applicable age

For participants with no designated beneficiary who die before distributions begin, accounts must be distributed within 5 years of death