SB54 • 2026

revise the conditions for in-service distributions from the South Dakota deferred compensation plan.

Labor

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: The Chair of the Committee on <a rel="noopener" href="https://sdlegislature.gov/Session/Committee/1287/Detail">Retirement Laws</a> at the request of the South Dakota Retirement System
Last action: 2026-02-23
Official status: Signed by the Governor
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

revise the conditions for in-service distributions from the South Dakota deferred compensation plan.

What This Bill Does

revise the conditions for in-service distributions from the South Dakota deferred compensation plan.
Official keyword topics: Executive/Judiciary Request Public Officers and Employees Retirement System Official sponsor note: The Chair of the Committee on <a rel="noopener" href="https://sdlegislature.gov/Session/Committee/1287/Detail">Retirement Laws</a> at the request of the South Dakota Retirement System

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-02-23 Senate
Signed by the Governor
2026-02-17 Senate
Delivered to the Governor
2026-02-12 House of Representatives
Signed by the Speaker
2026-02-10 Senate
Signed by the President
2026-02-09 House of Representatives
Do Pass
2026-02-05 House Retirement Laws
Certified uncontested, placed on consent
2026-02-05 House Retirement Laws
Do Pass
2026-02-05 House Retirement Laws
Scheduled for hearing
2026-01-26 House of Representatives
Referred to House Retirement Laws
2026-01-23 House of Representatives
First Reading House
2026-01-22 Senate
Do Pass
2026-01-20 Senate Retirement Laws
Certified uncontested, placed on consent
2026-01-20 Senate Retirement Laws
Do Pass
2026-01-20 Senate Retirement Laws
Scheduled for hearing
2026-01-13 Senate
First read in Senate and referred to Senate Retirement Laws

Official Summary Text

revise the conditions for in-service distributions from the South Dakota deferred compensation plan.
Official keyword topics:
Executive/Judiciary Request
Public Officers and Employees
Retirement System
Official sponsor note: The Chair of the Committee on <a rel="noopener" href="https://sdlegislature.gov/Session/Committee/1287/Detail">Retirement Laws</a> at the request of the South Dakota Retirement System

Current Bill Text

Read the full stored bill text

26.554.10 101st Legislative Session 54

2026 South Dakota Legislature
Senate Bill 54
ENROLLED

AN ACT

ENTITLED An Act to revise the conditions for in-service distributions from the South
Dakota deferred compensation plan.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 3-13-78 be AMENDED:
3-13-78. Deferrals may be distributed only if one of the following conditions has
occurred:
(1) Severance from employment with a participating employer;
(2) Death of the participant;
(3) An unforeseeable emergency, set forth in § 3-13-82;
(4) Requirements are satisfied for an in-service distribution, as set forth in § 3-13-83;
(5) The participant is called to perform qualified military service for a period in excess
of thirty days; or
(6) The participant elects to receive an in-service distribution pursuant to section 2 of
this Act.
Section 2. That a NEW SECTION be added to chapter 3-13:
Notwithstanding § 3-13-83, a participant who is at least fifty -nine and one -half
years old may elect to receive an in -service distribution from the plan in any form
permitted under § 3-13-80. The receipt of an in -service distribution pursuant to this
section does not preclude the participant from continuing to make deferrals of
compensation into the plan.
26.554.10 2 54
SB54 ENROLLED
An Act to revise the conditions for in -service distributions from the South Dakota deferred
compensation plan.

I certify that the attached Act originated in
the:

Senate as Bill No. 54

Secretary of the Senate

President of the Senate

Attest:

Secretary of the Senate

Speaker of the House

Attest:

Chief Clerk of the House

Senate Bill No. 54
File No. ____
Chapter No. ______

Received at this Executive Office
this _____ day of _____________,

2026 at ____________M.

By
for the Governor

The attached Act is hereby
approved this ________ day of
______________, A.D., 2026

Governor

STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State

Filed ____________, 2026
at _________ o'clock __M.

Secretary of State

By
Asst. Secretary of State