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Code · South Dakota · Title 3 · Chapter 3-13

3-13-51.1. Investment of funds--Investment officer as fiduciary.

111 words·~1 min read·/sd/title-3/chapter-3-13/3-13-51-1·

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A participant may invest in any investment selected by the state investment officer, including annuity contracts. The state investment officer may enter into contracts for investment alternatives. The executive director or third-party administrator may transfer funds to, from, and among the respective investment alternatives as directed by the participant or as required if the investment alternative is no longer available. The state investment officer shall be held to the standard of conduct of a fiduciary and shall carry out all functions solely in the interests of the participants and benefit recipients and for the exclusive purpose of providing benefits and defraying reasonable expenses incurred in performing the duties required by law.
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