S.D. Admin. R. 20:06:03:30

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:03:30 - Pension and retirement plan

If action is to be taken with respect to any pension or retirement plan of the insurer, the solicitor shall furnish the following information:

(1) A brief description of the material features of the plan, each class of persons who will participate therein, the approximate number of persons in each such class and the basis of such participation;

(2) The approximate total amount necessary to fund the plan with respect to past services, the period over which such amount is to be paid and the estimated annual payments necessary to pay the total amount over such period;

(3) The estimated annual payment to be made with respect to current services;

(4) The amount of such annual payments to be made for the benefit of each person named in § 20:06:03:28 as directors and officers as a group and employees as a group;

(5) If the plan to be acted upon may be amended, other than by a vote of stockholders, in a manner which would materially increase the cost thereof to the insurer or to materially alter the allocation of the benefits as between the groups specified in subsection 20:06:03:29(2)(c) the nature of such amendments should be specified.

S.D. Admin. R. 20:06:03:30

SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-4-1, 58-5-49.

Law Implemented: SDCL 58-5-49.