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House Journal: Page 1258: Friday, April 3, 1998

H-8632

 1     Amend House File 2403, as passed by the House, as
 2   follows:
 3     1.  Page 1, by inserting after line 4 the
 4   following:
 5     "Sec. ___.  Section 627.6, subsection 8, Code 1997,
 6   is amended by adding the following new paragraph:
 7     NEW PARAGRAPH.  f.  All contributions to and assets
 8   in the following list of plans or contracts and the
 9   accumulated earnings, and market increases in value,
10   therefrom:  simplified employee pension plans, self-
11   employed pension plans, Keogh plans, individual
12   retirement accounts, Roth individual retirement
13   accounts, and similar plans for retirement investments
14   in the future authorized under federal law.  However,
15   contributions to a plan shall not be exempt to the
16   extent that the contributions for the twenty-four
17   month period prior to the date the exemption is
18   claimed or execution is issued exceed ten thousand
19   dollars in the aggregate over and above the average
20   contributions that had been made to the plan or plans
21   by the debtor or the debtor's employer or both in the
22   five tax years ending prior to the twenty-four-month
23   period before the date the exemption is claimed or the
24   execution is issued.  The exception to the exemption
25   in this paragraph for contributions within the twenty-
26   four-month period prior to the date the exemption is
27   claimed or execution is issued shall not include the
28   interest and any accumulation on that interest in any
29   new plans or contracts that are used to replace prior
30   plans, contracts, or policies that would have been
31   excludable from a bankruptcy estate or that the debtor
32   could have claimed exempt from execution at the time
33   of the transfer.  For purposes of this paragraph,
34   market increases in value shall include, but not be
35   limited to, dividends, stock splits, interest, and
36   appreciation."
37     2.  By renumbering as necessary.
Kremer of Buchanan asked and received unanimous consent that
House File 2403 be deferred and that the bill retain its place
on the calendar. (Amendment H-8632 pending.)
IMMEDIATE MESSAGE
Siegrist of Pottawattamie asked and received unanimous consent
that Senate File 2312 be immediately messaged to the Senate.
The House resumed consideration of Senate File 2296, a bill for
an act appropriating funds to the department of economic
development, certain board of regents institutions, the
department of workforce

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URL: /DOCS/GA/77GA/Session.2/HJournal/01200/01258.html
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