Text: HF00659 Text: HF00661 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 HOUSE FILE 660 1 2 1 3 AN ACT 1 4 RELATING TO CERTAIN PROPERTY OF A DEBTOR WHICH IS EXEMPT FROM 1 5 EXECUTION, AND PROVIDING AN EFFECTIVE DATE AND FOR THE ACT'S 1 6 APPLICABILITY. 1 7 1 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 9 1 10 Section 1. Section 627.6, subsection 8, paragraph a, Code 1 11 1999, is amended to read as follows: 1 12 a. A social security benefit, unemployment compensation, 1 13 ora localany public assistance benefit. 1 14 Sec. 2. Section 627.6, subsection 8, Code 1999, is amended 1 15 by adding the following new paragraph: 1 16 NEW PARAGRAPH. f. Contributions and assets, including the 1 17 accumulated earnings and market increases in value, in any of 1 18 the plans or contracts as follows: 1 19 (1) Transfers from a retirement plan qualified under the 1 20 Employee Retirement Income Security Act of 1974 (ERISA), as 1 21 codified at 29 U.S.C. } 1001 et seq., to another ERISA- 1 22 qualified plan or to another pension or retirement plan 1 23 authorized under federal law, as described in subparagraph 1 24 (3). 1 25 (2) Retirement plans established pursuant to qualified 1 26 domestic relations orders, as defined in 26 U.S.C. } 414. 1 27 However, nothing in this section shall be construed as making 1 28 any retirement plan exempt from the claims of the beneficiary 1 29 of a qualified domestic relations order or from claims for 1 30 child support or alimony. 1 31 (3) For simplified employee pension plans, self-employed 1 32 pension plans, Keogh plans (also known as H.R. 10 plans), 1 33 individual retirement accounts, Roth individual retirement 1 34 accounts, savings incentive matched plans for employees, 1 35 salary reduction simplified employee pension plans (also known 2 1 as SARSEPs), and similar plans for retirement investments 2 2 authorized in the future under federal law, the exemption for 2 3 contributions shall not exceed, for each tax year of 2 4 contributions, the actual amount of the contribution or two 2 5 thousand dollars, whichever is less. The exemption for 2 6 accumulated earnings and market increases in value of plans 2 7 under this subparagraph shall be limited to an amount 2 8 determined by multiplying all the accumulated earnings and 2 9 market increases in value by a fraction, the numerator of 2 10 which is the total amount of exempt contributions as 2 11 determined by this subparagraph, and the denominator of which 2 12 is the total of exempt and nonexempt contributions to the 2 13 plan. 2 14 For purposes of this paragraph "f", "market increases in 2 15 value" shall include, but shall not be limited to, dividends, 2 16 stock splits, interest, and appreciation. "Contributions" 2 17 means contributions by the debtor and by the debtor's 2 18 employer. 2 19 Sec. 3. EFFECTIVE DATE AND APPLICABILITY. This Act, being 2 20 deemed of immediate importance, takes effect upon enactment, 2 21 and shall apply to all claims of exemption under this section 2 22 made on or after the day of enactment. 2 23 2 24 2 25 2 26 BRENT SIEGRIST 2 27 Speaker of the House 2 28 2 29 2 30 2 31 MARY E. KRAMER 2 32 President of the Senate 2 33 2 34 I hereby certify that this bill originated in the House and 2 35 is known as House File 660, Seventy-eighth General Assembly. 3 1 3 2 3 3 3 4 ELIZABETH ISAACSON 3 5 Chief Clerk of the House 3 6 Approved , 1999 3 7 3 8 3 9 3 10 THOMAS J. VILSACK 3 11 Governor
Text: HF00659 Text: HF00661 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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