Text: HF02368 Text: HF02370 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.39, Code 1999, is amended to read 1 2 as follows: 1 3 97B.39 RIGHTS NOT TRANSFERABLE OR SUBJECT TO LEGAL PROCESS 1 4 EXCEPTIONS. 1 5 The right of any person to any future payment under this 1 6 chapter is not transferable or assignable, at law or in 1 7 equity, and the moneys paid or payable or rights existing 1 8 under this chapter are not subject to execution, levy, 1 9 attachment, garnishment, or other legal process, or to the 1 10 operation of any bankruptcy or insolvency law except for the 1 11 purposes of enforcing child, spousal, or medical support 1 12 obligations or marital property orders. For the purposes of 1 13 enforcing child, spousal, or medical support obligations, the 1 14 garnishment or attachment of or the execution against 1 15 compensation due a person under this chapter shall not exceed 1 16 the amount specified in 15 U.S.C. } 1673(b). The department 1 17 shall comply with the provisions of a marital property order 1 18 requiring the selection of a particular benefit option, 1 19 designated beneficiary, or contingent annuitant if the 1 20 selection is otherwise authorized by this chapter and the 1 21 member has not received payment of the member's first 1 22 retirement allowance. However, a marital property order shall 1 23 not require the payment of benefits to an alternative payee 1 24 prior to the member's retirement, prior to the date the member 1 25 elects to receive a lump sum distribution of accumulated 1 26 contributions pursuant to section 97B.53, or in an amount that 1 27 exceeds the benefits the member would otherwise be eligible to 1 28 receive pursuant to this chapter. In addition, a valid 1 29 marital property order for the purposes of this section shall 1 30 provide for the payment of an amount from the member, once the 1 31 member retires, based upon a percentage of the benefit the 1 32 member would be eligible to receive as of the date of the 1 33 order if the member retired as of that date. 1 34 EXPLANATION 1 35 This bill provides for the requirements of a valid marital 2 1 property order under the Iowa public employees' retirement 2 2 system. The bill provides that a marital property order shall 2 3 determine the amount payable by a member pursuant to the 2 4 order, upon the member's retirement, based upon a percentage 2 5 of the benefit the member would receive if the member retired 2 6 as of the date of the marital property order. 2 7 LSB 6273YH 78 2 8 ec/cf/24
Text: HF02368 Text: HF02370 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 2000 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Mar 1 03:35:35 CST 2000
URL: /DOCS/GA/78GA/Legislation/HF/02300/HF02369/000222.html
jhf