Text: HSB00005 Text: HSB00007 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 627.6, subsection 8, paragraph a, Code 1 2 1999, is amended to read as follows: 1 3 a. A social security benefit, unemployment compensation, 1 4 ora localany public assistance benefit. 1 5 Sec. 2. Section 627.6, subsection 8, Code 1999, is amended 1 6 by adding the following new paragraph: 1 7 NEW PARAGRAPH. f. All contributions to and assets in the 1 8 following list of plans or contracts and the accumulated 1 9 earnings, and market increases in value, therefrom: 1 10 simplified employee pension plans, self-employed pension 1 11 plans, Keogh plans, individual retirement accounts, Roth 1 12 individual retirement accounts, and similar plans for 1 13 retirement investments in the future authorized under federal 1 14 law. However, contributions to a plan shall not be exempt to 1 15 the extent that the contributions for the twenty-four-month 1 16 period prior to the date the exemption is claimed or execution 1 17 is issued exceed ten thousand dollars in the aggregate over 1 18 and above the average contributions that had been made to the 1 19 plan or plans by the debtor or the debtor's employer or both 1 20 in the five tax years ending prior to the twenty-four-month 1 21 period before the date the exemption is claimed or the 1 22 execution is issued. The exception to the exemption in this 1 23 paragraph for contributions within the twenty-four-month 1 24 period prior to the date the exemption is claimed or execution 1 25 is issued shall not include the interest and any accumulation 1 26 on that interest in any new plans or contracts that are used 1 27 to replace prior plans, contracts, or policies that would have 1 28 been excludable from a bankruptcy estate or that the debtor 1 29 could have claimed exempt from execution at the time of the 1 30 transfer. For purposes of this paragraph, market increases in 1 31 value shall include, but not be limited to, dividends, stock 1 32 splits, interest, and appreciation. 1 33 EXPLANATION 1 34 Present law provides that a resident debtor may hold exempt 1 35 from execution the debtor's rights in a local public 2 1 assistance benefit. The bill amends this exemption to 2 2 eliminate the adjective "local," thus making exempt the 2 3 debtor's rights in any public assistance benefit. 2 4 The bill also makes exempt from execution certain 2 5 retirement benefits. However, the exemption does not include 2 6 contributions to a plan within the 24 months prior to the date 2 7 of exemption or execution if such contributions exceed $10,000 2 8 in the aggregate over and above average contributions made to 2 9 the plan in the five tax years prior to the 24-month period. 2 10 LSB 1029YC 78 2 11 jj/jl/8
Text: HSB00005 Text: HSB00007 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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