Text: SF02118 Text: SF02120 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 627.6, subsection 8, paragraph f, 1 2 subparagraph (3), Code Supplement 1999, is amended to read as 1 3 follows: 1 4 (3) For simplified employee pension plans, self-employed 1 5 pension plans, Keogh plans (also known as H.R. 10 plans), 1 6 individual retirement accounts, Roth individual retirement 1 7 accounts, savings incentive matched plans for employees, 1 8 salary reduction simplified employee pension plans (also known 1 9 as SARSEPs), and similar plans for retirement investments 1 10 authorized in the future under federal law, the exemption for 1 11 contributions shall not exceed, for each tax year of 1 12 contributions, the actual amount of the contribution or two 1 13 thousand dollars, whichever is less. The exemption for 1 14 accumulated earnings and market increases in value of plans 1 15 under this subparagraph shall be limited to an amount 1 16 determined by multiplying all the accumulated earnings and 1 17 market increases in value by a fraction, the numerator of 1 18 which is the total amount of exempt contributions as 1 19 determined by this subparagraph, and the denominator of which 1 20 is the total of exempt and nonexempt contributions to the 1 21 plan. However, in computing the amount of contributions and 1 22 accumulated earnings and market increases in value which are 1 23 exempt under this subparagraph, the total amount of the 1 24 contributions and the accumulated earnings and market 1 25 increases in value which are transferred from plans described 1 26 in subparagraph (1) to a plan described in this subparagraph 1 27 are entirely exempt. 1 28 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act, 1 29 being deemed of immediate importance, takes effect upon 1 30 enactment and applies retroactively to May 17, 1999, for 1 31 claims for exemption under section 627.6, subsection 8. 1 32 EXPLANATION 1 33 This bill amends the section of the Code that lists the 1 34 amount of contributions to and accumulated increases in value 1 35 of certain retirement plans which are exempt from the payment 2 1 of obligations of a debtor. The amendment specifies that the 2 2 amount of the contributions and accumulated increases in value 2 3 of a federal Employee Retirement Income Security Act qualified 2 4 retirement plan which is transferred to a specific retirement 2 5 plan are totally exempt. These other retirement plans include 2 6 Keogh plans, Roth and regular individual retirement accounts 2 7 (IRAs), simplified employee pension plans, and salary 2 8 reduction simplified employee pension plans. 2 9 The bill takes effect upon enactment and applies 2 10 retroactively to May 17, 1999, which is when the exemption for 2 11 retirement plans was enacted. 2 12 LSB 6190XS 78 2 13 mg/as/5
Text: SF02118 Text: SF02120 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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