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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