Text: SF00051 Text: SF00053 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 97B.39, Code 2003, 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 division
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. A marital property order is
1 29 valid for the purposes of this section if the order provides
1 30 for the payment of an amount from the member, once the member
1 31 retires, based upon a percentage of the benefit the member
1 32 would be eligible to receive as of the date of the order if
1 33 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 1502XS 80
2 8 ec/pj/5
2 9
Text: SF00051 Text: SF00053 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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