Amend the Senate amendment, H-8388, to House File 609, as passed by the House, as follows:
   1.  Page 1, after line 4 by inserting: 
   <___.  Page 1, after line 4 by inserting: 
   <Sec. ___.  Section 557.7, Code 2011, is amended to read as follows:
   557.7  Contingent remainders.
   A
 
Except as provided in section 558.68A, a contingent remainder shall take effect, notwithstanding any determination of the particular estate, in the same manner in which it would have taken effect if it had been an executory devise or a springing or shifting use, and shall, as well as such limitations, be subject to the rule respecting remoteness known as the rule against perpetuities, exclusive of any other supposed rule respecting limitations to successive generations or double possibilities.
   Sec. ___.  NEW SECTION.  558.68A  Exception to rule against perpetuities.
   1.  Notwithstanding section 558.68, a rule of law against perpetuities, a suspension of the power of alienation of the title to property, or a law restricting or limiting the duration of trusts shall not apply with respect to any interest in real or personal property held in trust if the instrument creating the trust specifically states that such rule or the provisions of section 558.68 shall not apply to the trust and if either the trustee of the trust has unlimited power to sell all trust assets or if one or more persons, one of whom may be the trustee, has unlimited power to terminate the entire trust.
   2.  A trust of real or personal property created by an employer as part of a stock bonus plan, pension plan, disability or death benefit plan, or profit sharing plan, for the benefit of some or all the employer’s employees, to which contributions are made by the employer or employees, or both, for the purposes of distributing to the employees or their beneficiaries the earnings or the principal, or both, of such trust is not invalid as violating the rule against perpetuities or any other law restricting or limiting the duration of trusts; but the trust may continue for the time that is necessary to accomplish the purposes for which it was created.
   3.  Subsection 1 shall be effective for interests in real or personal property in trust created by an inter vivos or testamentary trust or will executed on or after July 1, 2012, or pursuant to the exercise of a general power of appointment created on or after July 1, 2012. For the purposes of this subsection, “general power of appointment” means a power that is exercisable in favor of the individual possessing the power, the person’s estate, the person’s creditors, or the creditors of the person’s estate.>>
   2.  Page 5, line 36, after <including> by inserting <trusts of real or personal property,>
   3.  By renumbering as necessary.