HF 701

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to exemptions; conforming employee benefit 
  1.3             exemptions to judicial interpretation; amending 
  1.4             Minnesota Statutes 1996, section 550.37, subdivision 
  1.5             24. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 550.37, 
  1.8   subdivision 24, is amended to read: 
  1.9      Subd. 24.  [EMPLOYEE BENEFITS.] The debtor's right to 
  1.10  receive present or future payments, or payments received by the 
  1.11  debtor, under a stock bonus, pension, profit sharing, annuity, 
  1.12  individual retirement account, individual retirement annuity, 
  1.13  simplified employee pension, or similar plan or contract on 
  1.14  account of illness, disability, death, age, or length of service:
  1.15     (1) to the extent the plan or contract is described in 
  1.16  section 401(a), 403, 408, or 457 of the Internal Revenue Code of 
  1.17  1986, as amended, or payments under the plan or contract are or 
  1.18  will be rolled over as provided in section 402(a)(5), 403(b)(8), 
  1.19  or 408(d)(3) of the Internal Revenue Code of 1986, as amended 
  1.20  governed by the Employment Retirement Income Security Act, 
  1.21  United States Code, title 29, section 1056(d)(1), as amended; or 
  1.22     (2) to the extent of the debtor's aggregate interest under 
  1.23  all plans and contracts up to a present value of $30,000 and 
  1.24  additional amounts under all the plans and contracts to the 
  1.25  extent reasonably necessary for the support of the debtor and 
  2.1   any spouse or dependent of the debtor.