Minnesota Session Laws - 1989, Regular Session

  

                         Laws of Minnesota 1989 

                        CHAPTER 284-H.F.No. 761 
           An act relating to judgments; providing a reasonable 
          exemption for employee benefits; amending Minnesota 
          Statutes 1988, section 550.37, subdivision 24.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
     Section 1.  Minnesota Statutes 1988, section 550.37, 
subdivision 24, is amended to read: 
    Subd. 24.  [EMPLOYEE BENEFITS.] The debtor's right to 
receive present or future payments, or payments received by the 
debtor, under a stock bonus, pension, profit sharing, annuity, 
individual retirement account, individual retirement annuity, 
simplified employee pension, or similar plan or contract on 
account of illness, disability, death, age, or length of 
service.: 
    (1) to the extent the plan or contract is described in 
section 401(a), 403, 408, or 457 of the Internal Revenue Code of 
1986, as amended, or payments under the plan or contract are or 
will be rolled over as provided in section 402(a)(5), 403(b)(8), 
or 408(d)(3) of the Internal Revenue Code of 1986, as amended; 
or 
    (2) to the extent of the debtor's aggregate interest under 
all plans and contracts up to a present value of $30,000 and 
additional amounts under all the plans and contracts to the 
extent reasonably necessary for the support of the debtor and 
any spouse or dependent of the debtor.  
    Sec. 2.  [EFFECTIVE DATE.] 
    Section 1 is effective the day following final enactment 
and applies retroactively to April 12, 1988. 
    Presented to the governor May 30, 1989 
    Signed by the governor June 1, 1989, 11:35 p.m.