language to be deleted (2) new language
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.
Official Publication of the State of Minnesota
Revisor of Statutes