Minnesota Session Laws - 1999, Regular Session

                            CHAPTER 160-S.F.No. 1047 
                  An act relating to creditors' remedies; providing that 
                  Roth IRAs will be treated identically to other 
                  retirement accounts; amending Minnesota Statutes 1998, 
                  section 550.37, subdivision 24. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 1998, section 550.37, 
        subdivision 24, is amended to read: 
           Subd. 24.  [EMPLOYEE BENEFITS.] (a) 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, Roth IRA, 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.  
           (b) The exemptions in paragraph (a) do not apply when the 
        debt is owed under a support order as defined in section 518.54, 
        subdivision 4a. 
           Sec. 2.  [EFFECTIVE DATE.] 
           Section 1 is effective the day following final enactment. 
           Presented to the governor May 11, 1999 
           Signed by the governor May 13, 1999, 1:28 p.m.