PRINTER'S NO. 1170
No. 1048 Session of 1997
INTRODUCED BY J. TAYLOR, KENNEY, ARMSTRONG, YOUNGBLOOD,
MAITLAND, WALKO, SATHER, FARGO, GIGLIOTTI, BEBKO-JONES,
FICHTER, MANDERINO, MELIO, FAIRCHILD, PESCI, ITKIN, SHANER,
CORRIGAN, OLASZ, COY, LAWLESS, CURRY, STABACK, JOSEPHS,
L. I. COHEN, JAMES, CORNELL, LYNCH, BROWNE, RAMOS, MICHLOVIC,
TRELLO, LAUGHLIN, STEELMAN, ROONEY, CAWLEY, DeLUCA, PHILLIPS,
STERN, BELFANTI, KELLER, THOMAS, A. H. WILLIAMS, RAYMOND AND
ROSS, MARCH 25, 1997
REFERRED TO COMMITTEE ON JUDICIARY, MARCH 25, 1997
AN ACT
1 Amending Title 42 (Judiciary and Judicial Procedure) of the
2 Pennsylvania Consolidated Statutes, further providing for the
3 exemption from attachment of retirement funds and accounts.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Section 8124(b)(1)(ix) of Title 42 of the
7 Pennsylvania Consolidated Statutes is amended to read:
8 § 8124. Exemption of particular property.
9 * * *
10 (b) Retirement funds and accounts.--
11 (1) Except as provided in paragraph (2), the following
12 money or other property of the judgment debtor shall be
13 exempt from attachment or execution on a judgment:
14 * * *
15 (ix) Any retirement or annuity fund provided for
1 under section 401(a), 403(a) and (b), 408 or 409 of the
2 Internal Revenue Code of 1986 (Public Law 99-514, 26
3 U.S.C. § 401(a), 403(a) and (b), 408 or 409), the
4 appreciation thereon, the income therefrom [and], the
5 benefits or annuity payable thereunder and transfers and
6 rollovers between such funds. This subparagraph shall not
7 apply to:
8 (A) Amounts contributed by the debtor to the
9 retirement or annuity fund within one year before the
10 debtor filed for bankruptcy. This shall not include
11 amounts directly rolled over from other funds which
12 are exempt from attachment under this subparagraph.
13 (B) Amounts contributed by the debtor to the
14 retirement or annuity fund in excess of $15,000
15 within a one-year period. This shall not include
16 amounts directly rolled over from other funds which
17 are exempt from attachment under this subparagraph.
18 (C) Amounts deemed to be fraudulent conveyances.
19 * * *
20 Section 2. This act shall take effect immediately.
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