PRINTER'S NO. 971
No. 898 Session of 1997
INTRODUCED BY GREENLEAF, APRIL 14, 1997
REFERRED TO JUDICIARY, APRIL 14, 1997
AN ACT
1 Amending Title 42 (Judiciary and Judicial Procedure) of the
2 Pennsylvania Consolidated Statutes, further providing for
3 retirement funds and accounts exempt from attachment or
4 execution on a judgment.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. Section 8124(b)(1)(ix) of Title 42 of the
8 Pennsylvania Consolidated Statutes is amended to read:
9 § 8124. Exemption of particular property.
10 * * *
11 (b) Retirement funds and accounts.--
12 (1) Except as provided in paragraph (2), the following
13 money or other property of the judgment debtor shall be
14 exempt from attachment or execution on a judgment:
15 * * *
16 (ix) Any retirement or annuity fund provided for
17 under section 401(a), 403(a) and (b), 408 or 409 of the
18 Internal Revenue Code of 1986 (Public Law 99-514, 26
1 U.S.C. § 401(a), 403(a) and (b), 408 or 409), the
2 appreciation thereon, the income therefrom and the
3 benefits or annuity payable thereunder. This subparagraph
4 shall not apply to:
5 (A) Amounts contributed by the debtor to the
6 retirement or annuity fund within one year before the
7 debtor filed for bankruptcy.
8 (B) Amounts contributed by the debtor to the
9 retirement or annuity fund in excess of $15,000
10 within a one-year period.
11 (C) Amounts deemed to be fraudulent conveyances.
12 For the purposes of this subparagraph, the phrase
13 "contributed by the debtor" shall not include amounts
14 from an Internal Revenue Code of 1986 qualified employee
15 benefit plan or annuity fund which are deposited or
16 rolled over into a retirement fund described in section
17 408 of the Internal Revenue Code of 1986 by or for the
18 benefit of the debtor.
19 * * *
20 Section 2. This act shall take effect in 60 days.
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