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. C11L42BIL/19970S0898B0971 - 2 -