FOR AN ACT ENTITLED, An Act  to revise the property exempt from attachment or mesne process, sale on execution, and any other final process issued by any court.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That chapter 43-45 be amended by adding thereto a NEW SECTION to read as follows:

     The Legislature of the State of South Dakota hereby declares that this Act is for the purpose of absolutely exempting certain retirement benefits in a reasonable amount from all process, levy, or sale pursuant to the South Dakota Constitution, Article XXI, §  4. The Legislature hereby finds this Act is necessary to insure that a debtor enjoys the comforts and necessities of life during retirement years.
     Section  2.  That chapter 43-45 be amended by adding thereto a NEW SECTION to read as follows:

     Any person shall have the right to select and designate a total of two hundred fifty thousand dollars and the income and distributions therefrom from the employee's benefit plans as exempt from execution, attachment, garnishment, seizure, or taking by any legal process. The exemption provided in this section is in addition to any other exemptions provided by federal

law.
     Section  3.  That chapter 43-45 be amended by adding thereto a NEW SECTION to read as follows:

     For the purposes of this Act, the term, employee benefit plan, means any plan or arrangement that is subject to the provisions of the 29 U.S.C. sections 1001 through 1461, as amended, and in effect on January 1, 1997, or that is described in sections 401(a), 403(a), 403(b), 408, or 409 of the Internal Revenue Code, as amended, and in effect as of January 1, 1997. The term, employee benefit plan, does not include any employee benefit plan that is excluded from application pursuant to 29 U.S.C. section 1003(b)(1), as amended, and in effect as of January 1, 1997.
     Section  4.  In the event that any court of South Dakota finds the exemption provided in section 2 of this Act is excessive, the court is hereby directed to determine the amount of the exemption permissible under the South Dakota Constitution, Article XXI, §  4.

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BILL HISTORY
1/29/97 First read in Senate and referred to Taxation.   S.J.   216
2/12/97 Scheduled for Committee hearing on this date.
2/12/97 Deferred to another day.   S.J.   406
2/14/97 Scheduled for Committee hearing on this date.
2/15/97 Scheduled for Committee hearing on this date.
2/15/97 Taxation Do Pass Amended, AYES 8, NAYS 1.   S.J.   477