State of South Dakota
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EIGHTY-SECOND SESSION LEGISLATIVE ASSEMBLY, 2007 |
418N0639 |
SENATE JUDICIARY COMMITTEE ENGROSSED
NO.
SB 202
-
02/05/2007
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Introduced by:
Senator Gray and Representative Lust
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FOR AN ACT ENTITLED, An Act to
increase the exemption from process of certain
retirement benefits.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 43-45-16 be amended to read as follows:
43-45-16. Any person
shall have
has
the right to select and designate a total of
two hundred
fifty thousand
one million
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. This exemption is subject to the right of the State of South Dakota and its
political subdivisions to collect any amounts owed to them. This section permits benefits under
such plan or arrangement to be payable to a spouse, former spouse, child, or other dependent
of a participant in such plan to the extent expressly provided for in a qualified domestic relations
order as defined in 29 U.S.C. § 1056(d) or in § 401(a)(13) of the Internal Revenue Code.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 43-45-16 be amended to read as follows:
43-45-16. Any person