South Carolina General Assembly
119th Session, 2011-2012

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Indicates Matter Stricken
Indicates New Matter

H. 3881

STATUS INFORMATION

General Bill
Sponsors: Reps. Stringer and Bannister
Document Path: l:\council\bills\nbd\11402ahb11.docx
Companion/Similar bill(s): 271

Introduced in the House on March 9, 2011
Currently residing in the House Committee on Judiciary

Summary: Retirement accounts

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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    3/9/2011  House   Introduced and read first time (House Journal-page 9)
    3/9/2011  House   Referred to Committee on Judiciary (House Journal-page 9)
    3/9/2011  House   Member(s) request name added as sponsor: Bannister

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

3/9/2011

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY EXEMPT FROM ATTACHMENT, LEVY, AND SALE, SO AS TO DELETE THE LIMITATION ON THE EXEMPTION FOR INDIVIDUAL RETIREMENT ACCOUNTS THAT PROVIDED FOR THE EXEMPTION ONLY TO THE EXTENT REASONABLY NECESSARY FOR THE SUPPORT OF THE DEBTOR OR HIS DEPENDENTS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 15-41-30(A)(13) of the 1976 Code, as last amended by Act 225 of 2008, is further amended to read:

"(13)    The debtor's right to receive individual retirement accounts as described in Sections 408(a) and 408A of the Internal Revenue Code, individual retirement annuities as described in Section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the individual retirement account or other plan. For purposes of this item, 'Internal Revenue Code' has the meaning provided in Section 12-6-40(A)."

SECTION    2.    This act takes effect upon approval by the Governor.

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