South Carolina General Assembly
122nd Session, 2017-2018

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Indicates Matter Stricken
Indicates New Matter

H. 4002

STATUS INFORMATION

General Bill
Sponsors: Reps. B. Newton and Atwater
Document Path: l:\council\bills\nl\13670sd17.docx
Companion/Similar bill(s): 3176, 3413

Introduced in the House on March 15, 2017
Currently residing in the House Committee on Ways and Means

Summary: Retirement accounts

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   3/15/2017  House   Introduced and read first time (House Journal-page 9)
   3/15/2017  House   Referred to Committee on Ways and Means 
                        (House Journal-page 9)
   3/23/2017  House   Member(s) request name added as sponsor: Atwater

View the latest legislative information at the website

VERSIONS OF THIS BILL

3/15/2017

(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 AN INDIVIDUAL RETIREMENT ACCOUNT BEING EXEMPT FROM ATTACHMENT, LEVY, AND SALE, SO AS TO DELETE THE PROVISION THAT THE EXEMPTION APPLIES ONLY TO THE EXTENT THAT IS PERMITTED IN SECTION 522(d) OF THE FEDERAL BANKRUPTCY CODE.

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 153 of 2012, 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. 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). The interest of an individual under a retirement plan shall be exempt from creditor process to the same extent permitted in Section 522(d) under federal bankruptcy law and is an exception to Section 15-41-35. The exemption provided by this section shall be available whether such individual has an interest in the retirement plan as a participant, beneficiary, contingent annuitant, alternate payee, or otherwise."

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

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This web page was last updated on March 23, 2017 at 12:14 PM