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2009 SESSION

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HB 2229 Retirement plan; no person acting as trustee or custodian with respect thereto may exercise setoff.

Introduced by: Dave W. Marsden | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Exemption from creditor process for retirement benefits.  Prohibits a person acting as a trustee or custodian with respect to an individual retirement account or other exempt retirement plan from exercising setoff against the retirement plan except to the extent permitted under federal law.

SUMMARY AS INTRODUCED:

Exemption from creditor process for retirement benefits.  Prohibits a person acting as a trustee or custodian with respect to an individual retirement account or other exempt retirement plan from exercising setoff against the retirement plan except to the extent permitted under federal law.  The measure also provides that an exemption for a retirement benefit may not be waived, and any attempted waiver is null and void.