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HB 1579 - Garnishment; exempt cert retirement accounts & retirement funds

Brown, Jeff (130th)

Status Summary	HC:	Judy	SC:		FR:	02/23/00	LA:	03/06/00	H - Favorably Reported (Sub)

First Reader Summary

A BILL to amend Code Section 18-4-22 of the Official Code of Georgia Annotated, relating to the exemption of certain pension or retirement funds or benefits from garnishment until certain payment or transfer thereof, so as to provide that individual retirement accounts, individual retirement annuities, accounts established as part of a trust, and certain pension or retirement funds benefits shall be exempt from garnishment; and for other purposes.

HB 1579                                           LC 21 5973S 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Code Section 18-4-22 of the Official Code of 
  1- 2  Georgia Annotated, relating to the exemption of certain 
  1- 3  pension or retirement funds or benefits from garnishment 
  1- 4  until certain payment or transfer thereof, so as to provide 
  1- 5  that individual retirement accounts, individual retirement 
  1- 6  annuities, accounts established as part of a trust, and 
  1- 7  certain pension or retirement funds benefits shall be exempt 
  1- 8  from garnishment; to provide that distributions from such 
  1- 9  accounts shall be so exempt; to repeal conflicting laws; and 
  1-10  for other purposes. 
 
  1-11       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-12                           SECTION 1. 
 
  1-13  Code Section 18-4-22 of the Official Code of Georgia 
  1-14  Annotated, relating to the exemption of certain pension or 
  1-15  retirement funds or benefits from garnishment until certain 
  1-16  payment or transfer thereof, is amended by striking in its 
  1-17  entirety subsection (a) and inserting in lieu thereof the 
  1-18  following: 
 
  1-19    "(a) Individual retirement accounts as described in 
  1-20    Section 408(a), individual retirement annuities as 
  1-21    described in Section 408(b), and accounts established as 
  1-22    part of a trust as described in Section 408(c) of the 
  1-23    Internal Revenue Code, but only in an amount equal to the 
  1-24    maximum amount allowable as a deferral from income 
  1-25    taxation pursuant to 26 U.S.C. Section 408, as well as 
  1-26    Funds funds or benefits from a pension or retirement 
  1-27    program as defined in 29 U.S.C. Section 1002(2)(A) or 
  1-28    funds or benefits from an individual retirement account as 
  1-29    defined in Section 408 of the United States Internal 
  1-30    Revenue Code of 1986, as amended, shall be exempt from the 
  1-31    process of garnishment until paid or otherwise transferred 
  1-32    to a member of such program or beneficiary thereof. Such 
  1-33    funds or benefits, when paid or otherwise transferred to 
  1-34    the member or beneficiary, shall be exempt from the 
  1-35    process of garnishment only to the extent provided in Code 
 
 
                                 -1- 
 
 
 
  2- 1    Section 18-4-20 for other disposable earnings, unless a 
  2- 2    greater exemption is otherwise provided by law." 
 
  2- 3                           SECTION 2. 
 
  2- 4  All laws and parts of laws in conflict with this Act are 
  2- 5  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 -2-