2007 Session Laws Chapter 252

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.

Section 2. That § 43-45-17 be amended to read as follows:

43-45-17. For the purposes of §§ 43-45-16 to 43-45-18, inclusive, the term, employee benefit plan, means any plan or arrangement that is subject to the provisions of 29 U.S.C. §§ 1001 through 1461, as amended, and in effect on January 1, ~~2000~~ 2007 , or that is described in § 401, 403(a), 403(b), 408, 408A, or 409 , 414, 457, or 501(a) of the Internal Revenue Code, as amended, and in effect as of January 1, ~~2000~~ 2007 . The term, employee benefit plan, does not include any employee benefit plan that is excluded from application pursuant to 29 U.S.C. § 1003(b)(1), as amended, and in effect as of January 1, ~~2000~~ 2007 .