Retirement plan; no person acting as trustee or custodian with respect thereto may exercise setoff. (HB2229)

Introduced By

Sen. Dave Marsden (D-Burke)

Progress

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 Introduced
X
 Passed Committee
√
 Passed House
☐
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

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. Amends § 34-34 (“Certain retirement benefits exempt.”), of the Code of Virginia. View Full Text »

Status

02/23/2009: Failed to Pass in Committee
View Bill's History