05 LC 18
3917
House
Bill 149
By:
Representatives Franklin of the
43rd,
Scott of the
2nd,
Jacobs of the
80th,
Benfield of the
85th,
Willard of the
49th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
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 for such
an exemption with respect to additional individual retirement account funds or
benefits; to provide an effective date; to repeal conflicting laws; and for
other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
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, is amended by striking subsection (a)
and inserting in its place a new subsection (a) to read as follows:
"(a)
Funds or benefits from a pension or retirement program as defined in 29 U.S.C.
Section 1002(2)(A) or funds or benefits from an individual retirement account as
defined in Section 408
or
408A of the United States Internal Revenue
Code of 1986, as amended, shall be exempt from the process of garnishment until
paid or otherwise transferred to a member of such program or beneficiary
thereof. Such funds or benefits, when paid or otherwise transferred to the
member or beneficiary, shall be exempt from the process of garnishment only to
the extent provided in Code Section 18-4-20 for other disposable earnings,
unless a greater exemption is otherwise provided by
law."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.