HB 1676 1676 - AS INTRODUCED
2016 SESSION
\t16-2100
\t10/05
HOUSE BILL\t1676
AN ACT\trelative to attachments on benefits under the judicial retirement plan.
SPONSORS:\tRep. Brewster, Merr. 21
COMMITTEE:\tJudiciary
-----------------------------------------------------------------
ANALYSIS
\tThis bill allows for the attachment, assignment, or execution on 1/2 of the amount of benefits accruing to a person under the judicial retirement plan.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Explanation:\tMatter added to current law appears in bold italics.
\t\tMatter removed from current law appears [in brackets and struckthrough.]
\t\tMatter which is either (a) all new or (b) repealed and reenacted appears in regular type.
\t16-2100
\t10/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Sixteen
AN ACT\trelative to attachments on benefits under the judicial retirement plan.
Be it Enacted by the Senate and House of Representatives in General Court convened:
\t1 Judicial Retirement Plan; Attachments on Benefits. Amend RSA 100-C:15 to read as follows:
\t100-C:15 Exemption From Taxation and Execution.
\t\tI. The right of a person to any benefit or to any other right accrued or accruing to any person under the provisions of this chapter, and the moneys in the funds created by this chapter, shall be exempted from any state, county, or municipal tax in the state[; shall not be subject to execution, trustee process, attachment or any other process whatsoever, legal or equitable; and shall be unassignable except as provided in paragraph II].
\t\tII. [Notwithstanding any provision of law to the contrary,] The right of a person to any benefit or to any other right accrued or accruing to any person under the provisions of this chapter, and the moneys in the funds created by this chapter shall be subject to assignment, attachment, and execution to the same extent as such rights under private retirement systems, provided that no greater than 1/2 of said benefit may be assigned, attached, or executed upon to satisfy an order of a court.
\t2 Exemption From Attachment; Judicial Plan Removed. Amend RSA 511:2, XIX to read as follows:
\t\tXIX. Subject to the Uniform Fraudulent Transfer Act, RSA 545-A, any interest in a retirement plan or arrangement qualified for tax exemption purposes under present or future acts of Congress except for the judicial retirement plan under RSA 100-C; provided, any transfer or rollover contribution between retirement plans shall not be deemed a transfer which is fraudulent as to a creditor under the Uniform Fraudulent Transfer Act. "Retirement plan or arrangement qualified for tax exemption purposes'' shall include without limitation, trusts, custodial accounts, insurance, annuity contracts, and other properties and rights constituting a part thereof. By way of example and not by limitation, retirement plans or arrangements qualified for tax exemption purposes permitted under present acts of Congress include defined contribution plans and defined benefit plans as defined under the Internal Revenue Code (IRC) except for the judicial retirement plan under RSA 100-C, individual retirement accounts including Roth IRAs and education IRAs, individual retirement annuities, simplified employee pension plans, Keogh plans, IRC section 403(a) annuity plans, IRC section 403(b) annuities, and eligible state deferred compensation plans governed under IRC section 457. This paragraph shall be in addition to and not a limitation of any other provision of New Hampshire law which grants an exemption from attachment or execution and every other species of forced sale for the payment of debts. This paragraph shall be effective for retirement plans and arrangements in existence on, or created after January 1, 1999, but shall apply only to extensions of credit made, and debts arising, after January 1, 1999.
\t3 Effective Date. This act shall take effect January 1, 2017.