"Alternate payee" shall have the same meaning as provided under § 206 ofthe Employee Retirement Income Security Act of 1974 (ERISA). In the case of aretirement plan that is not subject to ERISA, the term "alternate payee"means an individual who has an interest in a retirement plan pursuant to ajudgment, decree, or order, including approval of a property settlementagreement, that would be described in § 206 (d) (3) (B) of ERISA if theretirement plan were subject to ERISA.
"Annual benefit" means an amount payable as an annuity for the lifetime ofthe individual who claims the exemption provided under this section, assumingthat annuity payments will commence upon the individual's attainment of agesixty-five or, if the individual attained age sixty-five on or before theexemption provided under this section is claimed, the individual's age on thedate that the exemption is claimed.
"Retirement plan" means a plan, account, or arrangement that is intended tosatisfy the requirements of United States Internal Revenue Code §§ 401, 403(a), 403 (b), 408, 408 A, 409 (as in effect prior to repeal by United StatesP.L. 98-369), or § 457. Whether a plan, account, or arrangement is intendedto satisfy the requirements of one of the foregoing provisions shall bedetermined based on all of the relevant facts and circumstances including,but not limited to, the issuance of a favorable determination letter by theUnited States Internal Revenue Service, reports or returns filed with UnitedStates or state agencies, and communications from the plan sponsor toparticipants.
B. Except as otherwise provided in this section, the interest of anindividual under a retirement plan shall be exempt from creditor process tothe same extent permitted under federal bankruptcy law for such a plan. Theexemption provided by this section shall be available whether such individualhas an interest in the retirement plan as a participant, beneficiary,contingent annuitant, alternate payee, or otherwise.
C. The exemption provided under subsection B shall not apply to claims madeagainst an individual by the alternate payee of such individual or to claimsmade against such individual by the Commonwealth in administrative actionspursuant to Chapter 19 (§ 63.2-1900 et seq.) of Title 63.2 or any courtprocess to enforce a child or child and spousal support obligation.
D. If two individuals who are married or were married are entitled to claimthe exemption provided under subsection B of an interest under the sameretirement plan or plans and such individuals are jointly subject to creditorprocess as to the same debt or obligation and the debt or obligation aroseduring the marriage, then the exemption provided under subsection B as tosuch debts or obligations shall not exceed, in the aggregate, the exemptionpermitted under federal bankruptcy law for such a plan. The exemptionpermitted under federal bankruptcy law shall be allocated among such personsin the same proportion as their respective interests in the retirement planor plans.
E. The exemption provided under this section must be claimed within the timelimits prescribed by § 34-17.
(1990, c. 425; 1992, c. 716; 1996, c. 330; 1999, cc. 766, 796; 2005, c. 284;2007, c. 302.)
"Alternate payee" shall have the same meaning as provided under § 206 ofthe Employee Retirement Income Security Act of 1974 (ERISA). In the case of aretirement plan that is not subject to ERISA, the term "alternate payee"means an individual who has an interest in a retirement plan pursuant to ajudgment, decree, or order, including approval of a property settlementagreement, that would be described in § 206 (d) (3) (B) of ERISA if theretirement plan were subject to ERISA.
"Annual benefit" means an amount payable as an annuity for the lifetime ofthe individual who claims the exemption provided under this section, assumingthat annuity payments will commence upon the individual's attainment of agesixty-five or, if the individual attained age sixty-five on or before theexemption provided under this section is claimed, the individual's age on thedate that the exemption is claimed.
"Retirement plan" means a plan, account, or arrangement that is intended tosatisfy the requirements of United States Internal Revenue Code §§ 401, 403(a), 403 (b), 408, 408 A, 409 (as in effect prior to repeal by United StatesP.L. 98-369), or § 457. Whether a plan, account, or arrangement is intendedto satisfy the requirements of one of the foregoing provisions shall bedetermined based on all of the relevant facts and circumstances including,but not limited to, the issuance of a favorable determination letter by theUnited States Internal Revenue Service, reports or returns filed with UnitedStates or state agencies, and communications from the plan sponsor toparticipants.
B. Except as otherwise provided in this section, the interest of anindividual under a retirement plan shall be exempt from creditor process tothe same extent permitted under federal bankruptcy law for such a plan. Theexemption provided by this section shall be available whether such individualhas an interest in the retirement plan as a participant, beneficiary,contingent annuitant, alternate payee, or otherwise.
C. The exemption provided under subsection B shall not apply to claims madeagainst an individual by the alternate payee of such individual or to claimsmade against such individual by the Commonwealth in administrative actionspursuant to Chapter 19 (§ 63.2-1900 et seq.) of Title 63.2 or any courtprocess to enforce a child or child and spousal support obligation.
D. If two individuals who are married or were married are entitled to claimthe exemption provided under subsection B of an interest under the sameretirement plan or plans and such individuals are jointly subject to creditorprocess as to the same debt or obligation and the debt or obligation aroseduring the marriage, then the exemption provided under subsection B as tosuch debts or obligations shall not exceed, in the aggregate, the exemptionpermitted under federal bankruptcy law for such a plan. The exemptionpermitted under federal bankruptcy law shall be allocated among such personsin the same proportion as their respective interests in the retirement planor plans.
E. The exemption provided under this section must be claimed within the timelimits prescribed by § 34-17.
(1990, c. 425; 1992, c. 716; 1996, c. 330; 1999, cc. 766, 796; 2005, c. 284;2007, c. 302.)
"Alternate payee" shall have the same meaning as provided under § 206 ofthe Employee Retirement Income Security Act of 1974 (ERISA). In the case of aretirement plan that is not subject to ERISA, the term "alternate payee"means an individual who has an interest in a retirement plan pursuant to ajudgment, decree, or order, including approval of a property settlementagreement, that would be described in § 206 (d) (3) (B) of ERISA if theretirement plan were subject to ERISA.
"Annual benefit" means an amount payable as an annuity for the lifetime ofthe individual who claims the exemption provided under this section, assumingthat annuity payments will commence upon the individual's attainment of agesixty-five or, if the individual attained age sixty-five on or before theexemption provided under this section is claimed, the individual's age on thedate that the exemption is claimed.
"Retirement plan" means a plan, account, or arrangement that is intended tosatisfy the requirements of United States Internal Revenue Code §§ 401, 403(a), 403 (b), 408, 408 A, 409 (as in effect prior to repeal by United StatesP.L. 98-369), or § 457. Whether a plan, account, or arrangement is intendedto satisfy the requirements of one of the foregoing provisions shall bedetermined based on all of the relevant facts and circumstances including,but not limited to, the issuance of a favorable determination letter by theUnited States Internal Revenue Service, reports or returns filed with UnitedStates or state agencies, and communications from the plan sponsor toparticipants.
B. Except as otherwise provided in this section, the interest of anindividual under a retirement plan shall be exempt from creditor process tothe same extent permitted under federal bankruptcy law for such a plan. Theexemption provided by this section shall be available whether such individualhas an interest in the retirement plan as a participant, beneficiary,contingent annuitant, alternate payee, or otherwise.
C. The exemption provided under subsection B shall not apply to claims madeagainst an individual by the alternate payee of such individual or to claimsmade against such individual by the Commonwealth in administrative actionspursuant to Chapter 19 (§ 63.2-1900 et seq.) of Title 63.2 or any courtprocess to enforce a child or child and spousal support obligation.
D. If two individuals who are married or were married are entitled to claimthe exemption provided under subsection B of an interest under the sameretirement plan or plans and such individuals are jointly subject to creditorprocess as to the same debt or obligation and the debt or obligation aroseduring the marriage, then the exemption provided under subsection B as tosuch debts or obligations shall not exceed, in the aggregate, the exemptionpermitted under federal bankruptcy law for such a plan. The exemptionpermitted under federal bankruptcy law shall be allocated among such personsin the same proportion as their respective interests in the retirement planor plans.
E. The exemption provided under this section must be claimed within the timelimits prescribed by § 34-17.
(1990, c. 425; 1992, c. 716; 1996, c. 330; 1999, cc. 766, 796; 2005, c. 284;2007, c. 302.)
