                                 CODE OF VIRGINIA

CERTAIN RETIREMENT BENEFITS EXEMPT (§ 34-34)

A. For the purposes of this section:
			&#8220;Alternate payee&#8221; shall have the same meaning as provided under
&#xA7; 206 of the Employee Retirement Income Security Act of 1974 (ERISA). In
the case of a retirement plan that is not subject to ERISA, the term
&#8220;alternate payee&#8221; means an individual who has an interest in a
retirement plan pursuant to a judgment, decree, or order, including approval of
a property settlement agreement, that would be described in &#xA7; 206(d)(3)(B)
of ERISA if the retirement plan were subject to ERISA.
			&#8220;Annual benefit&#8221; means an amount payable as an annuity for the
lifetime of the individual who claims the exemption provided under this section,
assuming that annuity payments will commence upon the individual&#8217;s
attainment of age sixty-five or, if the individual attained age sixty-five on or
before the exemption provided under this section is claimed, the
individual&#8217;s age on the date that the exemption is claimed.
			&#8220;Retirement plan&#8221; means a plan, account, or arrangement that is
intended to satisfy the requirements of United States Internal Revenue Code
&#xA7;&#xA7; 401, 403 (a), 403 (b), 408, 408 A, 409 (as in effect prior to
repeal by United States P.L. 98-369), or &#xA7; 457. Whether a plan, account, or
arrangement is intended to satisfy the requirements of one of the foregoing
provisions shall be determined based on all of the relevant facts and
circumstances including, but not limited to, the issuance of a favorable
determination letter by the United States Internal Revenue Service, reports or
returns filed with United States or state agencies, and communications from the
plan sponsor to participants.

B. Except as otherwise provided in this section, the interest of an individual
under a retirement plan shall be exempt from creditor process to the same extent
permitted under federal bankruptcy law for such a plan. The exemption provided
by this section shall be available whether such individual has 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 made
against an individual by the alternate payee of such individual or to claims
made against such individual by the Commonwealth in administrative actions
pursuant to Chapter 19 (&#xA7; 63.2-1900 et seq.) of Title 63.2 or any court
process to enforce a child or child and spousal support obligation.

D. If two individuals who are married or were married are entitled to claim the
exemption provided under subsection B of an interest under the same retirement
plan or plans and such individuals are jointly subject to creditor process as to
the same debt or obligation and the debt or obligation arose during the
marriage, then the exemption provided under subsection B as to such debts or
obligations shall not exceed, in the aggregate, the exemption permitted under
federal bankruptcy law for such a plan. The exemption permitted under federal
bankruptcy law shall be allocated among such persons in the same proportion as
their respective interests in the retirement plan or plans.

E. The exemption provided under this section must be claimed within the time
limits prescribed by &#xA7; 34-17.

HISTORY: 1990, c. 425; 1992, c. 716; 1996, c. 330; 1999, cc. 766, 796; 2005, c.
284; 2007, c. 302.