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An Act To Protect Individual Retirement Accounts from Creditor Collection
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 14 MRSA §4422, sub-§13, ¶F, as enacted by PL 2001, c. 306, §5, is amended to read:
 
F. A payment or account under an individual retirement account or similar plan or contract on account of illness, disability, death, age or length of service to the sum of $15,000 or to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, whichever is greater.
 
SUMMARY
In the laws regarding exemption from attachment, pension assets are exempted from attachment by creditors to the extent reasonably necessary to the support of a debtor and any dependents; a similar exemption for assets in individual retirement accounts is capped at $15,000. This bill removes the cap on the amount exempted from attachment by creditors for an individual retirement account.