Exempts retirement accounts established by not-for-profit corporations from application to the satisfaction of money judgments for bankruptcy.

New York Assembly Bill A00737 amends the civil practice law and rules to exempt certain retirement accounts from being applied to satisfy money judgments in bankruptcy cases. Specifically, it ensures that retirement accounts established by not-for-profit corporations are considered trusts created by someone other than the judgment debtor, even if the debtor is involved with the account. This change applies to individual retirement accounts, Keogh plans, and other qualified retirement plans under the Internal Revenue Code.

Exempts retirement accounts established by not-for-profit corporations from application to the satisfaction of money judgments for bankruptcy.

New York Assembly Bill A00737 amends the civil practice law and rules to exempt certain retirement accounts from being applied to satisfy money judgments in bankruptcy cases. Specifically, it ensures that retirement accounts established by not-for-profit corporations are considered trusts created by someone other than the judgment debtor, even if the debtor is involved with the account. This change applies to individual retirement accounts, Keogh plans, and other qualified retirement plans under the Internal Revenue Code.