Bill > HB1752

This bill amends Arkansas Code § 16-66-220 to expand protections for various types of savings plans from being seized to satisfy debts. Specifically, the bill creates a new category called "qualified savings plans" that are exempt from attachment, execution, and seizure. These plans include a wide range of financial accounts such as health savings accounts, inherited individual retirement accounts, qualified tuition programs (like 529 plans), disability savings accounts, and Coverdell education savings accounts. The exemption applies to both vested and unvested assets in these plans, as long as the plan is either exempt from federal income tax or has tax on the account's interest deferred until benefits are paid out. This expansion builds upon existing protections for traditional retirement and pension plans, offering broader financial security for individuals by protecting a more comprehensive set of savings vehicles from creditors. The bill references specific sections of the Internal Revenue Code as they existed on January 1, 2025, providing a clear reference point for determining which plans qualify for this protection.