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735 ILCS 5/12-1006
(735 ILCS 5/12-1006) (from Ch. 110, par. 12-1006)
Sec. 12-1006.
Exemption for retirement plans.
(a) A debtor's interest in or right, whether vested or not, to the
assets held in or to receive pensions, annuities, benefits, distributions,
refunds of contributions, or other payments under a retirement plan is
exempt from judgment, attachment, execution, distress for rent, and seizure
for the satisfaction of debts if the plan (i) is intended in good faith to
qualify as a retirement plan under applicable provisions of the Internal
Revenue Code of 1986, as now or hereafter amended, or (ii) is a public
employee pension plan created under the Illinois Pension Code, as now or
hereafter amended.
(b) "Retirement plan" includes the following:
(1) a stock bonus, pension, profit sharing, annuity, | | or similar plan or arrangement, including a retirement plan for self-employed individuals or a simplified employee pension plan;
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(2) a government or church retirement plan or
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(3) an individual retirement annuity or individual
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(4) a public employee pension plan created under the
| | Illinois Pension Code, as now or hereafter amended.
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(c) A retirement plan that is (i) intended in good faith to qualify as a
retirement plan under the applicable provisions of the Internal Revenue
Code of 1986, as now or hereafter amended, or (ii) a public employee
pension plan created under the Illinois Pension Code, as now or hereafter
amended, is conclusively presumed to be a spendthrift trust under the law
of Illinois.
(d) This Section applies to interests in retirement plans held by
debtors subject to bankruptcy, judicial, administrative or other
proceedings pending on or filed after August 30, 1989.
(Source: P.A. 86-393; 86-1329.)
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