Public Chapter 303
SENATE BILL NO. 765
Substituted for: House Bill No. 1064
By Chumney, Brooks
AN ACTTo amend Tennessee Code Annotated, Title 8, Chapter 36 and Title 26, Chapter 2, relative to exemptions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Title 8, Chapter 35, Part 4, is amended by adding the following as a new section to be appropriately designated:
8-35-4___. Any optional retirement program established pursuant to this part shall honor claims under a qualified domestic relations order. For purposes of this section, the term "qualified domestic relations order" has the same meaning ascribed to it in § 414(p) of the federal Internal Revenue Code of 1986, as amended; provided, however, such order may only relate to the provision of marital property rights for the benefit of the former spouse of the optional retirement program participant.
SECTION 2. Tennessee Code Annotated, Section 26-2-104(c), is amended by adding the following new sentence at the end thereof:
Notwithstanding any provision of this subsection to the contrary, an optional retirement program established pursuant to Title 8, Chapter 35, Part 4, shall honor claims under a qualified domestic relations order provided such order complies with the provisions of Section 1 of this act.
SECTION 3. This act shall take effect on July 1, 1997, the public welfare requiring it.