456.014. Trust for benefit of employees--spendthrift trust, when--exempt from certain attachments, exception. - Missouri Statutes

Trust for benefit of employees--spendthrift trust, when--exemptfrom certain attachments, exception.

456.014. A trust created as part of a stock bonus plan, nonpublicpension plan, disability or death benefit plan, profit-sharing plan, orretirement plan, for the exclusive benefit of employees to whichcontributions are made by an employer, or participant, or both, for thepurpose of distributing to such participant the earnings or the principal,or both earnings and principal of the fund so held in trust, shall bedeemed to be a spendthrift trust if the plan or trust includes a provisionrestraining the assignment, alienation, or other voluntary or involuntarytransfer of the interest of a participant in the trust. Prior to paymentor delivery thereof to such participant by the plan trustee, such aninterest of the participant shall be exempt from attachment or executionunder the laws of this state, and such provision restraining theassignment, alienation, or other voluntary or involuntary transfer of theinterest of a participant in the trust shall preclude any creditor of theparticipant from satisfying a claim from the assets or property of such aplan or trust before payment or delivery of such interest to theparticipant by the plan trustee, provided that the interest of any suchparticipant shall be subject to attachment or execution pursuant to aqualified domestic relations order, as defined by Section 414(p) of thefederal Internal Revenue Code, as amended, issued by a court in anyproceeding for dissolution of marriage or legal separation or a proceedingfor disposition of property following dissolution of marriage by a courtwhich lacked personal jurisdiction over the absent spouse or lackedjurisdiction to dispose of marital property at the time of the originaljudgment of dissolution.

(L. 1992 S.B. 447, A.L. 2004 H.B. 1511 § 456.015)

*Transferred 2004; formerly 456.072