Sec. 3. Limited exclusion from resources of certain deferred compensation and education savings arrangements
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Section 1613 of the Social Security Act ( 42 U.S.C. 1382b ) is amended— in subsection (a)— in paragraph (16), by striking and at the end; in paragraph (17), by striking the period and inserting a semicolon; and by inserting after paragraph
(17)the following: if the individual is not described in section 1611(e)(1)(B) of this Act, the value of any assets in a plan, contract, or account, annuity, or trust described in section 401(a), 403(a), 403(b), 408, 408A, 414(d), 457(b), or 501(c)(18) of the Internal Revenue Code of 1986, any retirement program or account included in any successor or similar provision that may be enacted and determined to be exempt from tax under the Internal Revenue Code of 1986, and any other retirement plan, contract, account, annuity, or trust, as determined in the sole discretion of the Commissioner, except that if the individual has attained 65 years of age, the total amount excluded under this paragraph shall not exceed— $54,000 (or, if greater, the amount determined under subsection
(f)of this section) if the individual does not have an eligible spouse; or $80,750 (or, if greater, the amount determined under such subsection (f)) if the individual has an eligible spouse; and if the individual has not attained 65 years of age, the value of— any funds in a qualified tuition program (as defined in section 529 of the Internal Revenue Code of 1986) or in a Coverdell education savings account (as defined in section 530 of such Code); any other education program, contract, or account, as determined in the sole discretion of the Commissioner; and any individual development account established pursuant to the Assets for Independence Act or section 333B of the Consolidated Farm and Rural Development Act, or under an individual development account program funded and administered by a Federal or State agency or by an organization described in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code, as determined in the sole discretion of the Commissioner. ; and by adding at the end the following: Whenever dollar amounts in effect under paragraphs (1)(A) and (2)(A) of section 1611(a) are increased by a percentage under section 1617, each of the dollar amounts in effect under subsection (a)(18) of this section shall be increased by the same percentage, and rounded to the closest multiple of $100. Each adjustment under paragraph
(1)shall be based on the unrounded amount for the prior 12-month period. .
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Sec. 3
Limited exclusion from resources of certain deferred compensation and education savings arrangements
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