Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Judiciary and Hawaiian Affairs, to which was referred H.B. No. 477, H.D. 1, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to exempt Roth individual retirement accounts from attachment or seizure.

Testimony in support of this measure was submitted by a State Representative.

Your Committee finds that individual retirement accounts are currently exempt from attachment or seizure, but an ambiguity exists as to whether this exemption extends to Roth individual retirement accounts. This measure provides clarity on this issue by including Roth individual retirement accounts within the exemption from attachment or seizure.

As affirmed by the record of votes of the members of your Committee on Judiciary and Hawaiian Affairs that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 477, H.D. 1, S.D. 1, and recommends that it pass Third Reading.