The proposed bill aims to amend Arkansas Code 16-66-220 to expand the exemptions from the execution of a judgment to include certain savings plans. Specifically, it replaces the term "profit-sharing" with "retirement, and savings" in the definition of exempt plans. The bill introduces a new section that defines a "qualified savings plan," which encompasses various types of accounts and plans that are exempt from attachment, execution, and seizure for debt satisfaction. This includes stock, bonus, pension, annuity, deferred compensation, health savings accounts, and qualified tuition programs, among others, as long as they meet specific federal tax exemption criteria.

Additionally, the bill clarifies that a person's vested or unvested rights to assets in a qualified savings plan are protected from creditors, thereby enhancing the financial security of individuals with such plans. The legislation also specifies that certain contributions and accrued earnings in individual retirement accounts may not be exempt unless they qualify under existing tax laws. Overall, this bill seeks to provide greater protection for individuals' savings and retirement assets from legal judgments.