12 2 STA T . 11 0 0 PUBLIC LA W 110 – 2 34—M A Y 22 , 200 8childun d er2y e a r sof a g e and $175p er m on t h for each other dependent ,’ ’ .SEC.410 4. A SSE TIND E X ATI O N , ED U CATION, AND R ETIRE M ENT ACCOUNTS. ( a )ADJUSTINGCO UNT ABLER ESOU RC ES F OR I NFLATION. —S ection (5)(g) of the F ood and N utrition Act of 2 0 0 8 (7 U .S.C. 201 4 (g)) is amended— (1) b y stri k ing ‘ ‘(g)(1) T he Secretary’’ and inserting the follo w ing
‘‘(g) ALLO W ABLE FINANCIAL RESOURCES.— ‘‘(1) TOTAL A M OUNT.— ‘‘(A) IN GENERAL.—The Secretary’’. (2) in subparagraph (A) (as so designated by paragraph (1))— (A) by inserting ‘‘(as ad j usted in accordance with subparagraph ( B ))’’ after ‘‘$2,000’’
and (B) by inserting ‘‘(as adjusted in accordance with subparagraph (B))’’ after ‘‘$ 3 ,000’’; and (3) by adding at the end the following: ‘‘(B) ADJUSTMENT FOR INFLATION.— ‘‘(i) IN GENERAL.—Beginning on O ctober 1, 2008, and each October 1 thereafter, the amounts specified in subparagraph (A) shall be adjusted and rounded down to the nearest $250 increment to reflect changes for the 12 - month period ending the preceding J une in the Consumer P rice Inde x for All Urban Consumers published by the Bureau of L abor Statistics of the D epartment of Labor. ‘‘(ii) RE Q UIREMENT.— E ach adjustment under clause (i) shall be based on the unrounded amount for the prior 12-month period.’’. (b) E X CLUSION OF RETIREMENT ACCOUNTS FROM ALLOWABLE FINANCIAL RESOURCES.— (1) IN GENERAL.—Section 5(g)(2)(B)( v ) of the Food and Nutrition Act of 2008 (7 U.S.C. 2014(g)(2)(B)(v)) is amended by striking ‘‘or retirement account (including an individual account)’’ and inserting ‘‘account’’. (2) M ANDATOR Y AND DISCRETIONARY EXCLUSIONS.—Section 5(g) of the Food and Nutrition Act of 2008 (7 U.S.C. 2014(g)) is amended by adding at the end the following: ‘‘(7) EXCLUSION OF RETIREMENT ACCOUNTS FROM ALLOWABLE FINANCIAL RESOURCES.— ‘‘(A) MANDATORY EXCLUSIONS.—The Secretary shall exclude from financial resources under this subsection the value of— ‘‘(i) any funds in a plan, contract, or account, described in sections 401(a), 403(a), 403(b), 408, 408A, 457(b), and 501(c)(18) of the Internal Revenue Code of1 9 8 6 and the value of funds in a Federal Thrift Savings Plan account as provided in section 8439 of title 5, United States Code; and ‘‘(ii) 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. Ef f ectiv e da te .
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