Page 18

Title 7: SNAP Page 15 Iowa Department of Health and Human Services Employees’ Manual Chapter D: Resources Excluded Resources Revised September 27, 2024 Retirement Accounts Retirement Accounts (Cont.) ▪ 457(b) plans ▪ Iowa Public Employees Retirement System (IPERS)

When a person withdraws funds from an excluded pension plan or retirement account, the money is income in the month it is received. Pets and Property Used for the Pet 7 CFR 273.8(e)(2) Exclude the value of pets and property used for the pet, such as saddles, bridles, or leashes. Prorated Income 7 CFR 273.8(e)(9) Do not count prorated income as a resource in any of the months for which it was prorated. See 7-I for more information on prorated income of people who are self- employed. Property Producing Income Consistent With Fair Market Value 7 CFR 273.8(e)(4) Exclude the value of property, such as rental property, that produces income consistent with its fair market value. This is true even when the property produces the income on a seasonal basis. “Producing income consistent with fair market value” means the gross income received is similar to like properties in the area. For example, monthly rental amounts are generally similar in the same area for similar living quarters.

If the property does not produce income consistent with its fair market value, count the equity value toward the resource limit, unless the property could be exempt under another policy. Also, see 7-I, Self-Employed Households. Property Sold Under Installment Contract 7 CFR 273.8(e)(6) Exclude property that has been sold under an installment contract. Also, see Nonliquid Assets Under Lien. Property Necessary to Maintain Excluded Vehicles 7 CFR 273.8(e)(16) Exclude property necessary to maintain an excluded vehicle, as listed. Exclude only that portion of real property directly used for maintenance. For example, when part of a piece of land is used for storage or repair of the vehicle, exclude only that part, not the entire piece of land. This exclusion applies only to property necessary to maintain a vehicle used for one of the following purposes:

▪ To produce income for more than 50 percent of the time it is used.