Bill Text: FL S0702 | 2021 | Regular Session | Comm Sub


Bill Title: Individual Retirement Accounts

Spectrum: Bipartisan Bill

Status: (Failed) 2021-04-30 - Died in Messages [S0702 Detail]

Download: Florida-2021-S0702-Comm_Sub.html
       Florida Senate - 2021                              CS for SB 702
       
       
        
       By the Committee on Judiciary; and Senator Thurston
       
       
       
       
       
       590-02341-21                                           2021702c1
    1                        A bill to be entitled                      
    2         An act relating to individual retirement accounts;
    3         amending s. 222.21, F.S.; specifying that certain
    4         interests received by a transferee after a divorce are
    5         exempt from claims of creditors upon being awarded to
    6         or received by the transferee; specifying that such
    7         interests remain exempt; providing retroactive
    8         applicability; providing an effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Paragraph (c) of subsection (2) of section
   13  222.21, Florida Statutes, is amended to read:
   14         222.21 Exemption of pension money and certain tax-exempt
   15  funds or accounts from legal processes.—
   16         (2)
   17         (c) Any money or other assets or any interest in any fund
   18  or account that is exempt from claims of creditors of the owner,
   19  beneficiary, or participant under paragraph (a) does not cease
   20  to be exempt after the owner’s death by reason of a direct
   21  transfer or eligible rollover that is excluded from gross income
   22  under the Internal Revenue Code of 1986, including, but not
   23  limited to, a direct transfer or eligible rollover to an
   24  inherited individual retirement account as defined in s.
   25  408(d)(3) of the Internal Revenue Code of 1986, as amended. An
   26  interest in any fund or account awarded or received in a
   27  transfer incident to divorce described in s. 408(d)(6) of the
   28  Internal Revenue Code of 1986, as amended, is exempt upon the
   29  interest being awarded or received and continues to be exempt
   30  thereafter. This paragraph is intended to clarify existing law,
   31  is remedial in nature, and shall have retroactive application to
   32  all inherited individual retirement accounts and to each
   33  transfer incident to divorce without regard to the date an
   34  account was created or the transfer was made.
   35         Section 2. This act shall take effect upon becoming a law.

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