Bill Text: TX SB1810 | 2011-2012 | 82nd Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the exemption of certain retirement accounts from access by creditors.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2011-06-17 - Effective immediately [SB1810 Detail]
Download: Texas-2011-SB1810-Introduced.html
Bill Title: Relating to the exemption of certain retirement accounts from access by creditors.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2011-06-17 - Effective immediately [SB1810 Detail]
Download: Texas-2011-SB1810-Introduced.html
By: Carona | S.B. No. 1810 | |
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relating to the exemption of certain retirement accounts from | ||
access by creditors. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subsection (a), Section 42.0021, Property Code, | ||
is amended to read as follows: | ||
(a) In addition to the exemption prescribed by Section | ||
42.001, a person's right to the assets held in or to receive | ||
payments, whether vested or not and whether or not obtained through | ||
inheritance, devise, or bequest, under any stock bonus, pension, | ||
profit-sharing, or similar plan, including a retirement plan for | ||
self-employed individuals, and under any annuity or similar | ||
contract purchased with assets distributed from that type of plan, | ||
and under any retirement annuity or account described by Section | ||
403(b) or 408A of the Internal Revenue Code of 1986, and under any | ||
individual retirement account or any individual retirement | ||
annuity, including a simplified employee pension plan, and under | ||
any health savings account described by Section 223 of the Internal | ||
Revenue Code of 1986, is exempt from attachment, execution, and | ||
seizure for the satisfaction of debts unless the plan, contract, or | ||
account does not qualify under the contract is also exempt unless | ||
the plan or contract does not qualify under the definition of a | ||
government or church plan under the applicable provisions of the | ||
federal Employee Retirement Income Security Act of 1974. If this | ||
subsection is held invalid or preempted by federal law in whole or | ||
in part or in certain circumstances, the subsection remains in | ||
effect in all other respects to the maximum extent permitted by law. |