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AL SB424
Bill
AI Summary
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Amends Section 19-3B-508 of the Code of Alabama 1975 to add Roth IRAs under Section 408A of the Internal Revenue Code to the definition of "qualified trust."
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Roth IRAs will now receive the same protections as other qualified trusts, including exemption from assignment or alienation (voluntary or involuntary) and exemption from bankruptcy or insolvency laws under 11 U.S.C. § 522(b).
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Defines "qualified trust" to include various retirement plans and accounts including retirement annuities, Section 403(b) annuities, individual retirement plans, governmental plans, church plans, and employee stock ownership plans, plus Roth IRAs.
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Does not apply to the Employees' Retirement System of Alabama, Teachers' Retirement System of Alabama, or the Judicial Retirement Fund of Alabama.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Retirement accounts, Uniform Probate Code, Roth Individual Retirement Accounts, included as qualified trust for purposes of limitation on assignment and alienation, Sec. 19-3B-508 am'd.
Property, Real and Personal
Last Action
Pending third reading on day 28 Favorable from Financial Services
5/31/2011