Loading chat...
AL HB94
Bill
Status
5/9/2012
Primary Sponsor
Ronald Johnson
Click for details
AI Summary
-
Amends Section 19-3B-508 of the Code of Alabama 1975 to include Roth Individual Retirement Accounts (Roth IRAs) as qualified trusts under the definition of "qualified trust."
-
Benefits under qualified trusts cannot be assigned or alienated voluntarily or involuntarily and are exempt from bankruptcy and insolvency laws under 11 U.S.C. § 522(b).
-
Expands the definition of "qualified trust" to encompass Roth IRAs defined under Internal Revenue Code Section 408A, in addition to existing qualified plans, retirement annuities, and governmental plans.
-
Provides that the section does not apply to the Employees' Retirement System of Alabama, Teachers' Retirement System of Alabama, and the Judicial Retirement Fund of Alabama.
-
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
Delivered to Governor at 11:45 a. m. on May 9, 2012.
5/9/2012