By: Carona S.B. No. 1810
A BILL TO BE ENTITLED
AN ACT
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.