Florida Senate - 2021                                     SB 702
       
       
        
       By Senator Thurston
       
       
       
       
       
       33-00380-21                                            2021702__
    1                        A bill to be entitled                      
    2         An act relating to individual retirement accounts;
    3         amending s. 222.21, F.S.; specifying that interests in
    4         certain individual retirement funds or accounts which
    5         are exempt from creditor claims continue to be exempt
    6         after certain transfers incident to divorce; providing
    7         retroactive applicability; providing an effective
    8         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. Any
   26  interest in any fund or account received in a transfer incident
   27  to divorce as described in s. 408(d)(6) of the Internal Revenue
   28  Code of 1986, as amended, continues to be exempt after the
   29  transfer. This paragraph is intended to clarify existing law, is
   30  remedial in nature, and shall have retroactive application to
   31  all inherited individual retirement accounts and to all such
   32  transfers incident to divorce without regard to the date an
   33  account was created or the date the transfer was made.
   34         Section 2. This act shall take effect upon becoming a law.