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A BILL TO BE ENTITLED
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AN ACT
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relating to the exemption of certain retirement accounts from |
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access by creditors. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (a), Section 42.0021, Property Code, |
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is amended to read as follows: |
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(a) In addition to the exemption prescribed by Section |
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42.001, a person's right to the assets held in or to receive |
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payments, whether vested or not and whether or not obtained through |
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inheritance, devise, or bequest, under any stock bonus, pension, |
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profit-sharing, or similar plan, including a retirement plan for |
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self-employed individuals, and under any annuity or similar |
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contract purchased with assets distributed from that type of plan, |
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and under any retirement annuity or account described by Section |
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403(b) or 408A of the Internal Revenue Code of 1986, and under any |
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individual retirement account or any individual retirement |
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annuity, including a simplified employee pension plan, and under |
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any health savings account described by Section 223 of the Internal |
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Revenue Code of 1986, is exempt from attachment, execution, and |
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seizure for the satisfaction of debts unless the plan, contract, or |
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account does not qualify under the contract is also exempt unless |
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the plan or contract does not qualify under the definition of a |
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government or church plan under the applicable provisions of the |
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federal Employee Retirement Income Security Act of 1974. If this |
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subsection is held invalid or preempted by federal law in whole or |
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in part or in certain circumstances, the subsection remains in |
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effect in all other respects to the maximum extent permitted by law. |