Florida State Bankruptcy Exemptions
Article 10 § 4. Homestead; exemptions
(a) There shall be exempt from forced sale under process of any court, and
no judgment, decree or execution shall be a lien thereon, except for the
payment of taxes and assessments thereon, obligations contracted for the
purchase, improvement or repair thereof, or obligations contracted for house,
field or other labor performed on the realty, the following property owned by a
natural person:
(1) a homestead, if located outside a municipality, to the extent of one
hundred sixty acres of contiguous land and improvements thereon, which shall
not be reduced without the owner's consent by reason of subsequent inclusion in
a municipality; or if located within a municipality, to the extent of one-half
acre of contiguous land, upon which the exemption shall be limited to the
residence of the owner or the owner's family;
(2) personal property to the value of one thousand dollars.
(b) These exemptions shall inure to the surviving spouse or heirs of the owner.
(c) The homestead shall not be subject to devise if the owner is survived by
spouse or minor child, except the homestead may be devised to the owner's
spouse if there be no minor child. The owner of homestead real estate, joined
by the spouse if married, may alienate the homestead by mortgage, sale or gift
and, if married, may by deed transfer the title to an estate by the entirety
with the spouse. If the owner or spouse is incompetent, the method of
alienation or encumbrance shall be as provided by law.
Florida Statutes
§ 222.05. Setting apart leasehold
Any person owning and occupying any dwelling house, including a mobile home
used as a residence, or modular home, on land not his or her own which he or
she may lawfully possess, by lease or otherwise, and claiming such house,
mobile home, or modular home as his or her homestead, shall be entitled to the
exemption of such house, mobile home, or modular home from levy and sale as
aforesaid.
§ 222.11. Exemption of wages from garnishment
(1) As used in this section, the term:
(a) "Earnings" includes compensation paid or payable, in money of a sum
certain, for personal services or labor whether denominated as wages, salary,
commission, or bonus.
(b) "Disposable earnings" means that part of the earnings of any head of family
remaining after the deduction from those earnings of any amounts required by
law to be withheld.
(c) "Head of family" includes any natural person who is providing more than
one-half of the support for a child or other dependent.
(2) (a) All of the disposable earnings of a head of family whose disposable
earnings are less than or equal to $ 500 a week are exempt from attachment or
garnishment.
(b) Disposable earnings of a head of a family, which are greater than $ 500 a
week, may not be attached or garnished unless such person has agreed otherwise
in writing. In no event shall the amount attached or garnished exceed the
amount allowed under the Consumer Credit Protection Act, 15 U.S.C. s. 1673.
(c) Disposable earnings of a person other than a head of family may not be
attached or garnished in excess of the amount allowed under the Consumer Credit
Protection Act, 15 U.S.C. s. 1673.
(3) Earnings that are exempt under subsection (2) and are credited or deposited
in any financial institution are exempt from attachment or garnishment for 6
months after the earnings are received by the financial institution if the
funds can be traced and properly identified as earnings. Commingling of
earnings with other funds does not by itself defeat the ability of a head of
family to trace earnings.
§ 222.13. Life insurance policies; disposition of proceeds
(1) Whenever any person residing in the state shall die leaving insurance on
his or her life, the said insurance shall inure exclusively to the benefit of
the person for whose use and benefit such insurance is designated in the
policy, and the proceeds thereof shall be exempt from the claims of creditors
of the insured unless the insurance policy or a valid assignment thereof
provides otherwise. Notwithstanding the foregoing, whenever the insurance, by
designation or otherwise, is payable to the insured or to the insured's estate
or to his or her executors, administrators, or assigns, the insurance proceeds
shall become a part of the insured's estate for all purposes and shall be
administered by the personal representative of the estate of the insured in
accordance with the probate laws of the state in like manner as other assets of
the insured's estate.
(2) Payments as herein directed shall, in every such case, discharge the insurer
from any further liability under the policy, and the insurer shall in no event
be responsible for, or be required to see to, the application of such payments.
§ 222.14. Exemption of cash surrender value of life insurance policies and
annuity contracts from legal process
The cash surrender values of life insurance policies issued upon the lives of
citizens or residents of the state and the proceeds of annuity contracts issued
to citizens or residents of the state, upon whatever form, shall not in any
case be liable to attachment, garnishment or legal process in favor of any
creditor of the person whose life is so insured or of any creditor of the
person who is the beneficiary of such annuity contract, unless the insurance
policy or annuity contract was effected for the benefit of such creditor.
§ 222.15. Wages or unemployment compensation payments due deceased employee may
be paid spouse or certain relatives
(1) It is lawful for any employer, in case of the death of an employee, to pay
to the wife or husband, and in case there is no wife or husband, then to the
child or children, provided the child or children are over the age of 18 years,
and in case there is no child or children, then to the father or mother, any
wages or travel expenses that may be due such employee at the time of his or
her death.
(2) It is also lawful for the Agency for Workforce Innovation, in case of death
of any unemployed individual, to pay to those persons referred to in subsection
(1) any unemployment compensation payments that may be due to the individual at
the time of his or her death.
§ 222.16. Wages or unemployment compensation payments so paid not subject to
administration
Any wages, travel expenses, or unemployment compensation payments so paid under
the authority of s. 222.15 shall not be considered as assets of the estate and
subject to administration; provided, however, that the travel expenses so
exempted from administration shall not exceed the sum of $ 300.
§ 222.18. Exempting disability income benefits from legal processes
Disability income benefits under any policy or contract of life, health,
accident, or other insurance of whatever form, shall not in any case be liable
to attachment, garnishment, or legal process in the state, in favor of any
creditor or creditors of the recipient of such disability income benefits,
unless such policy or contract of insurance was effected for the benefit of
such creditor or creditors.
§ 222.20. Nonavailability of federal bankruptcy exemptions
In accordance with the provision of s. 522(b) of the Bankruptcy Code of 1978
(11 U.S.C. s. 522(b)), residents of this state shall not be entitled to the
federal exemptions provided in s. 522(d) of the Bankruptcy Code of 1978 (11
U.S.C. s. 522(d)). Nothing herein shall affect the exemptions given to
residents of this state by the State Constitution and the Florida Statutes.
§ 222.201. Availability of federal bankruptcy exemptions
(1) Notwithstanding s. 222.20, an individual debtor under the federal
Bankruptcy Reform Act of 1978 may exempt, in addition to any other exemptions
allowed under state law, any property listed in subsection (d)(10) of s. 522 of
that act.
(2) The provisions of this section apply to any bankruptcy action that is filed
on or after October 1, 1987.
§ 222.21. Exemption of pension money and retirement or profit-sharing benefits
from legal processes
(1) Money received by any debtor as pensioner of the United States within 3
months next preceding the issuing of an execution, attachment, or garnishment
process may not be applied to the payment of the debts of the pensioner when it
is made to appear by the affidavit of the debtor or otherwise that the pension
money is necessary for the maintenance of the debtor's support or a family
supported wholly or in part by the pension money. The filing of the affidavit
by the debtor, or the making of such proof by the debtor, is prima facie
evidence; and it is the duty of the court in which the proceeding is pending to
release all pension moneys held by such attachment or garnishment process,
immediately, upon the filing of such affidavit or the making of such proof.
(2) (a) Except as provided in paragraph (b), any money or other assets payable
to a participant or beneficiary from, or any interest of any participant or
beneficiary in, a retirement or profit-sharing plan that is qualified under s.
401(a), s. 403(a), s. 403(b), s. 408, s. 408A, or s. 409 of the Internal
Revenue Code of 1986, as amended, is exempt from all claims of creditors of the
beneficiary or participant.
(b) Any plan or arrangement described in paragraph (a) is not exempt from the
claims of an alternate payee under a qualified domestic relations order.
However, the interest of any alternate payee under a qualified domestic
relations order is exempt from all claims of any creditor, other than the
Department of Children and Family Services, of the alternate payee. As used in
this paragraph, the terms "alternate payee" and "qualified domestic relations
order" have the meanings ascribed to them in s. 414(p) of the Internal Revenue
Code of 1986.
(c) The provisions of paragraphs (a) and (b) apply to any proceeding that is
filed on or after October 1, 1987.
(2) (a) Except as provided in paragraph (d), any money or other assets payable
to an owner, a participant, or a beneficiary from, or any interest of any
owner, participant, or beneficiary in, a fund or account is exempt from all
claims of creditors of the owner, beneficiary, or participant if the fund or
account is:
1. Maintained in accordance with a master plan, volume submitter plan,
prototype plan, or any other plan or governing instrument that has been
preapproved by the Internal Revenue Service as exempt from taxation under s.
401(a), s. 403(a), s. 403(b), s. 408, s. 408A, s. 409, s. 414, s. 457(b), or s.
501(a) of the Internal Revenue Code of 1986, as amended, unless it has been
subsequently determined that the plan or governing instrument is not exempt
from taxation in a proceeding that has become final and nonappealable;
2. Maintained in accordance with a plan or governing instrument that has been
determined by the Internal Revenue Service to be exempt from taxation under s.
401(a), s. 403(a), s. 403(b), s. 408, s. 408A, s. 409, s. 414, s. 457(b), or s.
501(a) of the Internal Revenue Code of 1986, as amended, unless it has been
subsequently determined that the plan or governing instrument is not exempt
from taxation in a proceeding that has become final and nonappealable; or
3. Not maintained in accordance with a plan or governing instrument described
in subparagraph 1. or 2. if the person claiming exemption under this paragraph
proves by a preponderance of the evidence that the fund or account is
maintained in accordance with a plan or governing instrument that:
a. Is in substantial compliance with the applicable requirements for tax
exemption under s. 401(a), s. 403(a), s. 403(b), s. 408, s. 408A, s. 409, s.
414, s. 457(b), or s. 501(a) of the Internal Revenue Code of 1986, as amended;
or
b. Would have been in substantial compliance with the applicable requirements
for tax exemption under s. 401(a), s. 403(a), s. 403(b), s. 408, s. 408A, s.
409, s. 414, s. 457(b), or s. 501(a) of the Internal Revenue Code of 1986, as
amended, but for the negligent or wrongful conduct of a person or persons other
than the person who is claiming the exemption under this section.
(b) It is not necessary that a fund or account that is described in paragraph
(a) be maintained in accordance with a plan or governing instrument that is
covered by any part of the Employee Retirement Income Security Act for money or
assets payable from or any interest in that fund or account to be exempt from
claims of creditors under that paragraph.
(c) Any money or other assets that are exempt from claims of creditors under
paragraph (a) do not cease to qualify for exemption by reason of a direct
transfer or eligible rollover that is excluded from gross income under s.
402(c) of the Internal Revenue Code of 1986.
(d) Any fund or account described in paragraph (a) is not exempt from the
claims of an alternate payee under a qualified domestic relations order.
However, the interest of any alternate payee under a qualified domestic
relations order is exempt from all claims of any creditor, other than the
Department of Revenue, of the alternate payee. As used in this paragraph, the
terms "alternate payee" and "qualified domestic relations order" have the
meanings ascribed to them in s. 414(p) of the Internal Revenue Code of 1986.
(e) This subsection applies to any proceeding that is filed on or after the
effective date of this act.
§ 222.22. Exemption of assets in qualified tuition programs, medical savings
accounts, and Coverdell education savings accounts from legal process
(1) Moneys paid into or out of, the assets of, and the income of any validly
existing qualified tuition program authorized by s. 529 of the Internal Revenue
Code of 1986, as amended, including, but not limited to, the Florida Prepaid
College Trust Fund advance payment contracts under s. 1009.98 and Florida
Prepaid College Trust Fund participation agreements under s. 1009.981, are not
liable to attachment, levy, garnishment, or legal process in the state in favor
of any creditor of or claimant against any program participant, purchaser,
owner or contributor, or program beneficiary.
(2) Moneys paid into or out of, the assets of, and the income of a health
savings account or medical savings account authorized under ss. 220 and 223 of
the Internal Revenue Code of 1986, as amended, are not liable to attachment,
levy, garnishment, or legal process in this state in favor of any creditor of
or claimant against any account participant, purchaser, owner or contributor,
or account beneficiary.
(3) Moneys paid into or out of, the assets of, and the
income of any Coverdell education savings account, also known as an educational
IRA, established or existing in accordance with s. 530 of the Internal Revenue
Code of 1986, as amended, are not liable to attachment, levy, garnishment, or
legal process in this state in favor of any creditor of or claimant against any
account participant, purchaser, owner or contributor, or account beneficiary.
(4) (a) Moneys paid into or out of the assets of and the income of any
hurricane savings account established by an insurance policyholder for
residential property in this state equal to twice the deductible sum of such
insurance to cover an insurance deductible or other uninsured portion of the
risks of loss from a hurricane, rising flood waters, or other catastrophic
windstorm event are not liable to attachment, levy, garnishment, or legal
process in this state in favor of any creditor of or claimant against any
account participant, purchaser, owner or contributor, or account beneficiary.
(b) As used in this subsection, the term "hurricane savings account" means an
account established by the owner of residential real estate in this state,
which meets the requirements of homestead exemption under s. 4, Art. X of the
State Constitution, who specifies that the purpose of the account is to cover
the amount of insurance deductibles and other uninsured portions of risks of
loss from hurricanes, rising flood waters, or other catastrophic windstorm
events.
(c) This subsection shall take effect only when the federal government provides
tax-exempt or tax-deferred status to a hurricane savings account, disaster
savings account, or other similar account created to cover an insurance
deductible or other uninsured portion of the risks of loss from a hurricane,
rising flood waters, or other catastrophic windstorm event.
§ 222.25. Other individual property exempt from legal process
The following property is exempt from attachment, garnishment, or other legal
process:
(1) A debtor's interest, not to exceed $ 1,000 in value, in a single motor
vehicle as defined in s. 320.01.
(2) A debtor's interest in any professionally prescribed health aids for the
debtor or a dependent of the debtor.
(3) A debtor's interest in a refund or a credit received or to be received, or
the traceable deposits in a financial institution of a debtor's interest in a
refund or credit, pursuant to s. 32 of the Internal Revenue Code of 1986, as
amended. This exemption does not apply to a debt owed for child support or
spousal support.
§ 440.22. Assignment and exemption from claims of creditors
No assignment, release, or commutation of compensation or benefits due or
payable under this chapter except as provided by this chapter shall be valid,
and such compensation and benefits shall be exempt from all claims of
creditors, and from levy, execution and attachments or other remedy for
recovery or collection of a debt, which exemption may not be waived. However,
the exemption of workers' compensation claims from creditors does not extend to
claims based on an award of child support or alimony.
§ 443.051. Benefits not alienable; exception, child support intercept
(1) DEFINITIONS. --As used in this section:
(a) "Unemployment compensation" means any compensation payable under state law,
including amounts payable pursuant to an agreement under any federal law
providing for compensation, assistance, or allowances for unemployment.
(b) "Support obligations" includes only those obligations that are being
enforced under a plan described in s. 454 of the Social Security Act which has
been approved by the Secretary of Health and Human Services under Part D of
Title IV of the Social Security Act.
(2) BENEFITS NOT ALIENABLE. --Except as provided in subsection (3), benefits due
under this chapter may not be assigned, pledged, encumbered, released, or
commuted and, except as otherwise provided in this chapter, are exempt from all
claims of creditors and from levy, execution, or attachment, or other remedy
for recovery or collection of a debt, which exemption may not be waived.
(3) EXCEPTION, SUPPORT INTERCEPT.
(a) Each individual filing a new claim for unemployment compensation must
disclose at the time of filing the claim whether she or he owes support
obligations that are being enforced by the Department of Revenue. If an
applicant discloses that she or he owes support obligations and she or he is
determined to be eligible for unemployment compensation benefits, the Agency
for Workforce Innovation shall notify the Department of Revenue if the
department is enforcing the support obligation. The Department of Revenue
shall, at least biweekly, provide the Agency for Workforce Innovation with a
magnetic tape or other electronic data file disclosing the individuals who owe
support obligations and the amount of any legally required deductions.
(b) The Agency for Workforce Innovation shall deduct and withhold from any
unemployment compensation otherwise payable to an individual disclosed under
paragraph (a) who owes support obligations:
1. The amount determined under an agreement submitted to the Agency for
Workforce Innovation under s. 454(19)(B)(i) of the Social Security Act by the
Department of Revenue;
2. The amount required to be deducted and withheld from unemployment
compensation through legal process as defined in s. 459 of the Social Security
Act; or
3. The amount otherwise specified by the individual to the Agency for Workforce
Innovation to be deducted and withheld under this section.
(c) The Agency for Workforce Innovation shall pay any amount deducted and
withheld under paragraph (b) to the Department of Revenue.
(d) Any amount deducted and withheld under this subsection shall for all
purposes be treated as if it were paid to the individual as unemployment
compensation and paid by the individual to the Department of Revenue for
support obligations.
(e) The Department of Revenue shall reimburse the Agency for Workforce
Innovation for the administrative costs incurred by the agency under this
subsection which are attributable to support obligations being enforced by the
department.
§ 632.619. Benefits not attachable
No money or other benefit, charity, relief, or aid to be paid, provided, or
rendered by any society, shall be subject to attachment, garnishment, or other
process, nor seized, taken, appropriated, or applied by any legal or equitable
process or operation of law to pay any debt or liability of a member or
beneficiary, or any other person who may have a right thereunder, either before
or after payment by the society.
§ 185.25. Exemption from tax and execution
For any municipality, chapter plan, local law municipality, or local law plan
under this chapter, the pensions, annuities, or any other benefits accrued or
accruing to any person under any municipality, chapter plan, local law
municipality, or local law plan under the provisions of this chapter and the
accumulated contributions and the cash securities in the funds created under
this chapter are exempted from any state, county, or municipal tax of the state
and shall not be subject to execution or attachment or to any legal process
whatsoever and shall be unassignable.
§ 175.241. Exemption from tax and execution
For any municipality, special fire control district, chapter plan, local law
municipality, local law special fire control district, or local law plan under
this chapter, the pensions, annuities, or other benefits accrued or accruing to
any person under any chapter plan or local law plan under the provisions of
this chapter and the accumulated contributions and the cash securities in the
funds created under this chapter are hereby exempted from any state, county, or
municipal tax and shall not be subject to execution or attachment or to any
legal process whatsoever, and shall be unassignable.
§ 238.15. Exemption of funds from taxation, execution, and assignment
The pensions, annuities or any other benefits accrued or accruing to any person
under the provisions of this chapter and the accumulated contributions and cash
securities in the funds created under this chapter are exempted from any state,
county or municipal tax of the state, and shall not be subject to execution or
attachment or to any legal process whatsoever, and shall be unassignable,
except:
(1) That any teacher who has retired shall have the right and power to
authorize in writing the Department of Management Services to deduct from his
or her monthly retirement allowance money for the payment of the premiums on
group insurance for hospital, medical and surgical benefits, under a plan or
plans for such benefits approved in writing by the Chief Financial Officer, and
upon receipt of such request the department shall make the monthly payments as
directed; and
(2) As may be otherwise specifically provided for in this chapter.
§ 121.131. Benefits exempt from taxes and execution
The benefits accrued to any person under the provisions of this chapter and the
accumulated contributions, securities, or other investments in the trust funds
hereby created are exempt from any state, county, or municipal tax of the state
and shall not be subject to assignment, execution, or attachment or to any
legal process whatsoever.
§ 122.15. Benefits exempt from taxes and execution
(1) The pensions, annuities, or any other benefits accrued or accruing to any
person under the provisions of this chapter and the accumulated contributions
and the cash securities in the funds created under this chapter are hereby
exempted from any state, county or municipal tax of the state and shall not be
subject to execution or attachment or to any legal process whatsoever and shall
be unassignable.
(2) This subsection shall have no effect upon this section except that the
department may, upon written request from the retired member, deduct premiums
for group hospitalization insurance from the retirement benefit paid such
retired member.
§ 769.05. Proceeds of recovery for injuries exempt from garnishment and execution
Writs of garnishment, execution or other processes, shall not issue out of any
court to reach any money due or likely to become due as damages under the
provisions of this chapter.
§ 112.215. Government employees; deferred compensation program
(1) This section shall be known and may be cited as the "Government Employees'
Deferred Compensation Plan Act."
(2) For the purposes of this section, the term "employee" means any person,
whether appointed, elected, or under contract, providing services for the
state; any state agency or county or other political subdivision of the state;
any municipality; any state university board of trustees; or any constitutional
county officer under s. 1(d), Art. VIII of the State Constitution for which
compensation or statutory fees are paid.
(3) In accordance with a plan of deferred compensation which has been approved
as herein provided, the state or any state agency, county, municipality, other
political subdivision, or constitutional county officer may, by contract or a
collective bargaining agreement, agree with any employee to defer all or any
portion of that employee's otherwise payable compensation and, pursuant to the
terms of such approved plan and in such proportions as may be designated or
directed under that plan, place such deferred compensation in savings accounts
or use the same to purchase fixed or variable life insurance or annuity
contracts, securities, evidence of indebtedness, or such other investment
products as may have been approved for the purposes of carrying out the
objectives of such plan. Such insurance, annuity, savings, or investment
products shall be underwritten and offered in compliance with the applicable
federal and state laws and regulations by persons who are duly authorized by
applicable state and federal authorities.
(4) (a) The Chief Financial Officer, with the approval of the State Board of
Administration, shall establish such plan or plans of deferred compensation for
state employees, including all such investment vehicles or products incident
thereto, as may be available through, or offered by, qualified companies or
persons, and may approve one or more such plans for implementation by and on
behalf of the state and its agencies and employees.
(b) If the Chief Financial Officer deems it advisable, he or she shall have the
power, with the approval of the State Board of Administration, to create a
trust or other special funds for the segregation of funds or assets resulting
from compensation deferred at the request of employees of the state or its
agencies and for the administration of such program.
(c) The Chief Financial Officer, with the approval of the State Board of
Administration, may delegate responsibility for administration of the plan to a
person the Chief Financial Officer determines to be qualified, compensate such
person, and, directly or through such person or pursuant to a collective
bargaining agreement, contract with a private corporation or institution to
provide such services as may be part of any such plan or as may be deemed
necessary or proper by the Chief Financial Officer or such person, including,
but not limited to, providing consolidated billing, individual and collective
recordkeeping and accountings, asset purchase, control, and safekeeping, and
direct disbursement of funds to employees or other beneficiaries. The Chief
Financial Officer may authorize a person, private corporation, or institution
to make direct disbursement of funds under the plan to an employee or other
beneficiary.
(d) In accordance with such approved plan, and upon contract or agreement with
an eligible employee, deferrals of compensation may be accomplished by payroll
deductions made by the appropriate officer or officers of the state, with such
funds being thereafter held and administered in accordance with the plan.
(e) The administrative costs of the deferred compensation plan must be wholly
or partially self-funded. Fees for such self-funding of the plan shall be paid
by investment providers and may be recouped from their respective plan
participants. Such fees shall be deposited in the Deferred Compensation Trust
Fund.
(5) Any county, municipality, or other political subdivision of the state may by
ordinance, and any constitutional county officer under s. 1(d), Art. VIII of
the State Constitution of 1968 may by contract agreement or other documentation
constituting approval, adopt and establish for itself and its employees a
deferred compensation program. The ordinance shall designate an appropriate
official of the county, municipality, or political subdivision to approve and
administer a deferred compensation plan or otherwise provide for such approval
and administration. The ordinance shall also designate a public official or
body to make the determinations provided for in paragraph (6)(b). If a
constitutional county officer elects to adopt and establish for that office and
its employees a deferred compensation program, the constitutional county
officer shall be the appropriate official to make the determinations provided
for in this subsection and in paragraph (6)(b).
(6) (a) No deferred compensation plan of the state shall become effective until
approved by the State Board of Administration and the Chief Financial Officer
is satisfied by opinion from such federal agency or agencies as may be deemed
necessary that the compensation deferred thereunder and/or the investment
products purchased pursuant to the plan will not be included in the employee's
taxable income under federal or state law until it is actually received by such
employee under the terms of the plan, and that such compensation will
nonetheless be deemed compensation at the time of deferral for the purposes of
social security coverage, for the purposes of the state retirement system, and
for any other retirement, pension, or benefit program established by law.
(b) No deferred compensation plan of a county, municipality, other political
subdivision, or constitutional county officer shall become effective until the
appropriate official or body designated under subsection (5) is satisfied by
opinion from such federal agency or agencies as may be deemed necessary that
the compensation deferred thereunder and/or the investment products purchased
pursuant to the plan will not be included in the employee's taxable income
under federal or state law until it is actually received by such employee under
the terms of the plan, and that such compensation will nonetheless be deemed
compensation at the time of deferral for the purposes of social security
coverage, for the purposes of the retirement system of the appropriate county,
municipality, political subdivision, or constitutional county officer, and for
any other retirement, pension, or benefit program established by law.
(7) The deferred compensation programs authorized by this section, and any plan
approved and adopted as herein provided, shall exist and serve in addition to
any other retirement, pension, or benefit systems established by the state or
its agencies, counties, municipalities, other political subdivisions, or
constitutional county officers and shall not supersede, make inoperative, or
reduce any benefits provided by the Florida Retirement System or by another
retirement, pension, or benefit program established by law. All records
identifying individual participants in any plan under this section and their
personal account activities shall be confidential and are exempt from the
provisions of s. 119.07(1).
(8) (a) There is created a Deferred Compensation Advisory Council composed of
seven members.
1. One member shall be appointed by the Speaker of the House of Representatives
and the President of the Senate jointly and shall be an employee of the
legislative branch.
2. One member shall be appointed by the Chief Justice of the Supreme Court and
shall be an employee of the judicial branch.
3. One member shall be appointed by the chair of the Public Employees Relations
Commission and shall be a nonexempt public employee.
4. The remaining four members shall be employed by the executive branch and
shall be appointed as follows:
a. One member shall be appointed by the Chancellor of the State University
System and shall be an employee of the university system.
b. One member shall be appointed by the Chief Financial Officer and shall be an
employee of the Chief Financial Officer.
c. One member shall be appointed by the Governor and shall be an employee of
the executive branch.
d. One member shall be appointed by the Executive Director of the State Board
of Administration and shall be an employee of the State Board of
Administration.
(b) Each member shall serve for a term of 4 years from the date of appointment,
except that a vacancy shall be filled by appointment for the remainder of the
term.
(c) Members shall elect a chair annually.
(d) The council shall meet at the call of its chair, at the request of a
majority of its membership, or at the request of the Chief Financial Officer,
but not less than twice a year. The business of the council shall be presented
to the council in the form of an agenda. The agenda shall be set by the Chief
Financial Officer and shall include items of business requested by the council
members.
(e) A majority of the members shall constitute a quorum, and action by a
majority of a quorum shall be official.
(f) The council shall make a report of each meeting to the Chief Financial
Officer, which shall show the names of the members present and shall include a
record of its discussions, recommendations, and actions taken. The Chief
Financial Officer shall keep the records of the proceedings of each meeting on
file and shall make the records available to any interested person or group.
(g) Members of the council shall serve without compensation but shall be
entitled to receive reimbursement for per diem and travel expenses as provided
in s. 112.061.
(h) The advisory council shall provide assistance and recommendations to the
Chief Financial Officer relating to the provisions of the plan, the insurance
or investment options to be offered under the plan, and any other contracts or
appointments deemed necessary by the council and the Chief Financial Officer to
carry out the provisions of this act. The Chief Financial Officer shall inform
the council of the manner in which each council recommendation is being
addressed. The Chief Financial Officer shall provide the council, at least
annually, a report on the status of the deferred compensation program,
including, but not limited to, information on participant enrollment, amount of
compensation deferred, total plan assets, product provider performance, and
participant satisfaction with the program.
(9) The purchase of any insurance contract or annuity or the investment in
another investment option under any plan of deferred compensation provided for
in the United States Internal Revenue Code and not prohibited under the laws of
this state for an employee shall impose no liability or responsibility
whatsoever on the state, county, municipality, other political subdivision, or
constitutional county officer, except to show that the payments have been
remitted for the purposes for which the compensation has been deferred.
(10) (a) The moneys, pensions, annuities, or other benefits accrued or accruing
to any person under the provisions of any plan providing for the deferral of
compensation and the accumulated contributions and the cash and securities in
the funds created thereunder are hereby exempt from any state, county, or
municipal tax. They shall not be subject to execution or attachment or to any
legal process whatsoever by a creditor of the employee and shall be
unassignable by the employee.
(b) 1. There is created in the State Treasury the Deferred Compensation Trust
Fund, through which the Chief Financial Officer as trustee shall hold moneys,
pensions, annuities, or other benefits accrued or accruing under and pursuant
to 26 U.S.C. s. 457 and the deferred compensation plan provided for therein and
adopted by this state; and
a. All amounts of compensation deferred thereunder;
b. All property and rights purchased with such amounts; and
c. All income attributable to such amounts, property, or rights.
2. Notwithstanding the mandates of 26 U.S.C. s. 457(b)(6), all of the assets
specified in subparagraph 1. shall be held in trust for the exclusive benefit
of participants and their beneficiaries as mandated by 26 U.S.C. s. 457(g)(1).
(11) With respect to any funds held pursuant to a deferred compensation plan,
any investment option provider that is a bank or savings association and that
provides time deposit accounts and certificates of deposit as an investment
product to the plan participants may, with the approval of the State Board of
Administration for providers in the state plan, or with the approval of the
appropriate official or body designated under subsection (5) for a plan of a
county, municipality, other political subdivision, or constitutional county
officer, be exempt from the provisions of chapter 280 requiring it to be a
qualified public depository, provided:
(a) The bank or savings association shall, to the extent that the time deposit
accounts or certificates of deposit are not insured by the Federal Deposit
Insurance Corporation, deposit or issue collateral with the Chief Financial
Officer for all state funds held by it under a deferred compensation plan, or
with such other appropriate official for all public funds held by it under a
deferred compensation plan of a county, municipality, other political
subdivision, or constitutional county officer, in an amount which equals at
least 150 percent of all uninsured deferred compensation funds then held.
(b) Said collateral shall be of the kind permitted by s. 280.13 and shall be
pledged in the manner provided for by the applicable provisions of chapter 280.
The Chief Financial Officer shall have all the applicable powers provided in
ss. 280.04, 280.05, and 280.08 relating to the sale or other disposition of the
pledged collateral.
(12) The Chief Financial Officer may adopt any rule necessary to administer and
implement this act with respect to deferred compensation plans for state
employees.
(13) When permitted by federal law, the plan administrator may provide for a
pretax trustee-to-trustee transfer of amounts in a participant's deferred
compensation account for the purchase of prior service credit in a public
sector retirement system.
(14) This subsection may not impair an existing contract. In each county that
has one or more constitutional county officers, the board of county
commissioners and the constitutional county officers shall negotiate a joint
deferred compensation program for all their respective employees under s.
163.01. If all parties to the negotiation cannot agree upon a joint deferred
compensation program, the provisions of subsection (5) apply.
§ 112.363. Retiree health insurance subsidy
(1) PURPOSE OF SECTION. --The purpose of this section is to provide a monthly
subsidy payment to retired members of any state-administered retirement system
in order to assist such retired members in paying the costs of health
insurance.
(2) ELIGIBILITY FOR RETIREE HEALTH INSURANCE SUBSIDY.
(a) A person who is retired under a state-administered retirement system, or a
beneficiary who is a spouse or financial dependent entitled to receive benefits
under a state-administered retirement system, is eligible for health insurance
subsidy payments provided under this section; except that pension recipients
under ss. 121.40, 238.07(16)(a), and 250.22, recipients of health insurance
coverage under s. 110.1232, or any other special pension or relief act shall
not be eligible for such payments.
(b) For purposes of this section, a person is deemed retired from a
state-administered retirement system when he or she terminates employment with
all employers participating in the Florida Retirement System as described in s.
121.021(39) and:
1. For a participant of the Public Employee Optional Retirement Program
established under part II of chapter 121, the participant meets the age or
service requirements to qualify for normal retirement as set forth in s.
121.021(29).
2. For a member of the Florida Retirement System defined benefit program, or
any employee who maintains creditable service under both the defined benefit
program and the Public Employee Optional Retirement Program, the member begins
drawing retirement benefits from the defined benefit program of the Florida
Retirement System.
(c) 1. Effective July 1, 2001, any person retiring on or after such date as a
member of the Florida Retirement System, including any participant of the
defined contribution program administered pursuant to part II of chapter 121,
must have satisfied the vesting requirements for his or her membership class
under the Florida Retirement System defined benefit program as administered
under part I of chapter 121.
2. Notwithstanding the provisions of subparagraph 1., a person retiring due to
disability must either qualify for a regular or in-line-of-duty disability
benefit as provided in s. 121.091(4) or qualify for a disability benefit under
a disability plan established under part II of chapter 121, as appropriate.
(d) Payment of the retiree health insurance subsidy shall be made only after
coverage for health insurance for the retiree or beneficiary has been certified
in writing to the Department of Management Services. Participation in a former
employer's group health insurance program is not a requirement for eligibility
under this section.
(e) Participants in the Senior Management Service Optional Annuity Program as
provided in s. 121.055(6) and the State University System Optional Retirement
Program as provided in s. 121.35 shall not receive the retiree health insurance
subsidy provided in this section. The employer of such participant shall pay
the contributions required in subsection (8) to the annuity program provided in
s. 121.055(6)(d) or s. 121.35(4)(a), as applicable.
(3) RETIREE HEALTH INSURANCE SUBSIDY AMOUNT.
(a) Beginning January 1, 1988, each eligible retiree or a beneficiary who is a
spouse or financial dependent thereof shall receive a monthly retiree health
insurance subsidy payment equal to the number of years of creditable service,
as defined in s. 121.021(17), completed at the time of retirement multiplied by
$ 1; however, no retiree may receive a subsidy payment of more than $ 30 or
less than $ 10.
(b) Beginning January 1, 1989, each eligible retiree or a beneficiary who is a
spouse or financial dependent shall receive a monthly retiree health insurance
subsidy payment equal to the number of years of creditable service, as defined
in s. 121.021(17), completed at the time of retirement multiplied by $ 2;
however, no retiree may receive a subsidy payment of more than $ 60 or less
than $ 20.
(c) Beginning January 1, 1991, each eligible retiree or a beneficiary who is a
spouse or financial dependent shall receive a monthly retiree health insurance
subsidy payment equal to the number of years of creditable service, as defined
in s. 121.021(17), completed at the time of retirement multiplied by $ 3;
however, no retiree may receive a subsidy payment of more than $ 90 or less
than $ 30.
(d) Beginning January 1, 1999, each eligible retiree or, if the retiree is
deceased, his or her beneficiary who is receiving a monthly benefit from such
retiree's account and who is a spouse, or a person who meets the definition of
joint annuitant in s. 121.021(28), shall receive a monthly retiree health
insurance subsidy payment equal to the number of years of creditable service,
as defined in s. 121.021(17), completed at the time of retirement multiplied by
$ 5; however, no eligible retiree or such beneficiary may receive a subsidy
payment of more than $ 150 or less than $ 50. If there are multiple
beneficiaries, the total payment must not be greater than the payment to which
the retiree was entitled.
(e) 1. Beginning July 1, 2001, each eligible retiree of the defined benefit
program of the Florida Retirement System, or, if the retiree is deceased, his
or her beneficiary who is receiving a monthly benefit from such retiree's
account and who is a spouse, or a person who meets the definition of joint
annuitant in s. 121.021(28), shall receive a monthly retiree health insurance
subsidy payment equal to the number of years of creditable service, as defined
in s. 121.021(17), completed at the time of retirement multiplied by $ 5;
however, no eligible retiree or beneficiary may receive a subsidy payment of
more than $ 150 or less than $ 30. If there are multiple beneficiaries, the
total payment must not be greater than the payment to which the retiree was
entitled. The health insurance subsidy amount payable to any person receiving
the retiree health insurance subsidy payment on July 1, 2001, shall not be
reduced solely by operation of this subparagraph.
2. Beginning July 1, 2002, each eligible participant of the Public Employee
Optional Retirement Program of the Florida Retirement System who has met the
requirements of this section, or, if the participant is deceased, his or her
spouse who is the participant's designated beneficiary, shall receive a monthly
retiree health insurance subsidy payment equal to the number of years of
creditable service, as provided in this subparagraph, completed at the time of
retirement, multiplied by $ 5; however, no eligible retiree or beneficiary may
receive a subsidy payment of more than $ 150 or less than $ 30. For purposes of
determining a participant's creditable service used to calculate the health
insurance subsidy, a participant's years of service credit or fraction thereof
shall be based on the participant's work year as defined in s. 121.021(54).
Credit shall be awarded for a full work year whenever health insurance subsidy
contributions have been made as required by law for each month in the
participant's work year. In addition, all years of creditable service retained
under the Florida Retirement System defined benefit program shall be included
as creditable service for purposes of this section. Notwithstanding any other
provision in this section to the contrary, the spouse at the time of death
shall be the participant's beneficiary unless such participant has designated a
different beneficiary subsequent to the participant's most recent marriage.
(4) PAYMENT OF RETIREE HEALTH INSURANCE SUBSIDY. --Beginning January 1, 1988,
any monthly retiree health insurance subsidy amount due and payable under this
section shall be paid to retired members by the Department of Management
Services or under the direction and control of the department.
(5) TRUST FUND ESTABLISHED. --There is hereby established a trust fund in the
state treasury to be entitled the Retiree Health Insurance Subsidy Trust Fund.
Said trust fund shall be used to account for all moneys received and disbursed
pursuant to this section. Should funding for the retiree health insurance
subsidy program fail to provide full benefits for all participants, the
benefits may be reduced or canceled at any time.
(6) INVESTMENTS OF THE TRUST FUND. --The State Board of Administration created
by the authority of the State Constitution shall invest and reinvest the funds
of the trust fund in accordance with ss. 215.44-215.53. Costs incurred by the
Board of Administration incurring from the provisions of this section shall be
deducted from the interest earnings accruing to the trust fund.
(7) ADMINISTRATION OF SYSTEM. --The Department of Management Services may adopt
such rules and regulations as are necessary for the effective and efficient
administration of this section. The cost of administration shall be
appropriated from the trust fund.
(8) CONTRIBUTIONS. --For purposes of funding the insurance subsidy provided by
this section:
(a) Beginning October 1, 1987, the employer of each member of a
state-administered retirement plan shall contribute 0.24 percent of gross
compensation each pay period.
(b) Beginning January 1, 1989, the employer of each member of a
state-administered retirement plan shall contribute 0.48 percent of gross
compensation each pay period.
(c) Beginning January 1, 1994, the employer of each member of a
state-administered retirement plan shall contribute 0.56 percent of gross
compensation each pay period.
(d) Beginning January 1, 1995, the employer of each member of a
state-administered retirement plan shall contribute 0.66 percent of gross
compensation each pay period.
(e) Beginning July 1, 1998, the employer of each member of a state-administered
retirement plan shall contribute 0.94 percent of gross compensation each pay
period.
(f) Beginning July 1, 2001, the employer of each member of a state-administered
plan shall contribute 1.11 percent of gross compensation each pay period.
Such contributions shall be submitted to the Department of Management Services
and deposited in the Retiree Health Insurance Subsidy Trust Fund.
(9) BENEFITS. --Subsidy payments shall be payable under the retiree health
insurance subsidy program only to participants in the program or their
beneficiaries, beginning with the month the division receives certification of
coverage for health insurance for the eligible retiree or beneficiary. If the
division receives such certification at any time during the 6 months after
retirement benefits commence, the retiree health insurance subsidy shall be
paid retroactive to the effective retirement date. If, however, the division
receives such certification 7 or more months after commencement of benefits,
the retroactive retiree health insurance subsidy payment will cover a maximum
of 6 months. Such subsidy payments shall not be subject to assignment,
execution, or attachment or to any legal process whatsoever.
Note: Exemptions may have changed since our last update.
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