Garnishment of retirement accounts

[donjim]

What is the name of your state (only U.S. law)? Florida

I am a judgment debtor. Earlier, I worked in Atlanta, GA and I have 401(a) optional retirement plan from my (former) GA employer.

Several years ago, prior to the filing of the lawsuit that I lost in Florida, I moved to Florida. I have 403(b) plan in Florida.

Can the judgment creditor garnish any of these accounts (401(a) in GA or 403(b) in FL)?

I wish to move (rollover) all my 401(a) funds from my Georgia account into my 403(b) account in FL and it will happen over 5 year time as per the policy. I am not planning to retire in the next 7 years from my Florida job. Can the creditor garnish these 401(a) funds due to their rollover (during the rollover or after the rollover)?

 

[adjusterjack]

Qualified retirement plans (including 403(b) plans) are generally exempt from garnishment.

However, there are some exceptions so it would help to know what the lawsuit and debt was about.

 

[Taxing Matters]

Can the judgment creditor garnish any of these accounts (401(a) in GA or 403(b) in FL)?

Georgia law exempts pension funds from attachment by private creditors (other than for child support). Florida law also exempts pension funds as well as IRAs from attachment by private creditors. You should be protected in either state so long as the funds remain in the pension plans. Once the funds are distributed to you, however, they may become fair game (e.g. you put the funds in your checking account, etc).

 

[donjim]

Thanks to both of you for the valuable information.

In response to “adjusterjack”: In GA, I was working as a state employee. In Florida also I am a state employee. The lawsuit was about the ownership of some property and it has nothing to do with my job or employment(s).

In response to “Taxing Matters”: Once the funds are distributed, I wish to deposit those check(s) in tenancy by entirety bank account, which I have with my wife in Florida. Will these 403(b) funds get the same (tenancy by entirety) protection as my salary is getting now from the creditor?