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N Cal Attorney
N Cal Attorney, Lawyer
Category: Employment Law
Satisfied Customers: 9027
Experience:  Since 1983
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I have ESOP (Employee Stock Ownership Program) with my ...

Customer Question

I have ESOP (Employee Stock Ownership Program) with my company for over 15 years now. I was told that my ESOP is covered by ERISA.
     I just turned 65 and will start collecting on $2,500,000. of this ESOP money that has accumulated over the years and I can start getting distributions over the next 9 years.      My concern is that I have a Mortgage Deficiency Judgment against me on properties I purchased while I lived in Florida. I was told that ERISA protects my ESOP and no creditors can touch my ESOP. Is this true? Please let me know.

     Thank you,
     Robert T. Montemarano
Submitted: 8 years ago.
Category: Employment Law
Expert:  N Cal Attorney replied 8 years ago.
Under 11 US Code § 522(b)(3)(C), at
there is an exemption for retirement funds so long as they are in a tax exempt account.

That exemption prevents creditors from reaching such funds even if you declare bankruptcy.

I hope this answers your question.