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.
Robert T. Montemarano
Under 11 US Code § 522(b)(3)(C), at http://www.law.cornell.edu/uscode/html/uscode11/usc_sec_11_00000522----000-.html
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.
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