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I have ESOP (Employee Stock Ownership Program) with my ...

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I have ESOP (Employee Stock...
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: 9 years ago.Category: Employment Law
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Answered in 1 day by:
7/2/2008
Employment Lawyer: N Cal Attorney, Lawyer replied 9 years ago
N Cal Attorney
Category: Employment Law
Satisfied Customers: 9,532
Experience: Since 1983
Verified
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.
Ask Your Own Employment Law Question
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N Cal Attorney
N Cal Attorney
N Cal Attorney, Lawyer
Category: Employment Law
Satisfied Customers: 9,532
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