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Is my retirement plan protected from creditors?
Author: Randy Yingger
Website: http://www.RetirementYes.com
Added: Mon, Jul 3, 2006 18:22:12
Category: Retirement Questions
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With the enactment of the Employee Retirement Income Security Act of 1974 (ERISA) you can be confident that your retirement plan is protected from your creditors. This act states that all plans that are qualified under its rules be protected and cannot be assigned as an asset in the plans of a creditor. This is effective even in bankruptcy cases.
However, some plans that only cover you or your partner and not the company's employees, are not protected by this act. These include: IRA’s, Keogh’s, Sep, Roth and Simple.
See also: Retirement | ERISA | Retirement Plan About the Author:
Randy Yingger answers frequently asked retirement questions at PrettyGreatAnswers.com.
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