Legal Question in Bankruptcy in Illinois

ERISA qualified

I have a TIAA CREF retirement account in New York. I am currently California now and in a Chapter 13. As I understand from the administrator of the account is is not ERISA qualified and would could be touched if we were to not be able to make payments on our plan. Does the same law apply in Illinois, Virginia, Florida. Are there any states where this type of account would be protected?

Thank you.


Asked on 12/05/02, 4:14 pm

1 Answer from Attorneys
Thaddeus Hunt Law Offices of Thaddeus Hunt

Re: ERISA qualified

Under 735 ILCS/12-1006, a retirement plan is exempt if it is intended in good faith to qualify as a retirement plan under the Internal revenue Code or is a public employee pension plan created under the Illinois Pension code.

So, the question to answer (in Illinois) is whether your plan qualifies as a retirement plan recognized by teh IRS. Without knowing more it would be impossible to give an answer.

Disclosure: This response to your question is for informational purposes only and should not be construed as creating an attorney client relatioship.

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Answered on 12/05/02, 4:40 pm


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