Guest jgarner Posted October 17, 2005 Posted October 17, 2005 Is it legal for a Participant to use their vested plan balance from a 401a Defined Contribution Plan as collateral on a promissory note?
QDROphile Posted October 17, 2005 Posted October 17, 2005 Government plans are not subject to ERISA or section 401(a)(13), but who would take the collateral? There is a good chance that state law makes the plan benefit nonassignable, or the plan might not recognize the assignment.
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