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Carpenter Morse Group
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United 401(k) Plans, Inc.
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| Q&A Column: Retirement Accounts Protected by Bankruptcy Laws? Not Always. The Christian Science Monitor  Nov. 15, 2004 Excerpt: Q: Can the government touch your 401(k) if you owe taxes or file bankruptcy? A: It depends on which government. States do not have the same authority as the Internal Revenue Service to impound any part of a participant's account, says Ivory Johnson, a certified financial planner in Annapolis, Md. Since most 401(k)s are protected by ERISA Title I, a federal law that governs these plans, state governments cannot attach an account for taxes owed. |
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