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Principal Legal Content Specialist - Benefits

Bloomberg Industry Group
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Defined Benefit Plan Administrator

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Ubiquity Retirement + Savings
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New Law Exempts Plan Loans from Bankruptcy (PDF)
Seyfarth Shaw LLP Link to more items from this source
Jan. 18, 2006
1 page. Excerpt: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which became effective on October 17, 2005, exempts loans to an employee from a tax-qualified retirement plan, such as a 401(k) plan, from the bankruptcy process. As a result, plan administrators who are notified that a participant has filed bankruptcy after October 17 are no longer required to stop payroll withholding in order to repay a plan loan, or to declare the plan loan in default.

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