Sentences with phrase «governing retirement assets»
Remember, the laws governing retirement assets and taxation are complex.
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Nearly all retirement accounts that are governed by the Employee Retirement Income Security Act (ERISA, as it is called), including pensions and 401Ks, are not assets of a bankruptcy estate because they almost all universally contain an anti-alienation clause that protects them from the reach of creditors.
With the exception of qualified retirement plan assets covered under the Employee Retirement Income Security Act (ERISA), state laws ultimately govern the division of marital assets in a divorce, and state laws differ radically on who gets what when the marriage ends.
If a court wants to transfer certain kinds of federally regulated retirements assets titled in the name of one spouse to another spouse in the course of a divorce, this is only effective if the Court follows the exacting requirements of a «qualified domestic relations order» (similar requirements apply to both federal government employee benefits and to private pension plans governed by ERISA which is a federal law with broad pre-emptive effect over private pension law).