Bump in the Road ERISA

[TBLTZ]

Ok so lawywer says I need the ERISA(Employee Retirement Income Secuirty Act) paper to show my work 401k plan is covered. I called the 401k holder and they only said I could get it from my employer. I don't want my employer to know I filed bk and I really don't want to ask them for the document because i sure that would be a dead give away.

Is there any other reason you would have to request sa ERISA? Divorce,Creditor coming after you? Any Excuses I can make why I need it?

[DeadManCrawling]

Estate planning will probably be a good one.

Need to make sure you've got wills, trusts, and assets in order for your heirs.

Good luck!

[nerves]

Since I work in the pension industry - I can give you a couple options. The first would be to call the company that holds your 401k funds and ask if they can email you a copy. They are most likely a call center and they probably don't notify your employer of your call unless your employer asks about it. If they don't know - then they wouldn't have a reason to ask. It would most likely be off the radar. The other option is going to your employer and stating your are refinancing your home and need proof that it is a qualified plan so the funds would not be subject to collateral. Hope this helps.

[whipster1]

Just say your lawyer requested it for tax and estate planning purposes if they ask. You could probably get your lawyer to give you something on his letterhead to that effect.

[justbroke]

Strange, I only gave the Trustee a statement copy from my 401K (which is managed by Fidelity). Never asked about any proof that is was an ERISA covered plan. Pretty much if it says 401(k)... that's an ERISA plan. Maybe there's something with the attorney (or Trustee) not believing it's an actual 401(k). Just strange to me.

Yeah, try the estate planning angle.

[nerves]

I think the reason he/she may be asking for it because there is a non-qualified 401k plan that is subject to creditors in some bankruptcy situations. I didn't have to provide it either but this is a guess as to one may ask for documentation.

[justbroke]

I think the reason he/she may be asking for it because there is a non-qualified 401k plan that is subject to creditors in some bankruptcy situations. I didn't have to provide it either but this is a guess as to one may ask for documentation.

Thank you for that. I didn't know that people actually used those things. I don't know that I would trust but a few companies holding a no-qual plan for me.

[jribe]

why would you need that? I haven't seen any situation where a 401k would be though of as NON exempt..

Ok so lawywer says I need the ERISA(Employee Retirement Income Secuirty Act) paper to show my work 401k plan is covered. I called the 401k holder and they only said I could get it from my employer. I don't want my employer to know I filed bk and I really don't want to ask them for the document because i sure that would be a dead give away.

Is there any other reason you would have to request sa ERISA? Divorce,Creditor coming after you? Any Excuses I can make why I need it?

[justbroke]

why would you need that? I haven't seen any situation where a 401k would be though of as NON exempt..

Read what nerves wrote above. There is actually a non-qualified 401(k). However, I don't consider it a 401(k), but it seems to take on that same name for some reason.

[TBLTZ]

Since I work in the pension industry - I can give you a couple options. The first would be to call the company that holds your 401k funds and ask if they can email you a copy. They are most likely a call center and they probably don't notify your employer of your call unless your employer asks about it. If they don't know - then they wouldn't have a reason to ask. It would most likely be off the radar. The other option is going to your employer and stating your are refinancing your home and need proof that it is a qualified plan so the funds would not be subject to collateral. Hope this helps.

I tried to do this but they said I would have to get it from my company. We have one firm that we do the 401k in but then We have ML that is the point of contact. I called both of them but they said the same thing. They I would have to talk to my employer.

[TBLTZ]

why would you need that? I haven't seen any situation where a 401k would be though of as NON exempt..

Lawyer said I should have it ready for the 341. I thought the same thing to.

[TBLTZ]

Thanks for the ideas. I will ask the HR person. I don't they will ask what it is for but If I do I will say im making a Will.

Thanks

[nerves]

There are only certain individuals that can qualify to participate in a non-qualified 401k plan (usually top executives). The reason someone may participate is because the funds are easier to take as a withdrawal than a regular 401k plan while still employed. These plans are actually becoming more popular as the years pass. The biggest downside is that the funds are not totally exempt from creditors - including employer creditors. There is more to these plans, but I thought I would share a quick overview.

[OhioFiler]

Read what nerves wrote above. There is actually a non-qualified 401(k). However, I don't consider it a 401(k), but it seems to take on that same name for some reason.

I have to agree. I assume the term 401(k) as used to describe this non-qualified plan is used the same way most of us refer to artificially colored and artificially flavored gelatin as jello.

Maybe it's a 401(p) which just doesn't sound sexy enough.