Can they take my pension?

[thinkOh]

Hello,


I might need to file for Chapter 7.
I live in the state of OH and I am not retired yet, but I am currently paying into PERS .
I have credit card dept and I was wondering if they can take anything from my PERS pension when I retire or/and from the fund I currently have. I've been on PERS for about 11 years now and accumulated some money in the fund.
Thanks

[Flamingo]

The amounts in retirement accounts (i.e., 401(k)'s, IRAs, etc.) are exempt from BK.

[thinkOh]

I am not asking about 401K etc. I pay into PERS , but at the same time my employer puts a percentage of my salary into PERS. So there is a fund there .This is the fund I am asking about. I can cash out this fund at my retirement age as alump sum, or go for a regular monthly retiremet pension.
Thanks

[Flamingo]

I am not asking about 401K etc. I pay into PERS , but at the same time my employer puts a percentage of my salary into PERS. So there is a fund there .This is the fund I am asking about. I can cash out this fund at my retirement age as alump sum, or go for a regular monthly retiremet pension.
Thanks

I am not familiar with "PERS" but the way you are describing it, it is a retirement account the same as a 401(k) where you contribute and your employer matches a certain percentages or if you save money yourself into an IRA for retirement purposes, or any account similar to those. So, therefore, if it is actually what you are describing, it is retirement account and the funds therein exempt from BK. You still will have to report those funds and what they are to the Trustee and your attorney.

[thinkOh]

PERS is a gov pension plus I get the matching fund if I go for the lump sum.
I don't pay SS.
Thanks

[JRScott]

I think it would be safe but you need to ask a lawyer in your area to be sure.

[AngelinaCatHub]

Bk cannot touch SS, any kind of pension, life insurance proceeds (on you), annuity proceeds. It also disclaims money under $500 a week from Head of Household. In other words, it can't be gotten by garnishment or creditors. Only certain things can affect this such as IRS, gov. loans. 'Hub

[MakinMeCrazy]

hi......in ohio too and husband is retired with PERS........Public Employee retirement System, instead of paying SS , we pay PERS, like lawyers public employees ect do, when you retired you get a PERS monthly pension check. its acutually like a federal employee check, it is not a 401K......you have the option at retirement to take a fulll cash out w/no monthly pension check....a partial cashout w/a smaller pension check or NOT touch it and take a full pension check......we took a partial lump sum payment we spent it mostly unwisely and now we are in poor financial condition.Anyways thats what PERS is