According to CNN.com, O.J. Simpson draws $25,000 a month on the $4 million pension set up when the former pro football star, actor and ad pitchman was making millions. Is this legal? In a word, "Yes"! Under federal law, pension plans, IRAs, 401k's, and SEPs are protected from creditor attachment. Thus, the more you dump into your plan, the more cash you have protected from creditors.
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the paragraph written by bronchick above says this."Under federal law, pension plans, IRAs, 401k's, and SEPs are protected from creditor attachment"
i don't belive this to be true. only if your retirement account is I.R.I.S.A. protected and qualifies will it be protected from creditors.i do certain things regarding my employees to get my profit sharing plan qualified. be careful, the rage nowadays is for attorney's who go after your un creditor proof retirement plan.
Posted by: paul schwartz | January 03, 2008 at 06:12 AM