Bankruptcy

Article Abstract:

The Supreme Court confirmed in the Patterson v. Shumate case the interpretation of section 541 (c)(2) of the Bankruptcy Code as disallowing the inclusion of accrued pension benefits in the bankruptcy estate. John Patterson, acting for John B. Shumate's estate, filed an adversary proceeding in bankruptcy court to gain back Shumate's interest in the pension plan that was denied him by Coleman Furniture's trustees for the benefit of the estate. Shumate countered by claiming that under section 541 (c)(2) of the Bankruptcy Code, his pension benefits are not included in his bankruptcy estate.

United States. Supreme Court, Shumate, Joseph B., Patterson, John

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ERISA's antialienation provisions

Article Abstract:

Individuals cannot require the government to relinquish their pension benefits from ERISA pension plans because of the provision in ERISA prohibiting the assignment or alienation of pension benefits. The decision of the US Court of Appeals for the Fifth Circuit in the case involving a person convicted of operating fraudulent investment schemes, who was ordered to turn over his monthly pension plan benefits from two ERISA plans is discussed.

Pension Funds & Benefit Plans, Pension Funds, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Benefit Regulation, Pensions

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