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My spouse is a county employee and she opened a 457 account a little over a year ago. Never having heard of the strange beast that is the 457, I read the literature pretty closely and had some questions for the plan representative. One of them dealt with how much exposure 457 account funds have to county creditors. Visions of Orange County CA were fresh in my mind at the time. The representative said something to the effect that legislation had just been passed (Jan 1997) that would protect these accounts. I am unsure whether he was talking about state legislation (Wisconsin) or federal legislation. And based on a reading of TMFPixy's Retirement Plan Primer, I am beginning to wonder if this legislation exists at all. Call me paranoid, but I do not relish the thought of having what is essentially our money dangling in the breeze that way. Any thoughts out there, or should I actually use the phone to call the plan administrator? Thanks in advance.
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