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Author: drioux Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Re: 457 exposure to creditors Date: 9/3/1998 12:01 PM
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Pixy,
Okay, I broke down and used the phone. I called the Public Employees Benefits Services Corporation (PEBSCo) which is the plan administrator for my wife's 457 deferred compensation program. According to the very helpful person at the other end of the line, legislation in the form of the Small Business Job Protection Act of 1996 signed by Bill Clinton *does* protect 457 accounts from creditors (both personal creditors and those to whom your employer is beholden). The Act requires plan administrators to set up custodial accounts with banks to enable this protection (e.g., Bank One of Columbus OH for PEBSCo accounts). All "units" (i.e., counties, municipalities, etc.) are supposed to be in compliance by Jan 1, 1999. I don't know if this satisfies your request for legal citation, but I did fire off an email to PEBSCo before talking to them on the phone so more info may be forthcoming. Hope this helps.
Dennis
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