1 See Memorandum to Operations Members No. 48-95, Pension Members No. 46-95, Tax Members No. 50-95, and Transfer Agent Advisory Committee No. 58-95, dated November 16, 1995.
May 23, 1997
TO: OPERATIONS MEMBERS No. 11-97
PENSION MEMBERS No. 20-97
TAX MEMBERS No. 17-97
TRANSFER AGENT ADVISORY COMMITTEE No. 23-97
PENSION OPERATIONS ADVISORY COMMITTEE No. 13-97
RE: 1997 INSTITUTE SURVEY OF IRA PROTECTION IN BANKRUPTCY
______________________________________________________________________________
The Institute is pleased to provide you with its revised survey summarizing the
treatment of individual retirement accounts in bankruptcy under state law. Significant
developments since the preparation of the first such survey in 19951 include the protection of
IRAs in bankruptcy under Alabama, Idaho, North Carolina and Utah state laws.
The Institute prepared this survey based on research of current state legislation and
reported bankruptcy opinions. The survey is, however, only a brief summary of legal principles
and standards, and further investigation or consultation with counsel is recommended.
Additionally, please be aware that whether and to what extent IRAs are protected from
creditors in bankruptcy proceedings is a particularly active issue in both the state legislatures
and the courts.
We would appreciate any comments regarding the survey and news of any relevant
legislation or court decisions. If you have any questions regarding the survey, please call the
undersigned at 202-326-5835 or 202-218-3563.
Russell G. Galer
Assistant Counsel - Pension
Kathryn A. Ricard
Assistant Counsel - Pension
Attachment
Note: Not all recipients of this memo will receive an attachment. If you wish to obtain a copy
of the attachment referred to in this memo, please call the Institute’s Information Resource
Center at (202)326-8304, and ask for this memo’s attachment number: 8886.