Are SIMPLE IRAs generally considered non-ERISA plans?

Submitted by Charlie Pesiridis on Fri, 2023-11-24 14:22

Good day:

Are SIMPLE IRAs generally considered non-ERISA plans or ERISA plans? Does it depend on something more specific?

Best, CS



Submitted by Alan - IRA critic on Fri, 2023-11-24 16:57

  • These plans are covered under the federal BK Act without limit, but that means the taxpayer must file for BK in the applicable court. Outside of bankruptcy, an article on creditor protection states:
  • ” SEP and SIMPLE IRA is in a quandary outside of bankruptcy—this IRA is deemed an ERISA pension plan but has no ERISA anti-alienation protection, and being an ERISA pension plan, any state law protecting assets in such plans appears to be preempted by ERISA, thereby leaving the assets open to attachment under state actions.”

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