Alexander mirman minbox4/8/2023 ![]() ![]() ![]() First Virginia Bank of Tidewater, 698 F.2d 688 (4th Cir. Under the quoted statute and regulation, an employee's accrued benefits under a qualified plan may not be reached by judicial process in aid of a third-party creditor. (1974), reprinted in U.S.Cong.Code & Admin.News, p. ![]() Among the provisions designed to "further ensure that the employee's accrued benefits are actually available for retirement purposes" was the requirement that benefits may not be assigned or alienated. Congress prescribed in ERISA detailed and comprehensive provisions relating to reporting and disclosure, participation and vesting, funding of plans, fiduciary responsibilities of plan administrators or trustees, enforcement, and the necessity for plan termination insurance in certain instances. Its "most important purpose" is to "assure American workers that they may look forward with anticipation to a retirement with financial security and dignity, and without fear that this period of life will be lacking in the necessities to sustain them as human beings within our society." S.Rep. ยง 1001 et seq., to establish "a comprehensive federal scheme for the protection of pension plan participants and their beneficiaries." American Telephone and Telegraph Co. ![]()
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