bankruptcy ira accounts
IRA’s and Company Failure.?
If i open an IRA with a credit union for example and the credit union goes out of business what happens to my IRA? what if they declare bankruptcy? what about mergers/acquisitions? is my account gone?
can i transfer the funds else where?
Corporate retirement accounts are protected by the Pension Benefit Guaranty Corporation (PBGC)
“If the plan terminated while your employer was in a bankruptcy proceeding that began on or after September 16, 2006, guarantees are determined as of the date your employer’s bankruptcy proceeding began.”
http://www.pbgc.gov/workers-retirees/benefits-information/content/page13181.html
In the case of an IRA, it is self directed and the assets of the IRA are owned and managed by you. Retirement assets are NOT on the books of the company.
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