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tbird65

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  1. Thanks for the timely reply Tony
  2. Hi, new to forum, great resource! I'm an employee of City of Chicago. I'm having a friendly argument with another employee. My understanding of the 457b is it is really a trust with the employee as beneficiary administered by a third party. The employee can only withdraw money under certain circumstances ( divorce, fin. hardship ect.). My question is under what circumstance (if any) can the city withdraw money from the employee's 457b? I suppose if you owed the city money, they might try to go after it. If the city declared bankruptcy, would they have a claim to it? Would the city's creditors have claim to it? Is the city's end "deposit only" or are there loopholes through which the city would have access to the money already deposited? Whose money is it legally? In this age of pension agreements being torn up / rewritten everyone is suspicious.. Thanks for your reply
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