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Can I use the balance in my employee contribution account as collateral when making a major purchase?

April 26, 2017account Balance collateral contribution employee purchase

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Can I use the balance in my employee contribution account as collateral when making a major purchase?

1 Answer

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No. Your contributions are held in trust until disbursed as either monthly benefits or a refund of contributions. Your employee contributions are protected from attachment by your creditors and are not assignable as collateral.